Vietnam’s FastGo revs into Singapore’s ride-hailing market

[Viet]

SINGAPORE — The ride-hailing market here is about to heat up again, with Vietnamese firm FastGo to launch in Singapore next month as part of its expansion plan in South-east Asia.

Drivers here may register on the FastGo mobile application from April 1 and customers will be able to book rides from April 30.

While FastGo did not provide details on fares for riders, its founder and chairman Nguyen Huu Tuat said that “any FastGo ride will always be cheaper than the others”. Customers will not have to pay surcharges during peak hours and they may leave tips for drivers when booking a ride, or opt for priority services.

Unlike some ride-hailing apps, FastGo will charge its drivers a fixed daily subscription fee instead of collecting commission fees. It expects to charge a fee of below US$5 (S$6.80) if a driver’s income exceeds US$30 a day.

This strategy will allow it to “attract driver-partners and customers at a low cost”, the firm said.

Transport economist Walter Theseira said that the addition of “another small entrant” will not make a difference here, unless the new player is financially backed by a strong sponsor or a well-known Singaporean firm.

The associate professor at the Singapore University of Social Sciences said: “Other than GoJek and Grab, the other (existing) players have very small market share and have difficulty making much impact locally.

“The market is easy to enter but it’s very hard to get substantial market share.”

FastGo started its private car and taxi service in Vietnam in June last year and claimed to be one of the top two ride-hailing services in the country with close to 60,000 drivers.

After receiving an undisclosed sum in a Series A investment from venture capital platform VinaCapital Ventures in August last year, FastGo is aiming to raise another US$50 million in its Series B investment round over the next few months.

https://www.todayonline.com/singapore/vietnams-fastgo-revs-singapores-ride-hailing-market

 

[Viet]

@Mista
@sinait @Nan Yang @Marine Rouge

More choices better service for man and women

 

[sinait]

More choices better service for man and women

View attachment 548616

I will use the bike service if the girl on the right is the rider.
A lot of grabbing all along the journey.
All the Best FastGo.
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