S Korea’s Kakao Mobility teams up with Vietnam EV maker VinFast

By Nguyen Thuy
Tue, June 27, 2023 | 12:06 pm GMT+7

Kakao Mobility, a subsidiary of South Korea's tech giant Kakao Corp., has entered into a partnership with Vietnamese electric vehicle producer VinFast to boost transportation infrastructure in Vietnam by collaborating with domestic industry players.

Kakao Mobility has joined a wave of South Korean companies expanding in the Vietnamese market with business cooperation MoUs signed in Hanoi during South Korean President Yoon Suk Yeol’s visit to Vietnam June 22-24 to boost economic and trade ties.

Nguyen Viet Quang (L), Vingroup CEO and VinFast director of customer services, and Kakao Mobility CEO Ryu Geung-Seo pose for picture at their partnership signing in Hanoi on June 23, 2023. Photo courtesy of Kakao Mobility.

Nguyen Viet Quang (L), Vingroup CEO and VinFast director of customer services, and Kakao Mobility CEO Ryu Geung-Seo pose for picture at their partnership signing in Hanoi on June 23, 2023. Photo courtesy of Kakao Mobility.

The Kakao Mobility-VinFast partnership includes plans to integrate Green and Smart Mobility (GSM), an electric taxi rental platform within the Vingroup network, with ride-hailing service Kakao T.

Kakao Mobility said in a release that Vietnam is emerging as one of the most popular tourist destinations for South Koreans, while South Korea saw roughly 300,000 Vietnamese tourists visit the country in the past year.

The firm also said it is in talks with Vietnamese information technology giant FPT to set up collaborations with domestic startup businesses.

Vietnam welcomed 4.6 million foreign arrivals in the first five months of this year, equal to 57.5% of the year's target of eight million, according to the Vietnam National Administration of Tourism (VNAT). South Korea was Vietnam's top source market in the period with 1.3 million arrivals, followed by China and the U.S. with 399,000 and 307,000 arrivals, respectively.

Established in 2017 by Vingroup founder and chairman Pham Nhat Vuong as his conglomerate’s car unit, VinFast has gradually become a prominent player in the Southeast Asian EV landscape. It is also expanding in the U.S., Canadian, and European markets.

Vuong launched GSM in March in partnership with Vietnamese ride-hailer Be Group to utilize electric vehicles in ride-hailing services.

Kakao Mobility said this March it had acquired the British ride-hailing startup Splyt as part of its plans to go abroad. The acquisition “will help Kakao Mobility secure a foothold to tap into the global mobility market", the company said, but did not disclose the financial terms of the deal or its stake in Splyt.

Founded in 2015 in London, Splyt is a platform providing connections for overall transportation services from ride-hailing and food delivery to travel and public transport. Splyt partners with global mobility and hotel reservation service apps like Uber, Grab, Booking.com and Trip.com., as well as Chinese firms like Alipay and WeChat, linking 2 billion users in 150 countries across the world, according to the company.

Comments (0)
  • Read More
Vietnam's 5-month registered FDI hits $18.4 bln, up 51%

Vietnam's 5-month registered FDI hits $18.4 bln, up 51%

Registered foreign direct investment (FDI) in Vietnam hit $18.4 billion in the first five months of the year, up 51.1%, while disbursed capital reached $8.9 billion, up 7.9%.

Economy - Thu, June 5, 2025 | 6:52 pm GMT+7

Indonesia launches economic stimulus package to boost purchasing power

Indonesia launches economic stimulus package to boost purchasing power

The Indonesian Government has rolled out an economic stimulus package worth IDR24.44 trillion (nearly $1.53 billion) to maintain consumer purchasing power and stabilize the national economy.

Southeast Asia - Thu, June 5, 2025 | 4:06 pm GMT+7

Vinhomes subsidiary to develop two industrial parks worth $383 mln in northern Vietnam

Vinhomes subsidiary to develop two industrial parks worth $383 mln in northern Vietnam

Vinhomes Hai Phong Industrial Park Investment JSC under Vinhomes, the housing arm of Vietnam’s conglomerate Vingroup (HoSE: VIC), is expected to be the investor of two industrial parks worth VND10 trillion ($383 million) in the northern port city of Hai Phong.

Real Estate - Thu, June 5, 2025 | 3:54 pm GMT+7

Agriculture drives Indonesia’s economic growth

Agriculture drives Indonesia’s economic growth

Agriculture is emerging as a key driver of Indonesia’s economic growth, especially in the first quarter of 2025, according to the latest report by the Indonesian Institute for Development of Economics and Finance (INDEF).

Southeast Asia - Thu, June 5, 2025 | 3:46 pm GMT+7

Vietnam's logistics heavyweight Gemadept plans over $38 mln buyback if shares plunge

Vietnam's logistics heavyweight Gemadept plans over $38 mln buyback if shares plunge

Gemadept, Vietnam's leading port and logistics company, listed on the Ho Chi Minh Stock Exchange as GMD, plans to buy back 21 million shares, equivalent to 5% of its outstanding shares.

Companies - Thu, June 5, 2025 | 3:32 pm GMT+7

Vietnam, US to hold third round of reciprocal trade pact talks in first half of June

Vietnam, US to hold third round of reciprocal trade pact talks in first half of June

The third technical round of negotiations for a reciprocal trade agreement between Vietnam and the U.S. is expected to take place in the first half of June, as agreed by their trade ministers on Wednesday.

Economy - Thu, June 5, 2025 | 3:22 pm GMT+7

Housing developer Vinhomes, consortium partners win bid for $10 bln urban area project in central Vietnam

Housing developer Vinhomes, consortium partners win bid for $10 bln urban area project in central Vietnam

Vinhomes, the housing development arm of Vietnam’s conglomerate Vingroup (HoSE: VIC), and its consortium partners have won the bid to develop a VND260.3 trillion ($9.97 billion) urban area project in the south-central province of Khanh Hoa.

Real Estate - Thu, June 5, 2025 | 12:15 pm GMT+7

Agriculture ministry proposes police probe into allegations C.P. Vietnam sold 'diseased pork'

Agriculture ministry proposes police probe into allegations C.P. Vietnam sold 'diseased pork'

The Ministry of Agriculture and Environment on Wednesday asked the Ministry of Public Security to investigate social media allegations that C.P. Vietnam, a subsidiary of Thailand’s food giant Charoen Pokphand Foods Public Company Limited (CPF), sold “diseased pork.”

Companies - Thu, June 5, 2025 | 8:32 am GMT+7

Vietnam a strategic manufacturing hub in Asia amid global supply chain reshuffle: exec

Vietnam a strategic manufacturing hub in Asia amid global supply chain reshuffle: exec

Vietnam has emerged as a strategic manufacturing hub in Asia amid the substantial restructuring of global supply chains, said Dhamcharee Varaporn, managing director of RX Tradex Thailand & Vietnam, a leading exhibition organizer.

Companies - Thu, June 5, 2025 | 8:00 am GMT+7

Vietnam's major developer Tan Hoang Minh wants to make Da Lat 'Asia’s most livable town'  

Vietnam's major developer Tan Hoang Minh wants to make Da Lat 'Asia’s most livable town'  

Do Anh Dung, chairman of Tan Hoang Minh, on Tuesday proposed that authorities of Lam Dong province support the property developer in planning a 4,320-hectare smart urban area project in the resort town of Da Lat.

Real Estate - Wed, June 4, 2025 | 10:36 pm GMT+7

Vietnam’s economic landscape 'positive' amid global headwinds: Prime Minister

Vietnam’s economic landscape 'positive' amid global headwinds: Prime Minister

Vietnam’s socio-economic situation has been trending positively, with stable macroeconomic conditions, inflation under control, and major economic balances well maintained, says Prime Minister Pham Minh Chinh.

Economy - Wed, June 4, 2025 | 5:23 pm GMT+7

Unleashing the quantum power in banking

Unleashing the quantum power in banking

While quantum computing remains in its early stages, its potential to reshape the financial landscape is undeniable. Institutions that act now, by investing in research, forming strategic partnerships, and deploying pilot use cases, will be at the forefront of this transformation, writes Phillip Wright, COO at HSBC Vietnam.

Consulting - Wed, June 4, 2025 | 3:59 pm GMT+7

How Jardine Matheson expands footprint in Vietnam

How Jardine Matheson expands footprint in Vietnam

From a quiet financial investment in 2008, Jardine Matheson, a diversified, Asia-focused investment company based in Bermuda, has steadily expanded its influence in Vietnam, one of Southeast Asia’s fastest-growing economies.

Companies - Wed, June 4, 2025 | 2:57 pm GMT+7

Vietnam, Japan see 'strong collaboration prospects in developing green, eco-friendly products'

Vietnam, Japan see 'strong collaboration prospects in developing green, eco-friendly products'

Vietnam and Japan have vast potential for cooperation in the development of green and environmentally friendly products, said general secretary of the ASEAN-Japan Center (AJC) Kunihiko Hirabayashi.

Economy - Wed, June 4, 2025 | 12:16 pm GMT+7

Quynh Lap LNG-fired power project in central Vietnam seeks in-principle approval

Quynh Lap LNG-fired power project in central Vietnam seeks in-principle approval

The $2.15 billion Quynh Lap LNG-fired power project, located in Nghe An province, is drawing significant interest from both international and domestic investors.

Energy - Wed, June 4, 2025 | 9:28 am GMT+7

Indonesia's coal exports dip on weak demand

Indonesia's coal exports dip on weak demand

Indonesia's coal exports dropped 6.43% to 160 million tons during January-April, according to the Energy and Mineral Resources Ministry.

Southeast Asia - Wed, June 4, 2025 | 8:48 am GMT+7