The announcement confirmed a Reuters report, which claimed that GSM was targeting a debut in Hong Kong by 2027, potentially marking the first initial public offering (IPO) in the city by a Vietnamese company.

Founded in 2023 by Vingroup and VinFast head Pham Nhat Vuong, GSM runs Vietnam’s largest all-electric taxi fleet under the Xanh SM brand, using vehicles exclusively supplied by Nasdaq-listed VinFast.

“There have been advisory views suggesting a valuation of around $20 billion. However, we continue to consult a range of perspectives. Any eventual valuation would depend significantly on the timing and market conditions at the time of listing,” Vingroup added.

If GSM achieves such a valuation, the two-year-old ride-hailing company will end up rivalling its closest competitor, Nasdaq-listed Southeast Asian Grab, which has a market capitalisation of approximately USD 21 billion. Grab is also known as Southeast Asia’s dominant “super app,” starting as a ride-hailing service, “My Taxi,” in 2012, to offer safer transport.

The business further evolved to include food and grocery delivery, digital payments (GrabPay), financial services, and more, becoming the region’s first decacorn by solving local needs like cash payments and motorbike transport. Grab also acquired Uber’s SEA operations and got listed on NASDAQ in 2021. Not only Grab, but also rivals like Uber, Lyft, and Indonesia’s GoTo all have their stock market presence.

While Vingroup did not give a location or a concrete timeline for GSM’s listing, it confirmed a listing would not occur in 2026. Two sources had indicated the valuation could range between USD 2 billion and USD 3 billion, with one suggesting GSM was looking to raise at least USD 200 million and that the valuation would factor in debt. Both sources requested anonymity due to the confidentiality of the information, reported Reuters.

The IPO plan, still tentative, would mark Vingroup’s second overseas listing after electric-vehicle maker VinFast’s Nasdaq debut in 2023. The collaboration between GSM and VinFast has supported VinFast’s domestic sales while enabling GSM to scale up without bringing third-party suppliers into play. VinFast’s sales to GSM accounted for 26% of its total by Q3 2025, down from 72% in 2023.

As per reports, a Hong Kong listing would offer deeper liquidity and stronger investor appetite for electric vehicle and mobility plays versus Singapore or Nasdaq, where VinFast has faced liquidity challenges tied to a small free float. The move would also fund GSM’s regional growth, strengthening its position in Southeast Asia’s competitive market and, most importantly, easing financial pressures on Vingroup and Vuong as VinFast continues its costly expansion and development efforts.

GSM held about 40% of Vietnam’s ride-hailing market in the first quarter of 2025, versus Grab’s 32%, data from research firm Mordor Intelligence showed. Rakuten Insight, however, estimated Grab’s share at 55% and GSM’s at 35%. GSM has expanded into Laos, Indonesia, and the Philippines, and is exploring an entry into India.

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 The airline will fly on international routes and will have more than 30 aircraft. It is headquartered in Hà Nội’s Vinhomes Riverside Long Biên, with a registered capital of VNĐ1.3 trillion. VinAsia Tourism Development JSC, 

Hoàng Quốc Thủy and Phạm Khắc Phương are the founding shareholders of the airline. VinAsia Tourism Development JSC owns a larger stake of 45 percent in Vinpearl Air and the rest is acquired by the remaining two shareholders.

 Its parent company Vingroup and Canada’s CAE have signed a cooperation agreement to establish two aviation training schools to train pilots, flight technicians and other personnel using high-tech resources, media reports said.  The two schools VinAviation School and Vinpearl Air Training Centre will be established in Vietnam. 

The VinAviation School plans to train 400 pilots and technicians annually. The training will be carried out based on the standards defined by the Civil Aviation Authority of Vietnam, the US FAA, and the European Union Aviation Safety Agency.  The Vinpearl Air Training Centre will offer aviation-related courses for light dispatchers, trainers, operators, and other aviation personnel. 

“The scarcity of pilots and flying techniques is happening not only in Vietnam but all over the world,” said Chairman of Vinpearl Air board of director Nguyen Viet Quang. Through training, Vingroup aims to reduce the shortage of domestic workforce and create global opportunities for the country’s pilots.  

“The salary in this industry is very high, ranging from VNĐ100 million and more per month for commercial flight pilots and VNĐ200 million per month or more for the captain–teacher. The training time is only 18-21 months,” Quang said.

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Vingroup is Vietnam’s biggest-listed firm by market value. The Vietnam company’s 5G smartphones under the brand Vsmart will be manufactured in Hanoi, where the factory is located. Media reports said that it plans to market these smartphones in the US and European markets next year.

Last year, the company had launched smartphones under the brand Vsmart. The company seeks to control a good portion of the market share largely dominated by tech giants including Apple and Samsung. 

The company has started building a factory in Hanoi with a production capacity of 125 million units a year. According to media reports, the new factory will boost Vingroup’s current capacity of 5 million units at its Haiphong facility. 

Vsmart phones use chips from Qualcomm and run on Google’s Android operating system. The 5G smartphones from Vietnam are to be sold at a price range between $145 and $282. 

Vingroup CEO Nguyen Viet Quang said in the statement, “After a period of deploying and participating in the smartphone manufacturing industry, our products have been positively received by the market. We received many processing orders from major partners in Europe and the United States. That’s why we have invested in a factory with 25 times the capacity of our current factory in Haiphong, to meet with domestic and international demand.”

The company has already started selling its Vsmart phones in Spain and will soon expand into other European markets. Last month, the phones were on sale in Myanmar. 

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