Vietnamese taxicab firm Mai Linh announced a plan to grow into a tech-based company at its annual shareholders’ meeting in Ho Chi Minh City on Tuesday.

In the plan, the taxi giant pledges to promote technology application, changing from a traditional taxi brand to a tech-based taxi firm and developing its transport ecosystem to meet the increasingly diverse needs of customers.

Mai Linh said it expects to manage 20,000 tech-based taxicabs by 2021, gain market share and change its business activities in a dynamic and modern way to bring new experiences to customers.

In July, the Ho Chi Minh City-based taxi firm started piloting two tech-based taxi services — SmartCar and Smart Taxi —in the north-central province of Nghe An.

Customers in Nghe An can book a taxi via Mai Linh’s mobile app, by calling its hotlines or hail one at one of the firm’s marketing points.

All fees are calculated in advance on the app while customers can pay for their rides with bank cards, vouchers, QR codes, e-wallets or Mai Linh’s top-up cards for their convenience.

With an aim to diversify the services in its transport ecosystem, Mai Linh is also penetrating the market of waterway transport, with a high-speed boat service connecting Can Tho City with Con Dao Island off Ba Ria-Vung Tau Province to be officially put into operation this year.

According to its consolidated financial statements in 2019, Mai Linh Group reported net revenue of over VND2.2 trillion (US$95 million) and before tax profit of VND2 billion ($86,413), with total assets of VND4.8 trillion ($207.3 million).

Tuesday’s meeting set the target net revenue of VND1.7 trillion ($73.4 million) and before tax profit of VND39 billion ($1.7 million) for 2020 and to increase the number of Mai Linh taxicabs to 30,000 cars from just over 17,000.

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