Bolt, a leading European mobility company, eyes expansion into Vietnam
Vietnam-Estonia Ties Strengthen
On June 6, during his official visit to Estonia, Prime Minister Pham Minh Chinh met with Jevgeni Kabanov, Head of Global Public Policy at Bolt, a leading European transportation tech startup. According to the Government Portal, Bolt is eager to commence operations in Vietnam and has requested the necessary permits.
The Prime Minister commended Bolt’s successful business ventures in ride-hailing and delivery, as well as their positive impact on promoting digital transformation and the sharing economy. He emphasized the vast potential for such ventures in Vietnam, especially with the booming e-commerce sector, a population of over 100 million, and rising transportation demands.
Prime Minister Pham Minh Chinh meets with Jevgeni Kabanov, Head of Global Public Policy at Bolt. (Photo: VGP/Nhat Bac)
Underlining his support for green services, green transportation, and modern economic models, the Prime Minister assured that Vietnam would facilitate the entry of international companies like Bolt into the market. He expressed his hope that Bolt would engage in healthy competition, create job opportunities, and benefit the people, while gradually expanding their services from urban to rural areas.
“There is no reason not to succeed in Vietnam,” the Prime Minister emphasized, adding that services that are fast, affordable, high-quality, and convenient will gain the support of the people. He also instructed relevant agencies to coordinate with Ho Chi Minh City to promptly process Bolt’s permits, ensuring transparency and compliance with regulations.
The Prime Minister affirmed that the Vietnamese government would extend favorable conditions, in accordance with local laws, to Estonian investors, striving for effective and sustainable investments. This approach aligns with a spirit of harmonized interests and shared risks.
Bolt, an Estonian ride-hailing startup, currently operates in over 55 countries and serves more than 200 million global customers. In Asia, they began their expansion in 2021, with Thailand as their first destination, where they have provided employment to over 50,000 drivers.
In Vietnam, Bolt has been preparing to enter the market. Earlier this year, they recruited drivers and staff in Ho Chi Minh City and enabled Vietnamese language support on their app and website. Local users can now download the Bolt app from App Store and Google Play.
Bolt offers a diverse range of services, including ride-hailing, scooter rentals, food delivery, and courier services.
Bolt provides a diverse range of services, including ride-hailing, scooter rentals, food delivery, and courier services. With over 4.6 million driver and delivery partners, they are a significant competitor to Uber in Europe. In 2024, Bolt recorded a revenue of $2.11 billion. The company is eyeing an IPO in 2025, following an $8.4 billion valuation in its latest funding round earlier in 2022.
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