Green SM Signs MOUs with 75 Philippine Firms to Deploy 18,500 VinFast EVs

Overview

Green SM, a Vietnamese green mobility platform, has signed memoranda of understanding (MOUs) with 75 transport enterprises and cooperatives across multiple cities in the Philippines to deploy nearly 18,500 VinFast electric vehicles. The partnership aims to accelerate the adoption of electric vehicles in the country’s ride-hailing and transport sectors, expanding Green SM’s footprint in Southeast Asia.

Key Facts

• Green SM signed MOUs with 75 transport enterprises and cooperatives in the Philippines.
• The agreement covers the deployment of nearly 18,500 VinFast electric vehicles, including VF 5, Herio Green, and Limo Green models.
• Vehicles will be deployed through direct investment and long-term leasing arrangements.
• In an initial phase, Green SM partnered with Xentro Group to deploy 2,500 vehicles.
• Green SM provides vehicles, technology platform, and service standards; local partners handle fleet operations and driver management.
• The expansion targets cities with high mobility demand and interest in green transport solutions.
• Orders and phased operations are expected to commence within 2026.

What Happened

Green SM, a subsidiary of VinGroup focused on electric mobility, has formalized partnerships with 75 transport enterprises in the Philippines through a signing ceremony. The MOUs outline a framework for deploying nearly 18,500 VinFast electric vehicles across multiple cities, with the vehicles to be used primarily for technology-based passenger transport services.

According to Green SM Global CEO Nguyen Van Thanh, the company aims to leverage its platform and partnership model to drive sustainable electrification of transport in the region. Local partners, including Asia Prime Force Corporation and Green Will Corporation, expressed confidence in the model’s ability to scale and adapt to local conditions. The partnerships are structured so that Green SM supplies vehicles, technology, and service standards, while local partners manage fleet operations and driver management.

Market Context

Green SM’s expansion in the Philippines comes as the country’s transport sector increasingly shifts toward electric vehicles, supported by government policies and growing environmental awareness. VinFast (VFS), listed on the Nasdaq, has been expanding its global presence, and this partnership could boost its vehicle sales in Southeast Asia. VFS shares closed at 13,100 on May 15, 2026, up 0.77% on volume of 825,800 shares, reflecting modest investor sentiment.

Strategic Significance

This partnership underscores Green SM’s strategy to establish a scalable electric mobility platform in Southeast Asia, a region with high urbanization and transport demand. By partnering with local enterprises, Green SM mitigates operational risks and leverages local market knowledge. The deployment of nearly 18,500 vehicles represents a significant commitment to VinFast’s production and could serve as a reference for similar expansions in other markets. For VinFast, this partnership provides a channel to increase vehicle sales and brand visibility in a key regional market.

What to Watch

• Phased rollout and actual vehicle delivery numbers in 2026.
• Expansion to additional Philippine cities or other Southeast Asian markets.
• VinFast’s production capacity to fulfill the order volume.
• Regulatory developments in the Philippines regarding electric vehicle incentives.
• Financial performance of Green SM and its impact on VinGroup’s consolidated results.