GoTo, a major technology company in Indonesia, has announced the closure of its business in Vietnam effective September 16, 2024. The company will focus solely on markets where it can sustain growth, namely Indonesia and Singapore, as part of its business strategy to achieve profitability by the 2024 fiscal year.
Initially formed through the merger of Gojek and Tokopedia, GoTo, which previously operated in Thailand under the name GET before selling its business to AirAsia, ventured into Vietnam in 2018 as GoViet. Offering a range of services such as ride-hailing, food delivery, and parcel delivery, the company also acquired WePay, an e-wallet provider, in 2020. However, the latest quarterly report from GoTo indicates that the Vietnam operations contribute less than 0.5% to the overall business value.
Notable competitors in the on-demand service market in Vietnam include Grab, ShopeeFood, Be Group, GSM, Loship, and Ahamove.
Source: Deal Street Asia
TLDR: GoTo, a leading tech firm in Indonesia, is shutting down its operations in Vietnam to focus on sustained growth in Indonesia and Singapore, aiming to achieve profitability by 2024. Competitors in Vietnam’s on-demand service market include Grab, ShopeeFood, Be Group, GSM, Loship, and Ahamove.
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