Vietnam's GSM explores international IPO, valuation seen near $20b

GSM, a Vietnamese EV taxi operator tied to Vingroup, is considering an international listing, with its advisers suggesting a valuation of around US$20 billion.

The sources had indicated the valuation could range between US$2 billion and US$3 billion. The IPO could take place between late 2026 and early 2027, with GSM aiming to raise at least US$200 million.

If it goes ahead, GSM would be the first Vietnamese firm to list in Hong Kong.

GSM, founded in 2023 and known as Green and Smart Mobility JSC, operates Vietnam’s largest all-electric taxi fleet using VinFast vehicles exclusively.

The company recently expanded service to Laos, Indonesia, and the Philippines, and is considering entering India.

The IPO’s timing and final terms could change, depending on market conditions and company strategy.

Update: (January 5, 19:09 p.m. SGT): This article was updated to state the GSM’s valuation nears $20 billion.

🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

GSM’s unit economics hinge on related-party deals with VinFast that may not hold post-IPO

VinFast will restate 2023 results after booking about $17.2 million early from 454 EVs and 2,192 e-scooters sold to GSM, an affiliate, with dispatch in early 2024 1. GSM runs only VinFast cars and held about 35–40% share in Vietnam in Q1 2025. That raises questions on whether pricing, maintenance, and supply match arm’s-length (standard market) terms. With no public revenue or profit data, a $2–3 billion valuation looks lofty. Investors should read VinFast filings for related-party receivables, payment terms, or guarantees.

Third-party charging networks and fleet energy providers can capture value as GSM scales in Southeast Asia

Five hundred VinFast EVs for GSM reached the Port of Davao in late October 2025, with a depot site picked and a search on for local distributor and service partners 2. Charging firms should target Metro Manila, Cebu, and Davao 2. Investors have put in $500 million with a full $1 billion plan, and Davao City incentives are under review 2. GSM uses a hybrid model with employee drivers plus partner drivers (independent contractors) who own EVs. That opens lanes for vehicle finance firms and battery-as-a-service providers (subscriptions that separate the battery from the vehicle purchase), including in India where EV finance is established 3.