Vietnamese electric vehicle taxi operator Green and Smart Mobility JSC, an affiliate of Vingroup, plans to pursue an international listing, with its advisors suggesting a valuation of around USD 20 billion, the conglomerate said on December 29.
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.