Xanh SM, the taxi company founded by Southeast Asia’s second richest man, Pham Nhat Vuong, has increased its charter capital to VND35.5 trillion (US$1.35 billion).
The company announced in a public disclosure that it hiked its capital by 42% on Jan. 8.
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A Xanh SM electric car. Photo courtesy of Xanh SM |
Xanh SM was founded by Vuong, chairman of Vietnam’s biggest private conglomerate, Vingroup, in 2023 with an initial charter capital of VND 3 trillion, with a personal contribution of 95%.
Initially its core business focused on taxi services and ride-hailing, using exclusively vehicles made by VinFast, Vietnam’s leading electric vehicle manufacturer and also controlled by Vuong.
Subsequently Xanh SM expanded into other sectors like food and parcel delivery and car rental.
Xanh SM is now present in 34 provinces and cities in Vietnam besides Laos, Indonesia and the Philippines. It aims to expand into 10 new markets this year.
A report by Mordor Intelligence showed that by June 2025 Xanh SM was leading the Vietnamese taxi market with a 44.68% share, surpassing Singapore-owned Grab, which had a 36% share.
