The overall market shrunk to 19.5 percent of last year’s 429.5 million rides.
Two new Vietnamese apps, HCMC-based Viservice’s viApp, and GV Asia’s GV Taxi, made their debuts during the year. But analysts are skeptical about their prospects.
With the ride-hailing field being extremely competitive, even strong players like Grab, Be and Gojek have turned to the food delivery market for profits.
Vietnam was the fourth largest ride-hailing market in Southeast Asia last year behind Indonesia, Singapore and Thailand, according to a report by Google, Singaporean sovereign fund Temasek and U.S. management consultancy Bain.
ABI Research estimated the market at US$1.1 billion last year and said it could rise to $4 billion by 2025.