The archive · Climate & Energy · Strategic decision · 2023–2026
Xanh SM's all-EV taxi bet: 51.5% of Vietnam's tech-taxi market
VinGroup's Pham Nhat Vuong founded GSM in March 2023 to run Xanh SM, a pure-EV taxi fleet; 2025 revenue ₫17.4 trillion (+125%), 51.5% tech-taxi share.
GSM (Green and Smart Mobility / Xanh SM)
What the business is
GSM operates Xanh SM, Vietnam's largest pure-electric ride-hailing platform — VinFast cars and e-scooters driven by company-recruited drivers — plus delivery and EV leasing.
Starting capital：Chartered capital started at ₫3,000B (95% owned by Pham Nhat Vuong), grew to ₫9.66T by April 2024, and reached ₫54,000B (~US$2.1B) by June 2026.
How it started
Pham Nhat Vuong, chairman of Vingroup (parent of EV maker VinFast), incorporated GSM in March 2023 and launched Xanh SM in Hanoi on April 14, 2023, as Vietnam's first pure-electric taxi service — an initial fleet of 600 VinFast cars, bookable by app or hotline, with plans for Ho Chi Minh City the same month.
What happened
Xanh SM ended 2023 with an 18.17% tech-taxi market share (behind Grab's 56%), bought 7,100 VinFast cars in its first year under a 30,000-car and 200,000-scooter agreement, and expanded to Laos from late 2023. By 2025 it ran cars, two-wheelers and delivery, entered Indonesia and the Philippines, and a Saigon Ratings report first disclosed 2025 net revenue of about ₫17,400B, up 125% YoY (2024: ~₫7,700B), with EBITDA expected to improve from 2026.
How it ended up
Still scaling: about 51.5% of Vietnam's tech-taxi market in Q4 2025, credit rating raised to vnBBB+ with stable outlook, chartered capital of ₫54,000B, and plans to build positions across Southeast Asia and India in 2026–2028.
Background
GSM (CTCP Di chuyển Xanh và Thông minh) runs Xanh SM, Vietnam's first pure-electric ride-hailing service, using VinFast cars and e-scooters. Vingroup chairman Pham Nhat Vuong incorporated the company in March 2023 and launched in Hanoi on April 14, 2023, with an initial fleet of 600 VinFast vehicles — the bet was that Vietnam would leap straight to all-EV taxis, with one company owning the fleet instead of running a hybrid-fuel marketplace.
The company agreed to buy 30,000 VinFast cars and 200,000 e-scooters, took chartered capital from ₫3,000B at launch to ₫9.66T within a year, and ended 2023 with an 18.17% share of Vietnam's tech-taxi market, behind Grab's 56%. It expanded to Laos from late 2023 and later entered Indonesia and the Philippines.
In July 2026, a Saigon Ratings credit report first disclosed GSM's numbers: 2025 net revenue of about ₫17.4 trillion (≈US$680 million), up 125% year on year, and a 51.5% share of Vietnam's tech-taxi market in Q4 2025, ahead of Grab. The rating was raised to vnBBB+ with a stable outlook, and chartered capital reached ₫54,000B by end-June 2026.
GSM still invests ahead of profit — its financial profile remains at risk level 5/6 and it changed general director in mid-2026 — but the bet is working so far: market leadership in two years, an international pipeline, and plans for Southeast Asia and India in 2026–2028.
What has to be true
- The bet is the company: no pure-EV, owned-fleet taxi service at national scale existed in Vietnam, and GSM put ₫54,000B of capital behind changing that.
- The result is dated and measurable: an 18.17% tech-taxi share in 2023 rose to 51.5% in Q4 2025, with 2025 net revenue of ₫17.4 trillion, up 125% year on year.
- Vertical integration with VinFast made the bet structurally cheaper: GSM buys the manufacturer's own EVs, aligning fleet cost, charging and supply.
- It shows capital-heavy strategy beating asset-light incumbents (Grab, Be, Gojek) in a specific market within two years of launch.
What can be applied
Own-the-fleet can beat asset-light rivals when the fleet is vertically integrated: GSM's VinFast tie turned a cost edge into 51.5% share in two years, at the price of ₫54,000B of capital.
Aftermath
As of 2026-09-02 GSM is scaling: Xanh SM holds about 51.5% of Vietnam's tech-taxi market (Q4 2025), 2025 net revenue was ₫17.4 trillion (+125% YoY), and its rating is vnBBB+. Chartered capital reached ₫54,000B after a June 2026 increase, operations extend to Laos, Indonesia and the Philippines, and plans call for Southeast Asia and India by 2026–2028. Saigon Ratings expects EBITDA to improve from 2026 but flags heavy capital needs for fleet, charging and price competition; GSM changed its general director in mid-2026. The open question is whether market leadership converts into profit.
Sources
- GSM của tỷ phú Phạm Nhật Vượng lần đầu hé lộ doanh thu, đạt 17.400 tỷ đồng năm 2025
- Kiếm 48 tỷ đồng mỗi ngày, công ty taxi của tỷ phú Phạm Nhật Vượng đang lớn nhanh đến mức nào?
- Vingroup to increase capital of EV taxi subsidiary GSM
- Hãng taxi thuần điện đầu tiên của Việt Nam ra mắt
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