- Gojek exits Vietnam to focus on major Southeast Asian markets
- The move aligns with parent company GoTo’s growth strategy
- Gojek reports strong performance in Indonesia and Singapore
Sayonara, saigon
Indonesia-based ride-hailing giant Gojek has announced its exit from Vietnam, effective September 16, 2024.
The move aligns with parent company GoTo’s strategy to concentrate on markets with higher growth potential, particularly Indonesia, Singapore, and Malaysia.
Small fish, big pond
Despite Vietnam’s ride-hailing market projected to reach $2.16 billion by 2029, Gojek’s operations in the country accounted for less than 1% of GoTo’s gross transaction value in Q2.
The company’s departure is not expected to significantly impact GoTo’s financials.
Home is where the growth is
Gojek’s focus on its home turf, Indonesia, has paid off.
The company reported record-breaking gross transaction values and completed orders in Q2, up 18% and 24% year-on-year, respectively.
In Singapore, Gojek has also seen a 3% increase in market share during the same period.
