"Billion-dollar race" in Vietnam's ride-hailing market: Xanh SM and its multinational rival

Research firm Rakuten Insight Global has just announced a research result with very impressive numbers in the billion-dollar market in Vietnam.

More specifically, research on the ride-hailing market by Rakuten Insight shows that 54-55% of Vietnamese customers are using Grab (an application from a multinational unit), while the corresponding figure for Xanh SM is 32-33%.

This result surprised many people when previously, Mordor Intelligence (another reputable market research unit) said that Xanh SM was holding the No. 1 position in ride-hailing market share in Vietnam with 39.85% compared to Grab's 35.57%.

So, who is leading the Vietnamese ride-hailing market?

Xanh SM: No. 1 market share in Vietnam

The ride-hailing and taxi market in Vietnam is witnessing fierce competition between new platforms and traditional units, between foreign brands and domestic ride-hailing companies. According to Mordor Intelligence (India), the size of the ride-hailing market in Vietnam is estimated to reach $ 1.05 billion this year and could increase to $ 2.56 billion by 2030, with an annual growth rate of 19.5% from 2025 to 2030.

According to Mordor Intelligence's report, Xanh SM holds the largest market share in the taxi-hailing and technology-based taxi segment in Vietnam as of the first quarter of 2025, at 39.85%. Ranked second is Grab, with 35.57% market share. The gap between the first and second-ranked companies has widened by more than 4 percentage points after one quarter. Previously, in the fourth quarter of 2024, Xanh SM's market share was 37.41%, while Grab's was 36.62%.

Rakuten Insight research shows that Grab is the most frequently used app in Vietnam.

However, the latest report by Rakuten Insight compiled from a survey conducted with more than 7,000 people in Vietnam shows that Grab is the most frequently used brand, with 55% of users in major cities and 54% of users in other regions saying they use this application.

Xanh SM ranked second with 32% of users nationwide, including 33% in major cities and 30% in other regions.

Next in line are Be (9%), Mai Linh (2%), Vinasun (1%), Maxim (1%).

Xanh SM is preparing to launch many new services, including food delivery, cargo transportation, 7-seater cars...

Grab: Most frequently used app

What should be noted about Rakuten Insight's data is the frequency of usage of the apps, which is not the same as the market share of the ride-hailing segment alone. Based on this criterion, it is clear that Grab is holding the advantage as this app integrates many functions such as passenger transportation (cars, motorbikes), delivery, food ordering, grocery shopping, etc. Meanwhile, the remaining apps are purely providing passenger and delivery ride-hailing services.

Instead of calculating based on the frequency of use of the app, regardless of the purpose of use as Rakuten Insight, the main criteria used by Mordor Intelligence to determine market share include GMV/day (ie Total Merchandise Value/day), Number of trips per day and Network coverage.

In terms of these criteria, the balance is tilted towards Xanh SM with its rapid coverage speed and Grab's significant market share reduction in recent times.

Grab has provided users with a wide range of services.

Founded in 2023, Xanh SM has quickly captured the taxi market share by focusing on the green mobility revolution, providing electric vehicle booking services, including cars and electric motorbikes, in many provinces and cities across the country.

The difference between Grab's overall brand usage frequency and Xanh SM's revenue market share in the passenger taxi segment can be explained by Grab's diverse range of services compared to Xanh SM's current focus on the transportation segment.

Grab's wide range of services (including services other than passenger transport such as delivery, grocery shopping, food ordering, etc.) can make their application open and used with higher frequency for many different purposes during the day.

However, when only calculating revenue from passenger trips, Xanh SM has shown superiority in the last two quarters. Notably, Xanh SM is also preparing to enter the food delivery segment by testing Xanh SM Ngon.

Thus, looking at the latest market research results from Mordor Intelligence and Rakuten Insight, we can see a panoramic picture of the ride-hailing market in Vietnam:

- Grab, with its position as a "super-app" providing a variety of essential services, is the most used.

- Xanh SM is taking the largest market share in the ride-hailing segment alone as customers gradually prefer zero-emission vehicles, while also appreciating the quality of service, including the quality of vehicles, drivers, and the overall experience.

Theo Tạp chí điện tử Nhịp sống thị trường

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