Lotte Rental Co. – a South Korea’s leading car rental firm has teamed up with domestic mobility startup Easi6 Inc. to launch a ride-hailing service in Vietnam, a market of high growth potential due to its large population of nearly 100 million.
Easi6 is the operator of the mobility platform TADA. Launched in Singapore in July, TADA has quickly grown to become the city state’s No. 2 ride-hailing service after industry leader Grab. With 18,000 registered drivers, it has reached 100,000 cumulative passengers in just three months of operation.
According to a report by By Yong Hwan-jin and Kim Hyo-jin on Pulse News, Lotte Rental entered Vietnam in 2008 and has established itself as a major player in the country’s car rental market. Under the alliance, Lotte Rental will provide the cars necessary to roll out TADA’s ride-hailing service.
Vietnam is the third-largest market in Southeast Asia, with a population of over 95 million. Lured by the country’s growth potential, Singapore’s Grab and Indonesia’s Go-Jek have also expanded their services in the country.
Lotte Rental plans to leverage its partnership with TADA to spur its business across Southeast Asia. It will also ramp up its car and bus rental services in Thailand, a market it entered last year.
Lotte Rental now commands a full lineup of mobility offerings. With Lotte Rent-a-Car, it boasts the biggest fleet capacity in Asia. It also launched Korea’s first car-sharing service GreenCar and the country’s largest used car auction site Lotte Auto Auction.
Earlier this year, it became the first in the industry to process long-term rental deals entirely online, including the final document signing stages. The company claims the new service now allows customers to review and sign up for rental plans in less than five minutes.
Just few days ago, Enterprise Rent-A-Car – the US’s biggest car rental company has officially offer its services in Vietnam. On the website of Rent-A-Car at https://enterprise.vn/en/ is now opening for rental services, with vehicles of five to 29 seats. The prices range from US$34.19 (VND800,000) a day for a Suzuki Vitara to US$111.33 (VND2.6 million) per day for a Samco bus.