GSM is targeting a Hong Kong listing by 2027, potentially becoming the first Vietnamese company to launch an IPO in the city.
Vietnamese electric-vehicle taxi operator Green and Smart Mobility JSC (GSM), an affiliate of Vingroup, is planning an international listing, potentially in Hong Kong by 2027, with advisors suggesting a valuation of around $20 billion. The IPO would mark the first listing in the city by a Vietnamese company.
Founded in 2023 by Vingroup and VinFast chairman Pham Nhat Vuong, GSM operates Vietnam’s largest all-electric taxi fleet under the Xanh SM brand, using vehicles exclusively supplied by Nasdaq-listed VinFast. The partnership has boosted VinFast’s domestic sales while allowing GSM to scale without relying on third-party suppliers. By the third quarter of 2025, VinFast sales to GSM accounted for 26 per cent of its total, down from 72 per cent in 2023.
The proposed IPO would be Vingroup’s second overseas listing following VinFast’s Nasdaq debut in 2023. A Hong Kong listing is seen as attractive due to deeper liquidity and stronger investor appetite for EV and mobility plays compared with Singapore or Nasdaq, where VinFast has faced liquidity challenges from a small free float.
While GSM has not confirmed a listing timeline for 2026, sources indicated the valuation could range between $2 billion and $3 billion in early calculations, with a potential capital raise of at least $200 million. A successful listing would support GSM’s regional expansion, strengthen its competitive position in Southeast Asia, and ease financial pressures on Vingroup and Vuong amid VinFast’s ongoing costly growth initiatives.
Hong Kong’s equity market has raised about $75 billion this year, more than triple last year’s tally, highlighting the city’s appeal for major Asian listings.
