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Grab pours another $500m into Vietnam expansion

Ride-hailer also inked a new partnership with the Sovico Group

Grab's latest investment in Vietnam will intensify its battle for supremacy with Go-Jek's Vietnam brand Go-Viet. (Photo by Akira Kodaka)

SINGAPORE -- Ride-hailing giant Grab will pump an extra $500 million into Vietnam over the next five years, as the company expands its transport, food-delivery and payments network across Southeast Asia.

The Singaporean company said the new investment will spur development of Vietnam's digital economy, creating millions of income opportunities for Vietnamese, and will come on top of the $200 million Grab has already committed through to the end of 2019.

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