Vietnam’s richest man vies to dethrone SE Asia’s ride-hailing king, Grab
Al Jazeera
Pham Nhat Vuong’s Xanh SM has big ambitions, but critics question its growth potential in a fiercely competitive market.
Ho Chi Minh, Vietnam – When Dat had to choose a ride-hailing app to work with as a gig driver, he purposely decided against Grab, the leading player in Southeast Asia.
Instead, the 23-year-old was persuaded by the environmentally friendly marketing and homegrown status of Xanh SM, an electric taxi and motorbike service founded by Pham Nhat Vuong, the chairman of the Vietnamese mega-conglomerate Vingroup and Vietnam’s richest man.
“Xanh SM will definitely be more popular than Grab in the future,” Dat told Al Jazeera.
“I ended up working for Xanh SM as it saves fuel cost, it’s friendly for the environment and lastly, it’s a Vietnamese company.”
Unlike its rival Grab, Xanh SM rents out vehicles to gig drivers in addition to providing ride-hailing services through its app.
