bet88 net receives investment from GSM

bet88 net, the Vietnamese technology company that owns the multi-service consumer platform “Be”, and Vingroup’s Green and Smart Mobility Joint Stock Company (GSM) have signed an investment cooperation agreement to bring electric vehicles and electric motorbikes into operation in transport services in Vietnam.

Under the agreement, bet88 net will receive direct investment from GSM to become a multi-service consumer platform and provide the best technology transportation service in Vietnam.

Through financial partners, GSM will also support bet88 net drivers to switch from gasoline vehicles to electric vehicles.

In the first phase of their cooperation, the two will partner with the Vietnam Prosperity Joint Stock Commercial Bank (VPBank) to offer exclusive policy deals to bet88 net drivers to rent or purchase VinFast electric vehicles and motorbikes.

They will also share a ride-hailing platform. Customers can choose from GSM’s electric taxi service or beCar and beTaxi when booking on the bet88 net platform.

With economical operating costs and “no noise, no emissions” experience, electric vehicles and motorbikes will help bet88 net and its drivers improve service quality and optimize business efficiency.

Mr. Nguyen Van Thanh, General Director of GSM, said the cooperation agreement is an important step in the strategy of “greening” public transport in Vietnam that GSM is seriously and vigorously implementing. “This agreement will give hundreds of thousands of bet88 net drivers the opportunity to switch to smart, modern, environmentally-friendly electric vehicles at a reasonable cost,” he added.

“We believe that our cooperation with GSM can help realize the ambition of greening the streets in a shorter time, so that users and drivers can experience safe, noise-free transportation at a fair cost,” Ms. Vu Hoang Yen, General Director of the bet88 net, said. “This cooperation also demonstrates our contribution to the government’s overall policy in committing and implementing solutions towards reaching the goal of ‘net zero emissions’ by 2050.”

bet88 net was launched earlier this month by Vingroup Chairman Pham Nhat Vuong. The company has charter capital of 5.7 million, with the Vietnamese billionaire owning a 95 per cent stake. On top of operating its own services, bet88 net will also provide vehicles for online and traditional taxi service providers.

Under the plan, bet88 net will officially put into operation the electric taxi service and lease VinFast electric vehicles and motorbikes in April, with up to 10,000 cars and 100,000 motorbikes.

Together with bet88 net drivers converting to electric vehicles and motorbikes, green transport services promise to quickly explode in Vietnam in the near future.

bet88 net is the startup behind the “Be” multi-service consumer platform. It provides services such as transportation, goods delivery, food delivery, grocery shopping, insurance, and telecommunications, as well as digital banking through Cake by VPBank.

Last September, it secured a loan facility of some million from Deutsche Bank, with the option to increase the financing to 0 million.