Indonesian ride-hailing app Gojek is set to close its Vietnam operations later this month, Tuoi Tre has reported. This is after six years of operating in the country. The company is saying that this move is in order to consolidate its operations.
Of note, it is not the first ride-hailing app to withdraw from the country. South Korea’s Baemin announced it would cease operations in the country back at the end of last year and Uber left Vietnam back in 2018 after selling its Southeast Asian operations to Grab.
Competition in Vietnam’s ride-hailing and last mile delivery market is fierce with new ride-hailing apps popping up and disappearing frequently. It is also very cheap with motorbikes carrying the bulk of ride-hailing app passengers.
See also: Logistics in Vietnam: Last Mile Delivery