Vietnam's GSM Expands EV Ride-Hailing Across Southeast Asia

Green & 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 35–40 percent market share in Vietnam, compared with Grab’s 32–55 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.

Key Highlights

• 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

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.

Also Read: SynCab & HKU Launch Hong Kong's First AI Taxi Dispatch

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.