Be Group gets $60 mln loan to expand in Vietnam

The contract includes a provision to increase the loan amount to $100 million, Be Group said in a statement.

"This financing will facilitate Be Group’s ambition to becoming the number one on-demand multi-service consumer platform for Vietnamese users."

Since launching in 2019, Be apps have been downloaded over 20 million times, and they currently service over 10 million transactions monthly.

Singapore-based Grab had a 75% ride-hailing market share in Vietnam in the first half of 2020, the latest period for which data is available, according to research firm Statista.