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GrabTaxi to invest $500M in Vietnam over 5 years

GrabTaxi Holdings Pte Ltd. will invest $500 million in Vietnam over five years to expand its transport, food and payments networks in the South Asian country, the company announced Aug. 28.

The Singaporean ride-hailing company, which will use the investment to launch new services in the country, will also be eyeing new opportunities in new mobility solutions, fintech and the wider logistics industry.

"This investment is a reflection of our redoubled commitment to Vietnam. The country's rapidly developing economy and young, mobile-first population makes it ripe for the adoption of digital services," Russell Cohen, Grab's head of regional operations, said.

In a recent interview with Reuters, Grab President Ming Maa said the company plans to invest "several hundred million dollars" in Vietnam to grow its business in the country.

In July, Grab vowed to inject $2 billion in Indonesia over a five-year period.

The company also announced "Tech For Good" development road map which aims to lift communities from poverty, build a skilled workforce and create an environmentally sustainable future.