Vietnam's Green and Smart Mobility (GSM), an electric vehicle taxi service under Vingroup, has merged with a Vietnamese car rental business to form a new affiliate ahead of a planned initial public offering (IPO) on a foreign stock exchange in 2027 [1]. The merger is intended to accelerate the expansion of electric vehicle services and strengthen Vingroup's position in the regional mobility market [1]. GSM, which operates EV-only ride-hailing services using VinFast vehicles, will leverage VinFast's electric vehicle technology and Vingroup's extensive network to offer sustainable transportation solutions [1].
VinFast, Vingroup's EV manufacturing arm, is targeting 300,000 EV sales in 2026, marking a 50% increase from previous targets [1]. GSM executives stated that their vision is to become Southeast Asia's leading provider of electric mobility services [1]. Market analysts believe that GSM's potential IPO could set a precedent for other Vietnamese mobility and EV-focused companies seeking foreign capital [1].
Regulatory trends in Ho Chi Minh City, including plans to ban petrol vehicles downtown in favor of electric alternatives, are expected to benefit GSM and support the growth of green transportation [1]. While no specific trading advice or technical analysis was provided, the merger and upcoming IPO are viewed as positive developments for Vingroup's EV ambitions and the Vietnamese electric vehicle market overall [1].
CONCLUSION
The merger of GSM and a Vietnamese car rental business positions Vingroup to expand its electric vehicle services and pursue a foreign IPO in 2027. With VinFast targeting significant EV sales growth and favorable regulatory trends, the developments are seen as positive for Vingroup and Vietnam's EV sector. Market analysts anticipate that GSM's IPO could encourage other Vietnamese EV companies to seek international investment.