Vietnamese electric-vehicle taxi operator Green & Smart Mobility JSC (GSM) has confirmed that it is reviewing the possibility of listing its shares on an international stock exchange, with preliminary assessments suggesting a potential valuation in the region of US$20 billion. The company, however, emphasised that no public offering is planned for 2026.

In a statement, GSM said it has been engaging financial advisers to consider different strategic scenarios related to a possible initial public offering. Any valuation outcome would be heavily influenced by broader market conditions, the company noted. GSM added that decisions regarding the timing, location, and size of any future listing have yet to be made.

Market observers note that an overseas IPO by GSM could raise questions for Vietnam’s domestic capital market at a time when local listing activity is showing renewed momentum. IPO volumes have picked up this year, and the pipeline for new offerings extending into 2026 is expanding. Large scale listings are widely viewed as critical for boosting liquidity, drawing foreign investment and strengthening confidence in Vietnam’s stock exchanges. A foreign listing by a high profile growth company could potentially redirect investor attention and capital away from the local market.

Operating under the brand name Xanh SM, GSM was founded in 2023 and is 95 per cent owned by Vingroup chairman Pham Nhat Vuong. The company has rapidly emerged as one of Vietnam’s leading ride hailing platforms and has begun expanding beyond its home market into Laos, Indonesia and the Philippines. Further expansion into India is also being considered, following the recent opening of an electric vehicle manufacturing facility there by VinFast, another company founded by Vuong.

Estimates of GSM’s market share in Vietnam vary among research firms, reflecting the competitive nature of the sector. Mordor Intelligence estimates the company held about 40 per cent of the domestic ride hailing market in the first quarter of 2025, while Rakuten Insight places the figure closer to 35 per cent, underscoring differing views of market dynamics.

Hoàng Duy