The largest conglomerate in Vietnam is preparing to become a new player in ride-hailing market in the Philippines with a fleet that consists purely of electric cars.
This initiative is spearheaded by Green and Smart Mobility Joint Stock Company (GSM), a subsidiary of conglomerate Vingroup owned by Pham Nhat Vuong. It involves an investment of $400-500 million to provide an eco-friendly taxi service over a three-year period, with an operation that is in line with the Philippine government’s sustainability goals and transition towards electric mobility.
President Marcos met Vingroup along with other companies during his state visit to Vietnam last January as part of the government’s effort to attract sustainability-driven investments, with focus on the shift towards electric mobility.
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With the substantial investment, GSM aims to launch its operations in the Philippines by 2024, as early as September or October, and deploy a fleet of 15,000 VinFast electric vehicles. The initiative is aiming to cover 80% of Metro Manila later this year, with expansions eyed towards Cebu and Davao the following year.
Currently, the Vietnamese firm is still working on its registration application with the Securities and Exchange Commission.
GSM has been operating its pure electric taxi service in Vietnam since April 2023.
Source: Inquirer