European Ride-Hailing Giant Bolt Eyes Entry into Vietnam

Estonian startup Bolt, a fast-growing ride-hailing and delivery platform operating in over 50 countries, is signaling its plans to expand into Vietnam. With job postings for key positions in the country, the move could intensify competition in Vietnam’s ride-hailing market, currently dominated by Grab, Be, and newcomer Xanh SM.

Bolt has recently listed job openings for Customer Support Specialists and Customer Support Team Leaders in Ho Chi Minh City. These roles emphasize multilingual capabilities in Vietnamese and English, problem-solving skills, and a customer-focused approach. The company seeks candidates with experience in fast-paced environments, exceptional communication skills, and a keen sense of initiative.

In its LinkedIn job postings, Bolt highlights its vision for shaping the future of transportation and impacting millions of users globally. Successful candidates will enjoy attractive salaries, stock options, and health benefits.

Bolt's app is already available for download in Vietnam on the App Store and Google Play, with Vietnamese-language interfaces and reviews, hinting at imminent service launches. This expansion would mark Vietnam as the third Southeast Asian country in Bolt’s portfolio, following its entry into Thailand in 2020 and Malaysia in late 2024.

Bolt, founded in 2013 by Markus Villig at the age of 19, has grown rapidly from a small Estonian startup to one of Europe’s leading tech companies. Originally known as Taxify, Bolt offers diverse services, including ride-hailing, food delivery, grocery delivery, and electric scooter rentals, serving over 200 million customers worldwide.

Vietnam’s ride-hailing market is projected to grow significantly, from an estimated $1.17 billion in 2024 to $3.19 billion by 2029, with a compound annual growth rate (CAGR) of 22.1%, according to Mordor Intelligence. Major players like Grab, Be, and Xanh SM dominate the sector, each with distinct strategies:

• Grab: With a longstanding presence, Grab has developed a comprehensive ecosystem encompassing ride-hailing, food delivery, and digital payments.

• Be: As a homegrown app, Be focuses on tailored services for local needs, building a strong reputation for quality and affordability.

• Xanh SM: A newer entrant, Xanh SM has rapidly scaled operations and captured significant market share with its innovative approach.

The competitive landscape has already claimed casualties. Indonesian platform Gojek recently withdrew from Vietnam, citing challenges in sustaining operations amid fierce competition.