Grab to invest $500 mil. in Vietnam

Singapore-based ride-hailing firm Grab says it will invest 500 million dollars in Vietnam over the next five years. It plans to expand its ride-hailing and food-delivery services in the fast-growing country.

Grab has services in eight countries around Southeast Asia, including Thailand and Indonesia.

Company president Ming Maa says Vietnam has great potential for future growth.

He notes that Vietnam has a vibrant middle class and many young, digital-savvy consumers.

Grab is one of Asia's largest "unicorns." Japanese companies, such as Toyota and Softbank Group, are major investors.

Vietnam's economy has been growing by over 6 percent annually. More than 80 percent of the population uses smartphones.