Business

European start-up enters Vietnam's ride-hailing market

Bolt, an Estonian ride-hailing start-up, plans to enter Vietnam's market by launching a series of recruitment ads on social media.

A street in HCM City. Vietnam is expected to become the third country in Southeast Asia that Bolt develops its ride-hailing services. (Photo: VNA)
A street in HCM City. Vietnam is expected to become the third country in Southeast Asia that Bolt develops its ride-hailing services. (Photo: VNA)

Hanoi (VNS/VNA) - Bolt, an Estonian ride-hailing start-up, plans to enter Vietnam's market by launching a series of recruitment ads on social media.

In addition to drivers, the company is looking to recruit various support positions, including operators and an experienced customer support team leader in Ho Chi Minh City.

Similar to other popular ride-hailing applications such as Grab or Be, Bolt expects to provide basic services, including transport, grocery shopping and food delivery.

In addition, the application also deploys a number of other services, such car and two-wheeler rentals and service packages for corporate customers.

Bolt has expanded its operations to Southeast Asia after launching its service in Thailand in 2020, focusing mainly on major cities such as Bangkok, Phuket and Chiang Mai.

By the end of 2024, Bolt expanded its business to Malaysia, marking an important step in its regional development strategy.

The ride-hailing market in Vietnam is witnessing fierce competition between domestic and foreign companies.

The country's ride-hailing market value is estimated at 880 million USD in 2024 and expected to reach 21.6 billion USD by 2029, growing at a compound annual growth rate of 19.5%, according to a recent report by India-based market research firm Mordor Intelligence.

With Vietnam's rapidly growing urban population combined with the lack of public transportation options, and increasing traffic congestion, the demand for private transport models continues to rise./.

VNA
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