Xanh SM captured 51.5% of the 4-wheel ride-hailing market share in Vietnam during Q4/2025, measured by Gross Merchandise Value (GMV), according to a market research report by Mordor Intelligence. Grab followed with 42.64%, while Be held 5.86%. This quarter saw the gap between Xanh SM and Grab widen to nearly 9 percentage points.

In the final quarter of 2025, Vietnam's 4-wheel ride-hailing market reached a total GMV of approximately 490.72 million USD, representing over 133 million completed trips. Previously, market research firm Q&Me also released survey results indicating Xanh SM as Vietnam's most frequently used ride-hailing application, with a 52% usage rate.

Xanh SM electric taxis on the street. Photo: Xanh SM

Experts suggest that Q&Me's data reflects user loyalty, while Mordor Intelligence's report details specific transaction market share for brands. Nguyen Thanh Vinh, an expert in urban consumer behavior research, stated that a ride-hailing platform maintaining high market share over an extended period indicates the market's continuous self-adjustment and selection process.

Vinh commented, "Ride-hailing is a high-frequency service; users quickly eliminate options that cause even minor inconvenience. Market share forms from millions of daily repeated decisions, not temporary factors. Users do not need to re-evaluate from scratch each time they book a ride. They return because the service is stable enough not to require further consideration."

Q&Me's earlier research results also highlighted this reality. According to their report, users frequently choose Xanh SM due to experiences like vehicle quality, ride smoothness, and driver professionalism.

Beyond market share, Xanh SM also records top daily trip numbers and transaction values. Analysts suggest that leading in both indicators demonstrates Xanh SM's expansion into daily commutes, becoming a familiar part of urban life.

Previously, Mordor Intelligence's quarterly reports showed Xanh SM first surpassed Grab to lead the market in Q4/2024 with 37.41% market share. Since then, the platform's market share has consistently grown, reaching 39.85% in Q1/2025, 44.68% in Q2/2025, and continued to widen its lead in subsequent quarters.

Mordor Intelligence, a market research organization established in 2014, is headquartered in India. It has conducted tens of thousands of in-depth research projects with over 6,000 partners across various sectors, including brands like Apple, Bosch, and Microsoft.

Quang Anh