Vietnamese electric vehicle taxi operator Green and Smart Mobility (GSM) is considering a potential initial public offering in Hong Kong, people familiar with the matter said, in what could become the first listing in the city by a company from Vietnam.
The company, which operates under the Vingroup umbrella, is targeting a valuation of around $2 billion to $3 billion in a possible IPO that could take place in late 2026 or early 2027, according to two sources with knowledge of the plans. One source said GSM aims to raise at least $200 million, while another noted that the valuation would include debt. The people declined to be identified as the discussions are private.
GSM, formally known as Green and Smart Mobility JSC, has held preliminary talks with potential advisers and could begin appointing banks as early as the first quarter of 2026, the sources said. The plan remains subject to market conditions and internal approvals.
Vingroup, which controls GSM and electric vehicle maker VinFast, declined to comment directly on the IPO plan. In a statement, the conglomerate said the valuation figures cited “do not reflect the scale of any of our businesses within the ecosystem.”
Founded in 2023 by Vingroup chairman Pham Nhat Vuong, GSM operates Vietnam’s largest all-electric taxi fleet under the Xanh SM brand, using vehicles supplied exclusively by VinFast. The model has supported VinFast’s domestic sales, with deliveries to GSM accounting for about 26% of VinFast’s total sales by the third quarter of 2025, down from 72% in 2023.
A Hong Kong listing would mark Vingroup’s second overseas flotation following VinFast’s Nasdaq debut in 2023. Sources said a Hong Kong listing is being considered due to stronger liquidity and investor appetite for electric mobility companies, compared with other markets such as Singapore or the United States, where VinFast has faced thin trading volumes.
GSM has expanded operations beyond Vietnam into Laos, Indonesia and the Philippines, and is exploring further growth in South and Southeast Asia. The company competes with regional ride-hailing players such as Grab, with estimates suggesting GSM held about 40% of Vietnam’s ride-hailing market in the first quarter, compared with Grab’s 32%, according to data from research firm Mordor Intelligence.
If completed, the IPO would provide funding to support GSM’s regional expansion while easing financial pressure on Vingroup, which continues to invest heavily in electric vehicle manufacturing and related technologies.
Credit: Reuters
