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Grab eyes major investment in Vietnam, exec says

GrabTaxi Holdings Pte Ltd. is planning to invest "several hundred million dollars" in Vietnam to grow its business in the country, Reuters reported Aug. 26, citing an interview with Grab President Ming Maa.

The news comes weeks after the Singaporean ride-hailing company had earlier pledged to pump $2 billion in Indonesia.

Maa reportedly told Reuters that Vietnam ranks third or fourth among Grab's top markets. "We're very excited about Vietnam. We see very similar characteristics to Indonesia," the executive said.

In July, Grab said it will finance its investment in Indonesia through funds from SoftBank. Reuters said Maa did not give specific details about Grab's investment in Vietnam.

The planned investment comes as Grab faces tough competition from rival PT Go-Jek Indonesia, which is based in Indonesia. Both Grab and Go-Jek are aiming to become one-stop shops for other services aside from ride-hailing, such as payments, food delivery, logistics and hotel bookings in Southeast Asia, the report said.

Grab counts SoftBank Corp., Toyota Motor Corp., Hyundai Motor Co., Microsoft Corp., Didi Chuxing Technology Co. Ltd. and Booking Holdings Inc. among its investors.