Ride-hailing firm Grab says to invest $500 million in Vietnam over next five years

HANOI (Reuters) - Ride-hailing firm Grab announced on Wednesday it will invest $500 million (£407.3 million) in Vietnam over the next five years to expand its services in the Southeast Asian country.

The company will expand its transport, food and payments networks in the country, Grab said in a statement.

"This investment is a reflection of our redoubled commitment to Vietnam," said Russell Cohen, Head of Regional Operations of Grab.

"The country's rapidly developing economy and emerging middle class population makes it ripe for the adoption of digital services," he said.

(Reporting by Khanh Vu; Editing by Michael Perry)