MyGo lost in ride-hailing market?

MyGo did not have a good showing in the first three months

MyGo's weak presence in the market is demonstrated by the app not even being listed on the statistics of ABI Research on the market share of players in the ride-hailing segment. Notably, according to ABI Research, in the first six months of this year, Grab, Be, and Go-Viet held the largest market share in this sector with the 73, 16, and 10 per cent, respectively. The remaining 1 per cent was divided between FastGo and other apps.

A representative of Viettel Post also admitted that throughout these three months, MyGo has only spent VND1 billion ($43,500) on maintaining operations. This figure only covered compulsory (fixed) costs and the company has not issued any promotion campaigns or incentives to customers or drivers and the representative affirmed that “burning money” on promotion and incentive programmes is not the company’s strategy. However, it is fair to say that VND1 billion is still a relatively small investment to gain market share in the fiercely competitive market.

Previously in July, MyGo was launched, offering ride-haling and delivery services for food and parcels. The outstanding feature of MyGo is that it has committed not to increase fares during peak hours, with hopes that it would break the dominance of Grab, Go-Viet, and FastGo.

The new app was Viettel’s move to complete its technology service eco-system. Previously, the group successfully launched the e-payment wallet ViettelPay, which attracted 2.5 million users in only four months. Besides, Viettel owns a logistics system serving large enterprise customers.