Vietnam is among Southeast Asia’s most dynamic ride-hailing markets. Illustrative photo
After years of leading Vietnam’s ride-hailing sector, Grab is steadily losing ground to local challengers, notably Be Group and Xanh SM.
In a recent announcement, Be Group said it had achieved positive EBITDA across the company, a milestone amid fierce competition. The firm reported three consecutive profitable quarters to September 2025, with continued momentum into November.
Though Be did not disclose detailed figures, it said it would reinvest profits to support its driver network and service partners, including monthly bonuses of up to VND 720,000 (about USD 28) for student drivers and comprehensive 24/7 accident insurance costing VND 25,000 (USD 1) a week, offering coverage up to VND 1 billion (USD 39,000).
Be’s profitability underscores a shifting balance in the billion-dollar market dominated by Be, Xanh SM, and Grab.
Market in flux
Vietnam is among Southeast Asia’s most dynamic ride-hailing markets. According to Mordor Intelligence, the sector is valued at about USD 1.05 billion in 2025 and is expected to more than double to USD 2.56 billion by 2030, growing at a compound annual rate of 19.5 per cent.
The expansion is driven by rapid digital transformation, urbanisation, and rising tech adoption.
In 2024, the market saw a major shake-up when Indonesia’s Gojek exited Vietnam after six years, citing mounting losses estimated at around VND 6 trillion (USD 234 million).
Grab remains the market’s biggest earner but continues to report heavy cumulative losses. Facing pressure from Be and Xanh SM, it has been losing share across key segments.
Grab’s 2024 annual report showed Vietnam revenue of USD 228 million, up 23 per cent from 2023 but well below the 70 per cent surge seen between 2022 and 2023. This slowdown highlights its waning growth in Vietnam compared with other Southeast Asian markets.
In taxis, Grab trails Xanh SM, while in food delivery it has ceded the top spot to Be. A May 2025 Cimigo report on super-app usage found that Vietnamese-made platforms now lead in three of eight major on-demand services, maintaining steady gains since reaching positive gross profit in August 2022.
New contenders on the horizon
Beyond the headline players, several lesser-known rivals are vying for space in Vietnam’s ride-hailing scene.
Singapore’s TADA, owned by MVL Foundation, entered Vietnam in 2019 with a data-driven business model that monetises user insights through partner collaborations. Globally recognised as the first zero-commission platform for drivers, TADA has quietly sustained operations in Vietnam’s tough market for over five years and is increasingly visible on Ho Chi Minh City’s streets.
Meanwhile, Estonia-based Bol, valued at USD 8 billion, has shown signs of preparing a Vietnam launch. The company has been recruiting staff in Hanoi and Ho Chi Minh City and reaching out to potential drivers. Bolt operates in more than 50 countries, including Thailand (since 2020) and Malaysia (from November 2024).
As competition intensifies, firms are betting on artificial intelligence to secure an edge. Grab announced an AI-driven personalisation strategy in April, spanning transport, food delivery, and travel services. Be Group followed suit in February, partnering with US-based Aitomatic to integrate AI into its super-app operations.