Such trend would help better meet transportation needs at more affordable prices, ensuring convenience, safety and improving service quality of both taxis and electronic-contract based vehicles, stated Prime Minister Nguyen Xuan Phuc.

The large market and great potential of the non-cash payment sector in Vietnam explain why investors keep pouring money into payment technology firms, though the firms continue making losses.

The suspension of the pilot program is to comply with new regulations stipulated in newly-issued Decree No. 10, which sets out conditions for transportation business.

GV Asia aims to become a leading multi-service technology app in the Vietnamese market.

It is unacceptable that Grab is shifting their tax obligation to driver-partners and customers, said an expert.