According to a study by Mordor Intelligence, the ride-hailing market in Vietnam is projected to reach a size of USD 727.73 million in 2023, estimated to reach USD 0.88 billion in 2024, and is expected to grow to USD 2.16 billion by 2029, with a compound annual growth rate of 19.5% during the period 2024-2029. This indicates a strong growth potential for the market, as it is expected to double in size within the next 4-5 years.
According to Mordor Intelligence, the entry of Green SM in 2023 has revolutionized the ride-hailing industry in Vietnam, disrupting the rankings and market share of existing service providers. In particular, Green SM has risen to become the second largest player in the market in Q4/2023, just over 7 months after its official launch. Notably, Green SM currently holds a market share that is twice the size of its nearest competitor, be Group (18.17% compared to 9.21%).
Mordor Intelligence also recognizes Green SM as leading in terms of fleet size and daily number of rides in the traditional taxi sector. Compared to other players in both the traditional taxi and ride-hailing sectors, Green SM is highly regarded for its service quality, coverage, fleet size, and customer satisfaction.
Trang Nguyen (Forum.autodaily.vn)
VinFast Electric Taxi “Conquers” the Lao Market: Officially Becomes an International Ride-Hailing Company
On October 13, 2023, Green and Smart Mobility Joint Stock Company (GSM) successfully imported 150 VinFast electric cars into the Lao market to launch the Green SM electric taxi service. This marks the first step in GSM’s plan to expand into foreign markets.
