Vietnam’s ride-hailing expected to reach 2.16 billion USD by 2029

(VOVWORLD) - Vietnam’s ride-hailing market value is estimated at 880 million USD this year and is expected to reach 21.6 billion USD by 2029, growing at a compound annual growth rate of 19.5%, according to a recent report by India-based market research firm Mordor Intelligence. 
Vietnam’s ride-hailing expected to reach 2.16 billion USD by 2029 - ảnh 1A Xanh SM taxi on a road in HCM City. (Photo: VNA)

With Vietnam’s rapidly growing urban population, the lack of public transport options, and increasing traffic congestion, the demand for private modes of transportation has gone up in recent years.

Consumers’ increasing preference toward availing private transportation for traveling purposes, owing to the rising need for convenience in personal mobility and the growing number of tourists in Vietnam, are major determinants for the growth of the ride-hailing market in the country, the report said.

The rise in travel and tourism and the emergence of a young and tech-savvy population have further fuelled the adoption of ride-hailing services.

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