After six years, motorcycle ride hailing and delivery service company Gojek is pulling out of the Vietnam market. Gojek’s operations in Vietnam will cease September 16, according to a Retail News Asia report.
The decision was made by parent company GoTo after an assessment of its Vietnam business. Gojek initially entered Vietnam as GoViet in 2018 before being folded into the Gojek brand in 2020.
Gojek’s Vietnam operations accounted for less than 1% of its turnover in the second quarter of 2024. This follows Gojek’s exit from the Thailand market in 2021 with the company now concentrating on Singapore and its home market of Indonesia.
Vietnam’s ride hailing market is estimated to be worth 880 million USD (RM3.8 billion) in 2024, growing to 2.16 billion USD (RM9.35 billion) by 2029, with the lion’s share going to industry leader Grab. In Malaysia, motorcycle ride hailing was first mooted in 2019 but no approvals were given by the government.
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