The first instance judgement on the Vinasun-Grab lawsuit was not satisfactory to either side, prompting the Ho Chi MInh City court to take the case into appeals Photo: Le Toan In June 2017, traditional taxi operator Vinasun filed a lawsuit against Grab, claiming that the latter’s operations, contributing to nearly VND42 billion ($1.8 million) of the VND76 billion ($3.25 million) losses it had suffered in 2016 and the first half of 2017. On December 28, the Ho Chi Minh City Court awarded Vinasun VND4.8 billion ($208,700) in damages – to the dissatisfaction of both sides, who then submitted their appeal letters to the court. Accordingly, Grab disagreed to pay any measure of compensation, while Vinasun revised its compensation claim to VND36.3 billion ($1.57 million). The Ho Chi Minh City Court will have to open an appeal case to deal with the dispute. The war never ends? The appeals procedure is expected to take place in mid-March 2019, 60 days after both the defendant and … [Read more...] about Vinasun Grab litigation taken to appeals court
Develop uber like app
Tight monetary policy not likely to have major impact on property, securities: analysts
Many analysts have expressed concern that restricting loans to high-risk sectors such as real estate, securities and consumption could slow down economic growth, especially banking and the targeted sectors. — Photo dantri.com.vn The State Bank of Viet Nam has shown it is determined to continue with a tight monetary policy for the rest of the year with its decision to refuse to increase bank’s credit limits to constrain inflation and strictly control lending to high-risk sectors. Many analysts have expressed concern that restricting loans to high-risk sectors such as real estate, securities and consumption could slow down economic growth, especially banking and the targeted sectors. Using data from the Ho Chi Minh City Securities Corporation, they said in the first half of the year, the 13 listed banks’ pre-tax profits increased by 52.8 per cent and credit by 9.4 per cent year-on-year. However, in the third quarter, their profit growth decelerated as credit growth … [Read more...] about Tight monetary policy not likely to have major impact on property, securities: analysts
Uber quarterly loss jumps as it invests in ‘big bets’
Uber on Wednesday (Aug 15) disclosed that its quarterly loss jumped despite taking in more money, as it invested in scooters and other "big bets." Uber quarterly loss jumps as it invests in 'big bets', photo AFP The San Francisco-based smartphone ride star reported it lost US$891 million on net revenue of US$2.8 billion, while overall bookings rose to US$12 billion. "We had another great quarter, continuing to grow at an impressive rate for a business of our scale," said Uber chief executive Dara Khosrowshahi. He added that Uber is investing in "big bets" including restaurant take-away delivery service Uber Eats and "environmentally friendly modes of transport" like Express Pool, e-bikes and scooters. The company is also devoting resources to what it sees as high-potential markets in India and the Middle East, according to Khosrowshahi. Uber has made a practice of disclosing its earnings, despite not being required to since it is a private company. It said in May that its … [Read more...] about Uber quarterly loss jumps as it invests in ‘big bets’
Ride-hailing apps in a new race
Ride-hailing apps in a new raceBy Van Oanh Fastgo, a newcomer of app-based ride services in Vietnam – PHOTO: HUU NGUYEN The market for app-based ride services in Vietnam is entering a new race as Uber has gone careering off course and new competitors are emerging. Thanh, a resident in Lang Ha Street, Dong Da District, Hanoi, regularly use apps to book a Grab or Uber vehicle to travel around the city. She loves both service providers since their competition greatly benefited users like her—faster pick-up, lower fares, and sometimes free rides with the use of promo codes. Following the withdrawal of Uber from the local market this March, Thanh remarks Grab has offered fewer promotions and its charges have gone up. “Though still using Grab, I’m considering trying similar applications developed by local firms to see which are better,” she says. That is what many Vietnamese consumers are doing now. In fact, the market for ride-hailing service using … [Read more...] about Ride-hailing apps in a new race
More Vietnamese startups jump into ride-hailing app market
VietNamNet Bridge - Uber’s departure from the Vietnamese market has created a space for Vietnam’s apps to develop. Vato, Aber, 123xe and the newcomer Fastgo are among them. The e-hailing market is very competitive To date, Vietnam has 8-10 apps to compete with Grab, while Go-Jek from Indonesia has joined the market and MVL from Singapore plans to debut in July. Huynh Le Phu Phong, CEO of Aber, said the riding app is still full of potential. Just several days after debut, Aber received many clients. Two days after launching its app, FastGo got 1,500 drivers. Both FastGo and Aber follow specific policies to retain users and drivers. FastGo, for example, has committed not to collect fees based on revenue, but to collect no more than VND30,000 a day from drivers. It has also committed to maintain a VND7,900 per kilometer fee and not to raise fees in rush hours. Both FastGo and Aber follow specific policies to retain users and drivers. FastGo, for example, … [Read more...] about More Vietnamese startups jump into ride-hailing app market
Uber taps into Japan with first taxi hailing pilot
TOKYO: Uber announced Tuesday (May 22) it would start its first taxi-hailing pilot programme in Japan this summer, as it bids to break into a tough market in the world's third largest economy. Uber will link up taxi drivers with potential clients. (Photo: AFP/Taro Karibe) The US firm has found it difficult to penetrate the Japanese market, where risk averse passengers prefer to stick to their high quality traditional taxi service. Hailing a taxi rarely takes more than a few seconds in major Japanese cities and there has been a relatively sluggish uptake of services like Uber, where consumers order an unlicensed car via a smartphone app. But Uber said in a statement Tuesday it would launch a pilot programme this summer to hook up tourists and residents in the western Awaji island with available taxi drivers. Uber said it aimed to provide local residents and tourists with "reliable and safe transportation" on the small island, which is home to just over 150,000 people. "I'm … [Read more...] about Uber taps into Japan with first taxi hailing pilot
MVL Chain to bring blockchain based ride hailing app to Vietnam
Since Uber left Vietnam, both foreign and domestic firms race to launch ride-hailing services, setting themselves apart from Uber and Grab to gain market share. One of the latest players is Singapore-based transportation startup MVLchain, which owns the Grab-like platform MVL and is planning to utilise blockchain technology for the first time in Vietnam. MVL Chain from South Korea to bring blockchain-based ride-hailing app for the first time to Vietnam Speaking at the introduction conference organised in Ho Chi Minh City on May 5, CEO Kay Woo stated that Vietnam is considered a key market of MVL (Mass Vehicle Ledger) and that the firm submitted the dossiers to establish a legal presence in Vietnam and operate as an IT firm. MVL will start to recruit drivers within this month and in case the dossiers are approved on time, the firm will launch the app in July. Drivers will not have to pay commission and the company will make a profit from selling data generated from its daily … [Read more...] about MVL Chain to bring blockchain based ride hailing app to Vietnam
Map of technology-driven taxi market likely to be redrawn as Uber pulls out
Ride-hailing firm Uber Technologies Inc recently agreed to sell its Southeast Asian business to bigger regional rival Grab, marking its second pull-out from an Asian market.— Photo tuoitre.vn Ride-hailing firm Uber Technologies Inc recently agreed to sell its Southeast Asian business to bigger regional rival Grab, marking its second pull-out from an Asian market. Uber will take a 27.5 percent stake in Singapore-based Grab and Uber CEO Dara Khosrowshahi will join Grab’s board. Grab was last valued at around US$6 billion. Grab provides transportation, food delivery, mobile payments and financial services and operates in 195 cities across Southeast Asia. The company claimed to have a 95 percent market share of the ride-hailing market last year when it announced plans to raise more than $2.5 billion from SoftBank and other investors. Uber’s withdrawal from the Asian market is expected to redraw the ride-hailing market including in Viet Nam. “What are the gains and … [Read more...] about Map of technology-driven taxi market likely to be redrawn as Uber pulls out
LiveTaxi app launched in city
LiveTaxi app launched in cityChi Thinh By Chi Thinh - The Saigon Times Daily HCMC – The HCMC departments of transport and science-technology on December 18 organized a function to launch LiveTaxi, which is an app for users of mobile devices to call and find taxi cabs. The app is seen as an effective supporting tool for both taxi operators and passengers, and consists of a number of functions like other taxi service apps such as Uber, GrabTaxi and EasyTaxi. Earlier, LiveTaxi was applied by taxi firms Mai Linh and Vinasun on a pilot basis. The app is part of a project to research and apply technologies for taxi cabs, and developed by the Standard, Measurement and Quality Control Authority under the HCMC Department of Science and Technology. Doan Le Minh, business director of Huy Hoang Co., which conducted the pilot scheme, said LiveTaxi is a supporting tool for transport enterprises and has yet to replace taxi meters on cabs. It provides necessary information about distance, fare … [Read more...] about LiveTaxi app launched in city
Nation ‘doomed’ as skilled young Vietnamese turn to Uber, Grab in droves
Editor’s note: The author of this op-ed piece is Nhiep Phong, a college lecturer in Ho Chi Minh City. App-based ride hailing companies Uber and Grab have given rise to ‘grave degradation’ in the mindset of young Vietnamese, with too many turning to this type of ‘unskilled’ work. This paints a bleak picture for the country’s future. Every day as I drive around the bustling metropolis of Ho Chi Minh City, I see large groups of Grab and Uber drivers clustered together, most of them in their early twenties. For the most part, these are young men who’ve had the privilege of a tertiary education, and represent what local media have also recognized as a worrying surge in this type of employment amongst young people. It’s a scene repeated in Hanoi. Rather than seek employment that utilizes the knowledge and experience gained at college, they are turning to the less demanding job of delivering people from A to B. Easy money in an unfriendly … [Read more...] about Nation ‘doomed’ as skilled young Vietnamese turn to Uber, Grab in droves