After Uber’s departure from Viet Nam’s ride hailing market, a newcomer named Mass Vehicle Ledger Foundation Pte. Ltd (MVLchain) has made its move to enter the country’s Grab-dominated ride industry.

Kay Woo, MVL’s CEO, speaks at the company’s introduction meeting in HCM City. — Photo courtesy of MVL

The Singapore-based transportation start-up plans to implement their platform MVL via blockchain technology.

Speaking at an introduction conference in HCM City last week, MVLchain CEO Kay Woo stated that his company considered Viet Nam a high-potential market, and that the firm had submitted dossiers to establish their legal presence and operation as an IT firm in the country.

As such, MVL will start to recruit drivers by June and launch its ride-hailing app in July.

Drivers will not have to pay commission to MVL; instead the company will make a profit from selling data generated from its daily operations to other insurance and market survey companies, using blockchain technology.

He added that along with the advantage of using blockchain technology, the firm will focus on luring in customers via a low-fare policy instead of promotion programmes.

Woo hoped his firm may acquire up to 25 per cent of market share for all four-wheel and two-wheel vehicles in Viet Nam in the near future.

MVL confirmed that their digital driving records using cryptography system will act as a secure, open and transparent distribution ledger to record transactions between drivers and passengers from assets and contracts to global payments. — VNS