Mr. Pham Nhat Vuong's taxi company enters the Lao market

Green and Smart Mobility Joint Stock Company (GSM) said it has promoted the import of cars into Laos to deploy electric taxi services.

GSM will initially have 150 electric cars and will expand to 1,000 cars this year, with two models VF 5 Plus and VF e34. The company plans to develop a taxi service, and move towards fully developing a service ecosystem, including activities such as selling and renting VinFast electric cars - similar to the model currently deployed in Vietnam.

"This is the first step in the plan to expand into foreign markets, making GSM a regional and world-class ride-hailing company and contributing to popularizing electric vehicles to a wide range of users," Mr. Nguyen Van Thanh, CEO of GSM, wrote on his personal page.

GSM was established in March 2023, with Mr. Pham Nhat Vuong, Chairman of Vingroup , owning 95% of the shares. The company operates in two main areas: car and electric motorbike rental and establishing an electric taxi company, with a charter capital of VND 3,000 billion. By May, GSM had increased its charter capital to VND 5,650 billion, of which VND contributed capital accounted for 50%, the rest was other assets.

After coming into operation, GSM signed an investment and cooperation agreement with Be Group to bring electric cars and electric motorbikes into the technology transportation service in Vietnam. After SM Green Taxi, in mid-August, this company launched the Green SM Bike service, using VinFast electric motorbikes to provide passenger transport services.

According to VinFast’s second-quarter report to the US Securities and Exchange Commission (SEC), GSM is VinFast’s largest vehicle buyer. The company has received approximately 7,100 electric cars from VinFast as of the end of the second quarter. Previously, GSM signed an agreement to buy 200,000 electric motorbikes and 30,000 electric cars from VinFast.

Minh Son

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