VinFast-linked taxi firm GSM eyes US, EU expansion ahead of Hong Kong IPO

Green and Smart Mobility (GSM), a Vietnamese electric taxi firm linked to VinFast, the country's largest carmaker, is set to expand its operations into the United States and Europe before planning to go public in Hong Kong by 2028, according to a recent Reuters report. This expansion move highlights the firm's ambitious overseas growth strategy, following its rapid rise in Vietnam after launching its services in 2023.

The company's primary fleet consists of VinFast electric vehicles, which it purchases at a discount and subsequently operates. GSM aims to deploy fleets in the U.S., Sweden, and the Netherlands by the end of this year and intends to further expand into other European markets in 2027, according to a spokesperson. These growth plans for GSM are being pursued concurrently with VinFast's efforts to increase international sales of its electric vehicles, a market where the company has had limited success.

The spokesperson confirmed that these expansion initiatives are underway ahead of GSM's planned IPO in Hong Kong in 2028, a listing venue initially reported by Reuters in March.