Asia Business Channel

FastGo adds new provincial markets in Vietnam

Vietnamese ride-hailing app, FastGo announced that it’s expanding its services to include Binh Duong and Dong Nai and Binh Duong, provinces, which neighbor Ho Chi Minh City. FastGo plans to capitalize on the high demand for travel within the southern provinces and for commutes between HCMC and the two provinces.

Nguyen Huu Tuat, General Director of FastGo Vietnam, said that Bien Hoa City in Dong Nai and Binh Duong were the two municipalities next to HCMC with a large number of commuters and traffic flows. The company has 1,000 drivers operating in these two cities and the introduction of the app in these localities will make it more convenient for customers to travel, as well as reduce wasteful ‘empty miles’ for local cabs.

FastGo Vietnam Joint Stock Company was established in April 2018, with its headquarters in Hanoi and belongs Nexttech, a leading technology firm in Vietnam.
The company started operations in June 2018 and now operates in Hanoi, Ho Chi Minh City and Da Nang.

As well as adding Bien Hoa City and Binh Duong into its network, the company plans to expand into Nha Trang City in the center of Vietnam, and Ha Long City in northern Vietnam in December.

The company has more than 30,000 drivers and says that it has completed “over one million kilometers of service.” FastGo has three core transportation services based upon drivers and customers:

• Fast Car A four-wheel drive app for private contractors who want to make additional income as drivers

• Fast Luxury A semi-luxury car service.

• Fast Taxi A service linked with existing taxi companies who can receive customer orders on the app

At the end of August, the company received funding from VinaCapital, and is planning to raise $50 million for a second expansion phase that will target Indonesia and Myanmar. FastGo says it has a goal to become one of Southeast Asia’s top 3 ride-hailing apps in the future. The company says that it plans to make its service available in 20 cities in Vietnam, Cambodia, the Philippines and Thailand, by the end of 2019.

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