Vingroup founder’s EV firm to enter Laos later this year

Photo credit: GSM

Green and Smart Mobility (GSM), the electric vehicle venture of Vingroup founder Pham Nhat Vuong, plans to roll out its electric-taxi services in Laos later this year.

It will start with a fleet of 1,000 VinFast VF 5 Plus and VF e34 electric cars. On top of operating its own fleet, GSM will also sell and lease electric four-wheelers to businesses.

While the ride-hailing market of Laos is projected to generate an annual growth rate of 6.95% through 2027, the country is still untouched by giants like Grab and GoTo Group’s Gojek.

One of Laos’ answers to such services is Loca. Similar to GSM in Vietnam, as well as Gojek and Grab, Loca also offers motorcycle-hailing services in addition to car-hailing.

GSM said that Laos, a country that borders Vietnam, has a strong interest in promoting and supporting EV use. The country aims to increase the adoption of EVs to 30% and build 200 public charging stations by 2030.

GSM was launched in March this year, providing electric cars and scooters for taxi and rental services. VinFast initially provided 10,000 cars and 100,000 motorbikes for GSM’s operations.

In June, the company forged a partnership with Kakao Mobility to help boost the South Korean firm’s transportation infrastructure in Vietnam.

See also: Vingroup founder’s EV play revs up Vietnam’s ride-hailing race