Vietnam ride-hailing service expands to Myanmar
Vietnam’s first homegrown ride-hailing service, FastGo, has kicked off operations in Myanmar as part of its Southeast Asia expansion plans. The firm partnered with Myanmar conglomerate Asia Sun Group in a joint venture and began offering its services starting from December 28.
FatsGo’s CEO Nguyen Huu Tuat said at the launch that Myanmar was a promising market with the e-commerce, travel and retail sectors all growing rapidly. With a population of 50 million, transport demand in the country is expected to rise, he said.
FastGo targets major cities and provinces and expects to sign up two million users and 100,000 drivers. It pursues the same business model as in Vietnam, only taking a fixed service cost from drivers and not commissions on each ride and guaranteeing them higher fares during rush hour and bad weather. It allows users to tip drivers, and offers a priority service for certain customers.
Tuat said FastGo has tied up with Asia Sun because the group has experience in various sectors, deep pockets and an understanding of the local market and culture. He expected the venture to benefit Myanmar’s digital economy.
Hanoi-headquartered FastGo was launched in Vietnam in June 2018 and now has over 40,000 partner drivers in ten provinces and cities. Like similar services, it aims to be more than just a ride hailing app, offering other services such as food delivery.
Apart from Myanmar, the company plans to expand to other Southeast Asian markets, including the Philippines, Indonesia, Cambodia and Thailand, by the end of 2019.
Vietnam’s first homegrown ride-hailing service, FastGo, has kicked off operations in Myanmar as part of its Southeast Asia expansion plans. The firm partnered with Myanmar conglomerate Asia Sun Group in a joint venture and began offering its services starting from December 28. FatsGo’s CEO Nguyen Huu Tuat said at the launch that Myanmar was a promising market with the e-commerce, travel and retail sectors all growing rapidly. With a population of 50 million, transport demand in the country is expected to rise, he said. FastGo targets major cities and provinces and expects to sign up two million users and 100,000...
Vietnam’s first homegrown ride-hailing service, FastGo, has kicked off operations in Myanmar as part of its Southeast Asia expansion plans. The firm partnered with Myanmar conglomerate Asia Sun Group in a joint venture and began offering its services starting from December 28.
FatsGo’s CEO Nguyen Huu Tuat said at the launch that Myanmar was a promising market with the e-commerce, travel and retail sectors all growing rapidly. With a population of 50 million, transport demand in the country is expected to rise, he said.
FastGo targets major cities and provinces and expects to sign up two million users and 100,000 drivers. It pursues the same business model as in Vietnam, only taking a fixed service cost from drivers and not commissions on each ride and guaranteeing them higher fares during rush hour and bad weather. It allows users to tip drivers, and offers a priority service for certain customers.
Tuat said FastGo has tied up with Asia Sun because the group has experience in various sectors, deep pockets and an understanding of the local market and culture. He expected the venture to benefit Myanmar’s digital economy.
Hanoi-headquartered FastGo was launched in Vietnam in June 2018 and now has over 40,000 partner drivers in ten provinces and cities. Like similar services, it aims to be more than just a ride hailing app, offering other services such as food delivery.
Apart from Myanmar, the company plans to expand to other Southeast Asian markets, including the Philippines, Indonesia, Cambodia and Thailand, by the end of 2019.
