HANOI, March 15 (Xinhua) -- Vietnam's ride-hailing market value is estimated to reach 880 million U.S. dollars in 2024, Vietnam News Agency reported Friday, citing India-based market research firm Mordor Intelligence.
By 2029, the market value will hit 21.6 billion dollars, growing at a compound annual growth rate of 19.5 percent, said the firm.
Consumers' increasing preference to private transportation for the sake of convenience and the growing number of tourists are major factors to boost the ride-hailing market, according to the report.
Ho Chi Minh City in southern Vietnam is the largest market for ride-hailing in the Southeast Asian country. Xanh SM, Grab and Gojek are emerging as dominant players. ■