Vietnamese ride-hailing company Green and Smart Mobility Joint Stock Company (GSM), a unit of VinGroup Stock Company, is investing $500 million to expand its electrified transportation platform in the Philippines.
VInGroup, one of the largest conglomerates in Vietnam, has stakes in technology and industry, trade and services and social enterprise.
The company is pursuing plans to launch transport operations in the Philippines in 2024, aiming to pioneer eco-friendly public transportation by offering taxi services exclusively with VinFast electric vehicles.
It aims to provide transportation services to 80 percent in Metro Manila by September or October 2024 and subsequently expand to Cebu and Davao next year.
The initiative reflects GSM’s commitment to promoting sustainable electric vehicle (EV) use throughout Southeast Asia.
GSM plans to bring in 15,000 EV taxis, specifically VinFast EVs from Vietnam. About 80 percent of the fleet will be deployed in Metro Manila.
GSM introduced the first pure electric taxi service in Vietnam called Green SM Taxi in April 2023. It ushered in a new era of taxis that are smart, pollutant and noise-free and environment-friendly.
The Philippine government’s recent meeting with Vingroup during President Ferdinand Marcos Jr.’s visit to Vietnam in January 2024 underscored the alignment between GSM’s plans and the government’s push for sustainable investments, particularly in the transition towards electric mobility.