Viet Nam’s authorities plan to conduct further investigations into the merger of Grab and Uber last year over possible antitrust regulations violations, said the Ministry of Industry and Trade on Wednesday.
Grab’s acquisition of Uber had signs of violating the Competition Law, said the Viet Nam Competition Authority (VCA) under the Ministry of Industry and Trade.
Uber B.V has completed the payment of its remaining tax debts and evasion penalties worth more than VND53 billion (US$2.3 million), five months after the ride hailing company ceased operations in Viet Nam, according to a tax official.
Though the interest rates on government bonds with maturity terms of one to 15 years have increased in recent times, there seems to be little appetite for them among investors.
Vietnamese ride-hailing businesses are still struggling to grab market share even after the departure of Uber from Southeast Asia and complaints about the top ride-hailing app Grab.
Following Uber’s departure from Viet Nam, the country’s ride-hailing market has witnessed the entrance of both domestic and international applications, such as Aber, FastGo, Go-Viet and VATO.
The State Bank of Viet Nam has sought the Government’s permission to allow credit institutions more time to sell their stakes in other lenders since many smaller ones are struggling to do so.
Grab’s acquisition of Uber could have violated the Competition Law, said officials of the Viet Nam Competition Authority (VCA) under the Ministry of Industry and Trade, adding that they might begin an official investigation.
After Uber’s departure from Viet Nam’s ride hailing market, a newcomer named Mass Vehicle Ledger Foundation Pte. Ltd (MVLchain) has made its move to enter the country’s Grab-dominated ride industry.
Associate Dr Tu Sy Sua, from the University of Transport, speaks to the Vietnam News Agency on how to a level playing field between traditional taxis and companies that employ aapp based taxi technology.
Grab’s acquisition of Uber opens the door for Vietnamese businesses to enter the ride-sharing market, said Khuat Viet Hung, vice chairman of the Viet Nam National Safety Traffic Committee.
After Grab’s takeover of Uber on March 26, some Vietnamese transport businesses are taking advantage of an opportunity to invest in the lucrative ride-hailing market.