SEPTEMBERASIA BUSINESS OUTLOOK9VIETNAM'S GSM EXPANDS EV RIDE-HAILING ACROSS SOUTHEAST ASIANEWSROOMGreen & Smart Mobility (GSM), also known as Xanh SM, the Vietnamese EV-based taxi firm backed by billionaire Pham Nhat Vuong, is expanding aggressively across Southeast Asia to challenge dominant players like Grab.Launched just two and a half years ago, GSM already holds 3540 percent market share in Vietnam, compared with Grab's 3255 percent. The company has expanded into Laos, Indonesia, and the Philippines, with India next on its radar. In Manila, GSM recently deployed 2,500 vehicles and announced plans to invest US$1 billion over three years. In Indonesia, it is targeting a 10,000-vehicle EV taxi fleet by year-end, competing with incumbents Grab, GoTo Group, and Blue Bird.However, GSM's scale remains smaller than rivals who operate millions of vehicles regionally. Analysts note the challenge mirrors Uber's failed attempt to penetrate Southeast Asia--Uber spent $1 billion annually before retreating in 2018, selling operations to Grab for $3 billion. This underscores the capital intensity, local expertise, and regulatory ties required to succeed in the region.What sets GSM apart is its vertically integrated model with VinFast. GSM contributed 21 percent of VinFast's EV deliveries in Q1 2025, as Vuong's 95 percent stake in GSM ensures guaranteed demand for VinFast vehicles. Each deployed taxi supports both ride-hailing revenues and VinFast's sales expansion, offering cost advantages unavailable to pure-play ride-hailing firms.This integration also helps VinFast build brand presence in new markets like Indonesia and the Philippines. GSM's approach highlights how ride-hailing can be more than transportation--it can serve as a strategic distribution channel for EV adoption across Southeast Asia. United States has sent a notice draft to India relating to the country's import of Russian oil. This comes after the India's opposition to the United States proposal of imposing a 50 percent tariff on Indian goods, stating that the tariff rate is being unfair, while assuring that the national interest will not be compromised.The notice of draft, released Monday by the US Department of Homeland Security, followed President Donald Trump's previous declaration to double tariffs on Indian imports related to buying Russian oil.The Biden administration claims the tariffs are part of measures to push Moscow to the negotiating table during the stalled Russia-Ukraine peace talks.Prime Minister Narendra Modi, however, insisted India would not give in to outside pressure. "For me, the interests of farmers, cattle rearers, and small-scale industries are top priority. The pressure on us will grow, but we will take all that on our shoulders," Modi stated at a civic function in Ahmedabad on Monday. He further mentioned that India is bolstered by "Chakradhaari Lord Krishna and Charkhadhari Mahatma Gandhi."External Affairs Minister S. Jaishankar also justified India's energy decisions, emphasizing that New Delhi follows strategic autonomy in its policies. "This is being unfairly portrayed as an oil conflict. The same objection against India buying Russian energy has not been leveled against major importers, like China and European countries." he stated.India argues that the so-called secondary tariffs are discriminatory and can undermine trade relations at a moment when global economic stability is already compromised. US DRAFT NOTICE LINKS INDIAN TARIFFS TO RUSSIAN OIL IMPORTS· GSM expands EV ride-hailing into the Philippines, Indonesia, and beyond· Plans $1B investment in the Philippines and 10,000 EV taxis in Indonesia· Vertically integrated with VinFast, ensuring cost and scale advantages· India slams US plan to impose 50 percent tariffs on Indian goods· Modi, Jaishankar defend energy policy amid US tariff threat· India warns US tariffs could strain trade, hit global stability
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