VinFast-Linked GSM Plans International IPO, Valued at Up to $3 Billion

Hanoi-based Green and Smart Mobility JSC (GSM), an affiliate of Vietnamese conglomerate Vingroup and operator of an all-electric taxi fleet, is planning an initial public offering (IPO) in Hong Kong, potentially raising up to $3 billion, according to sources familiar with the matter. Reuters reported on December 29, 2025.

GSM’s Business and Expansion

GSM operates as Xanh SM in Indochina and as Green SM and Green GSM in other ASEAN markets. The company provides transport services using exclusively VinFast electric vehicles, offering both electric taxis and rental options for electric cars, and motorcycles. GSM’s investment scale includes 10,000 cars and 100,000 motorcycles, making it the first all-electric taxi company in Vietnam. Wikipedia

Founded by Phạm Nhật Vượng, chairman of Vingroup, GSM has a charter capital of 3,000 billion VND (approximately $120 million USD as of March 3, 2026), with Vượng holding 95% of the shares. Wikipedia The company is positioned as the world’s first green transportation rental and multi-platform taxi company.

Strategic Partnerships and Geographic Reach

GSM began operations in Hanoi on April 14, 2023, and quickly expanded its reach. In 2023, the company launched operations in Laos, marking its first international market. Wikipedia Expansion continued into Indonesia in late 2024, initially under the Xanh SM brand before rebranding to Green SM. Wikipedia Mid-2025 saw GSM begin operations in the Philippines as Green GSM. Wikipedia

In September 2025, VinFast Philippines, V-Green, and Green GSM Philippines entered into a strategic partnership with BDO Unibank to further drive e-mobility in the Philippines. Vingroup

IPO Details and Future Outlook

The planned IPO in Hong Kong aims to capitalize on the growing demand for electric vehicles and sustainable transportation solutions. The potential $3 billion valuation reflects investor confidence in GSM’s business model and expansion plans. Reuters Further details regarding the IPO timeline and specific offering details are expected to be announced in the coming months.