Vingroup merges GSM and Green Future

Following the merger with Green Future, GSM has increased its charter capital to VND43.4 trillion ($1.6 billion). Pham Nhat Vuong continues to be the largest shareholder, with a 49.04 per cent stake. The remaining stakes belong to members of his family and Vingroup.

The merger between an all-electric taxi service and a car rental business will create a Vingroup affiliate that could list on a foreign stock exchange in 2027, as reported by newswire Nikkei Asia.

A representative told Nikkei Asia that going public could value the ride-hailing and taxi services at $20 billion.

At this stage, consulting firms are carrying out the valuation process. The final valuation will largely depend on the timing and market conditions upon listing.

Founded in 2023, GSM has made great strides over the past three years, becoming a new tech unicorn and holding more than 50 per cent share of Vietnam’s ride-hailing market, according to independent market research firm Mordor Intelligence.

Beyond Vietnam, GSM is operating in three international markets, including Indonesia, the Philippines, and Laos. The company plans to expand its offerings to other markets this year.

Established in 2024, Green Future holds the number one market share in Vietnam’s electric vehicle rental and used car business. With flexible services and reasonable costs, Green Future enables individuals and businesses to access, own, and use electric vehicles.

Before the merger, GSM integrated VinDT’s driver training and licensing services and VinBus’s electric bus or school bus services into the GSM ecosystem.

Following the deal, the merged company will also provide driver training, delivery, electric motorbike ride-hailing, and information about the VinBus electric bus system.

Green GSM drives VinFast EV expansion into the Philippines with Xentro Green GSM has signed an MoU with the Philippines’ Xentro Motors to franchise VinFast electric vehicles, marking its first overseas expansion and a key milestone in building a regional green mobility network.

Green GSM launches all electric taxi fleet in Davao The new service aims to provide sustainable transportation options in the Philippine city.

VinFast invests nearly $500 million in its EV plant in Ha Tinh VinFast plans to build an electric vehicle (EV) plant in Ha Tinh province with a design capacity of two million vehicles per year.