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Be Group gets $60 mln loan to expand in Vietnam

By Dat Nguyen   September 4, 2022 | 11:24 pm PT Google Get VnExpress first in Google Search info See more of the news you trust. Make VnExpress a preferred source to prioritise our updates in your Google search results
Be Group gets $60 mln loan to expand in Vietnam
A Be Group driver picks up an order. Photo courtesy of Be Group
Ride-hailing firm Be Group has got a US$60-million credit line from Deutsche Bank as it seeks to expand in the Grab-dominated Vietnamese market.

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.

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