Grab's 2025 Vietnam revenue climbs to $255 mln as growth streak extends

Singapore-based super app Grab reported revenue of $255 million in Vietnam in 2025, marking its third consecutive year of growth in the market since it began disclosing the Vietnam data in 2023.

Last year, Grab earned $3.37 billion in revenue, up 20% year-on-year. Malaysia remained its largest market with $1.04 billion in revenue, followed by Singapore at $727 million and Indonesia at $715 million. The Philippines contributed $316 million, while Thailand generated $288 million.

While Vietnam still trails larger markets such as Malaysia, Singapore and Indonesia, the steady rise underscores the platform’s traction in an increasing competitive market, where digital adoption and urban demand for on-demand services continue to accelerate.

Grab’s overall revenue growth reflects continued gains in its core delivery and mobility businesses, alongside tighter control over incentives. Deliveries remained the largest contributor at $1.8 billion, followed by mobility at $1.22 billion and financial services at $347 million.

The company faces intensifying competition in Vietnam, particularly from local and regional rivals, especially ride-hailing platform Xanh SM – Southeast Asia’s first all-electric ride-hailing service provider and 95% owned by Vingroup’s billionaire chairman Pham Nhat Vuong.

According to a Q4/2025 report by Mordor Intelligence, Xanh SM accounted for 51.5% of Vietnam’s four-wheel ride-hailing segment by gross merchandise value (GMV), surpassing Grab at 42.64% and Be at 5.86%.

The result marks the fifth consecutive quarter that Xanh SM has maintained the top position, after first overtaking Grab in late 2024.

Mordor Intelligence forecasts the broader ride-hailing market in Vietnam could reach $1.25 billion in 2026 and expand to $3.04 billion by 2031, implying a compound annual growth rate of 19.5% over the 2026–2031 period.