GSM Electric Taxi Sets 2028 IPO Target as Vingroup (VIC) Holds 5% Stake

Overview

GSM, the electric taxi and ride-hailing platform within Vingroup’s ecosystem, has entered a pre-IPO phase and set a 2028 listing target, according to an SSI update following the Vingroup Investor Conference. The milestone matters for Vingroup (VIC), which currently holds 5% of GSM and holds options that could raise its economic interest to 35%. GSM has surpassed USD 1 billion in gross merchandise value and turned EBITDA positive from 2025.

Key Facts

• GSM targets an IPO in 2028 and is currently in a pre-IPO phase, per an SSI report following the Vingroup Investor Conference.
• GSM was established in March 2023 and now operates more than 288,000 electric vehicles, including cars and two-wheelers.
• The platform works with over 140 fleet operators across Vietnam, Laos, Indonesia and the Philippines, and has expanded into 8 countries.
• In Vietnam, GSM estimates roughly 55% ride-hailing market share as of Q2 2026.
• Total GMV has exceeded USD 1 billion, with EBITDA positive since 2025.
• Vingroup currently owns 5% of GSM; on 8 June it was granted share purchase options from Pham Nhat Vuong that could lift its economic interest to 35% in GSM Holding, SGT, VinEnergo Holding and G-Energo.
• In September 2026, Pham Nhat Minh Hoang, son of Pham Nhat Vuong, was appointed Global CEO and Vietnam CEO of GSM; Nguyen Quoc Tuan moved from Global CEO to Global Chairman, replacing Pham Thu Huong.

What Happened

According to an SSI update circulated after the Vingroup Investor Conference, GSM is preparing for a pre-IPO phase and targeting a listing in 2028, more than three years after its founding in March 2023. The company operates a hybrid model, directly owning part of its fleet while partnering with third-party fleet operators. SSI reports that GSM now runs over 288,000 electric vehicles and collaborates with more than 140 fleet operators across Vietnam, Laos, Indonesia and the Philippines, with operations spanning eight countries.

The report also flags a potential ownership shift at the Vingroup level. Vingroup currently holds 5% of GSM, but on 8 June it was granted share purchase options from billionaire Pham Nhat Vuong across several transport and energy entities. If exercised, those options could raise Vingroup’s economic interest to 35% at GSM Holding, SGT, VinEnergo Holding and G-Energo. Separately, GSM reshuffled its leadership in September 2026, naming Pham Nhat Minh Hoang as Global CEO and Vietnam CEO, while Nguyen Quoc Tuan became Global Chairman.

Market Context

Vingroup (VIC) trades on the Ho Chi Minh City Stock Exchange (HOSE) and closed at VND 228,000 on 8 October 2026. The GSM update sits alongside broader momentum in Vingroup’s electric-vehicle ecosystem: VinFast delivered 128,662 electric cars and 429,175 electric two-wheelers globally in the first six months of 2026, with 154,073 electric cars delivered in Vietnam over eight months, against a full-year 2026 target of 300,000 units. GSM’s expansion adds a services-layer revenue stream to a group whose listed equity is still primarily valued on real estate and vehicle manufacturing.

Strategic Significance

For long-term investors, GSM represents an asset-light-ish services layer that monetises VinFast’s installed base rather than requiring separate manufacturing capital. A 55% domestic ride-hailing share and positive EBITDA shift the unit from a cash consumer to a potential self-funding platform, which matters for a group carrying heavy investment commitments in vehicles and energy. The option structure is the key valuation lever: moving VIC’s economic interest from 5% to 35% would materially increase the parent’s exposure to any future GSM listing value, while also consolidating interests in VinEnergo and related entities. The 2028 IPO target gives a concrete timeline against which to judge execution.

What to Watch

• Any Vingroup disclosure on whether it exercises the share purchase options granted on 8 June, and at what valuation.
• GSM’s audited or reported GMV and EBITDA figures for full-year 2026, confirming the positive-EBITDA trajectory.
• Progress on international operations across the eight countries cited, particularly Indonesia and the Philippines.
• VinFast delivery volumes against the 300,000-unit 2026 target, since GSM’s fleet pipeline depends on them.
• Pre-IPO filings, underwriter appointments or valuation guidance ahead of the 2028 listing target.