Ride hailing industry is getting more and more crowded day by day. Vietnamese market is not an exception. Being another country in Southeast Asia, it is within the reach of regional giants. Yet Viettel Post still thinks that there’s a crack for it to launch its own ride hailing platform called MyGo.
The ride hailing industry in Vietnam is in fact very crowded. Above all, Grab is dominating the market. It is also the first of its kind to launch in Vietnam. Go-Viet is following close.
Entering the country in September 2018, Go-Viet is Go-Jek’s Vietnam subsidiary. Though it has been around for less than a year, 60% of Vietnamese has recognized the firm. According to Vietnamese ride-sharing app trends by research firm Q&Me.
MyGo would not be the first local player in the industry, though. Previously, Vietnam’s local Alibaba, Next Tech has launched a ride hailing platform too. Launched in 2018, FastGo is aiming to reach $50 million.
Due to its fast growth, FastGo has also expanded to the neighboring countries. It is now available in Myanmar and Singapore. Then it plans on entering the Indonesian, Thailand and Philippines market by the end of 2019.
Another challenger in the already noisy market, does MyGo have any chance?
Yes, MyGo might still have the chance to shine in the crowded industry. According to Google and Temasek, Vietnamese ride hailing and food delivery industry will grow up to $2 billion by 2025. It is fourfold the market value at 2018, which is $500 million. And tenfold the value from 2015 at $200 million.
To compete with the other platforms, MyGo stated that it would have a steady price. Meaning, it won’t increase the fare in peak hours, just like the others do.
Offering ride hailing and on-demand parcel delivery, MyGo is set to launch on July 1st. Currently, it is scouting drivers for the platform. It is scouting both motorbike and car drivers.
The firm is in a unique position with back up from Viettel Post. Though the competition would be though, the back up is too sturdy for it to fall apart quickly.
