GSM runs Vietnam’s largest all-electric taxi fleet under the Xanh SM brand, using VinFast vehicles exclusively.
Vietnamese
electric-vehicle taxi operator GSM, part of the Vingroup
stable of companies, plans to list in Hong Kong in what
could be the first IPO in the city by a firm from the Southeast
Asian nation, two sources said.
GSM, officially known as Green and Smart Mobility JSC, is
targeting a valuation of $2 billion to $3 billion in the initial
public offering that could take place in late 2026 to early
2027, the sources said.
One of the sources added that GSM aimed to raise at least
$200 million and the other said the valuation would include
debt. Both declined to be identified as the information is
confidential.
The IPO plan, which is still tentative and could be shelved,
would mark Vingroup’s second overseas listing after
electric-vehicle maker VinFast’s Nasdaq IPO in 2023.
GSM has held preliminary talks with potential advisers about
the IPO and could appoint them as early as the first quarter of
2026, the sources said.
Vingroup, which handles communications for GSM and VinFast,
declined to comment on the IPO plan.
Founded in 2023 by Vingroup and VinFast head Pham Nhat
Vuong, GSM operates Vietnam’s largest all-electric taxi fleet
under the Xanh SM brand and uses VinFast vehicles exclusively.
The strategy has bolstered VinFast’s domestic sales while
enabling GSM to scale up without relying on third-party
suppliers. VinFast’s sales to GSM accounted for 26% of its total
by the third quarter of 2025, down from 72% in 2023.
While Vuong has previously expressed his intention to pursue
an overseas listing for GSM, this is the first time indications
about a potential destination, size, valuation and timeline are
being detailed.
The sources said the IPO’s timeline could be adjusted based
on market conditions and corporate strategy.
The second source said a listing in Hong Kong would offer
deeper liquidity and stronger investor appetite for EV and
mobility plays, versus Singapore or Nasdaq where VinFast faced
liquidity challenges.
VinFast, listed on Nasdaq since 2023, has struggled with
thin liquidity tied to a small free float.
If successful, a Hong Kong listing would fund GSM’s regional
growth, strengthen its position in Southeast Asia’s competitive
market, and ease financial pressures on Vingroup and Vuong as
VinFast continues its costly expansion and development efforts.
INTERNATIONAL EXPANSION
The potential Hong Kong IPO could tap into a resurgent
market. Hong Kong dominated Asian equity capital markets with
about $75 billion raised so far this year, more than triple last
year’s tally and the highest since 2021, according to LSEG data.
Hong Kong has also been stepping up efforts to attract
overseas issuers, with HKEX CEO Bonnie Chan saying in June the
exchange is seeking to woo Southeast Asia and Middle East firms
in particular for second listings.
A listing would follow ride-hailing majors such as Uber
, Lyft, Grab and Indonesia’s GoTo
. GSM’s closest rival in Vietnam is Grab.
GSM held about 40% of Vietnam’s ride-hailing market in the
first quarter of this year, versus Grab’s 32%, data from Indian
research firm Mordor Intelligence showed. A separate survey by
Rakuten Insight, however, estimated Grab’s share at 55%, and GSM
at 35%.
Vingroup did not share financial details of GSM but said the
company continued to demonstrate strong momentum and reinforce
its market-leading position.
GSM has expanded into Laos, Indonesia and the Philippines,
and is exploring an entry into India.
Published on December 29, 2025
