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Vietnamese electric-vehicle taxi operator GSM, part of billionaire Pham Nhat Vuong’s Vingroup ecosystem, is preparing plans for a potential initial public offering in Hong Kong, according to sources familiar with the matter. If completed, the listing would mark the first Hong Kong IPO by a Vietnamese company and Vingroup’s second overseas flotation after VinFast’s Nasdaq debut in 2023.
GSM, formally known as Green and Smart Mobility JSC, is targeting a valuation in the range of $2 billion to $3 billion, including debt. The IPO is tentatively scheduled for late 2026 to early 2027, with the company aiming to raise at least $200 million. Sources noted that discussions with potential advisers are at a preliminary stage, with formal appointments possibly taking place in the first quarter of 2026. The plans remain subject to market conditions and could still be delayed or shelved.
Founded in 2023, GSM operates Vietnam’s largest all-electric taxi fleet under the Xanh SM brand and uses VinFast vehicles exclusively. This strategy has helped boost VinFast’s domestic sales while allowing GSM to scale rapidly without relying on third-party suppliers. VinFast sales to GSM accounted for 26% of its total sales by the third quarter of 2025, down sharply from 72% in 2023 as the automaker diversified its customer base.
A Hong Kong listing is seen as strategically attractive due to deeper liquidity and stronger investor appetite for electric vehicle and mobility companies compared with alternatives such as Singapore or Nasdaq, where VinFast has struggled with thin trading volumes linked to a limited free float. Hong Kong’s equity capital markets have rebounded strongly, with roughly $75 billion raised so far this year, making it the region’s most active listing venue.
GSM currently holds a significant share of Vietnam’s ride-hailing market and competes closely with Grab. The company has expanded operations into Laos, Indonesia, and the Philippines and is exploring entry into India. Proceeds from a Hong Kong IPO could support regional expansion, strengthen GSM’s competitive position in Southeast Asia, and help ease financial pressures on Vingroup as VinFast continues its capital-intensive global growth strategy.
