GoTo Exits Tough Vietnam Market to Focus on Reaching Profit
- Ride-hailing firm left with operations in Indonesia, Singapore
- Company has been curbing costs to revive slumping stock
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Ride-hailing provider GoTo Group is exiting Vietnam, abandoning a country where it’s been struggling to focus on reaching profitability in its main operations in Indonesia and Singapore.
The company’s Gojek brand will close its Vietnam business effective Sept. 16, GoTo said Wednesday in a statement. The unit, which offers ride-hailing, food delivery and courier services, accounted for less than 1% of GoTo’s gross transactions in the second quarter and the exit won’t hurt the company’s financials, it said.