Vietnam's richest billionaire Pham Nhat Vuong’s electric taxi firm eyes food delivery market

Its Xanh SM brand is seeking people with experience in building, operating and managing food delivery services to discuss the potential entry, according to Nguyen Van Thanh, global CEO of GSM.

Vietnam’s food delivery market is dominated by Singapore’s Grab and ShopeeFood, which respectively have 48% and 47% shares, according to a 2024 report by research firm Momentum Works. Local ride-hailing app Be accounts for the remainder.

Other food delivery services, including South Korean food delivery app Baemin and Indonesian multi-service platform Gojek, had been present in Vietnam but exited in 2023 and 2024.

Baemin said it ceased operations due to intense competition and difficulties faced by the economy.

Launched in April 2023, Xanh SM provides electric taxi, car and motorbike ride-hailing and package delivery services. It also operates in Laos and Indonesia.

A report published by another research firm, Mordor Intelligence, late last month noted that Xanh SM became the leading ride-hailing service in Vietnam in the fourth quarter of 2024 with a 37.4% market share.