Green SM Confirms Hong Kong IPO, Turns EBITDA-Positive Ahead of VinFast

Overview

Green SM, the electric taxi operator backed by Vingroup, has confirmed plans for an initial public offering in Hong Kong, according to a VNDIRECT update following a working session with Vingroup management. The company reported positive EBITDA both in Vietnam and on a consolidated basis, a milestone that sister company VinFast (VFS) has not reached after more than three years as a listed entity. The disclosure matters for Vingroup (VIC) on HOSE because it puts a second, service-based mobility asset on a path to public markets.

Key Facts

• Green SM confirmed a Hong Kong IPO plan; timing and deal size were not disclosed.
• 2025 gross merchandise value reached approximately USD 1 billion.
• EBITDA was positive in Vietnam and on a consolidated basis.
• The fleet stands at roughly 288,000 electric vehicles after about three years of operation.
• Estimated Vietnam market share is 55%, with a presence in 8 countries and a target of 11 by end-2026.
• VinFast (VFS) reported Q1 2026 revenue of VND 23,111 billion (USD 921 million) and negative EBITDA of USD 783 million.
• Edison projects VinFast EBITDA and free cash flow turning positive in 2028.

What Happened

VNDIRECT published an update after meeting Vingroup leadership, stating that Green SM management confirmed the Hong Kong listing intention without specifying a timetable or valuation. The same report highlighted the operating results: about USD 1 billion in 2025 GMV, positive EBITDA in the domestic market and at the group level, a fleet of some 288,000 electric vehicles, an estimated 55% share of the Vietnamese ride-hailing taxi market, and operations across 8 countries.

The contrast with VinFast is the core of the story. VinFast generated VND 23,111 billion (USD 921 million) of revenue in the first quarter of 2026 while recording negative EBITDA of USD 783 million, meaning it lost close to 0.85 dong of EBITDA for every dong of revenue. Company leadership has said VinFast will not reach EBITDA breakeven this year and is targeting that threshold only over the medium term, without a specific date. VNDIRECT attributes Green SM’s position to a service model in which each trip generates revenue immediately, electric vehicle operating costs up to 50% lower than equivalent petrol vehicles, and support from VinFast and V-GREEN on vehicle supply and charging infrastructure.

Market Context

Vingroup (VIC) trades on HOSE and closed at VND 222,000 on 2026-10-13, while VinFast (VFS) closed at USD 9,900 on the same date. The two listings sit at opposite ends of the same ecosystem narrative: VIC carries the property, retail and mobility conglomerate exposure, while VFS is the pure-play automaker still absorbing heavy fixed costs from plants, R&D and a global sales network. Green SM’s positive EBITDA gives the Vingroup complex a services-led mobility asset with a fundamentally different cost curve, at a time when Vietnamese investors are focused on which parts of the group can self-fund.

Strategic Significance

For long-term investors, the Hong Kong IPO would create a separate valuation reference for Vingroup’s mobility services arm, distinct from the capital-intensive manufacturing economics that have weighed on VinFast. A profitable-at-the-EBITDA-level ride-hailing platform with 55% domestic share and an 8-country footprint is a scalable, asset-light-by-comparison story that could attract a different investor base than an EV manufacturer. The key caveat is that positive EBITDA is not net profit: under Vietnamese accounting standards EBITDA is not a reported line item, and depreciation, interest and tax still sit between EBITDA and the after-tax profit attributable to parent shareholders that drives EPS, P/E and dividend decisions.

What to Watch

• Formal IPO filing with the Hong Kong Stock Exchange, including deal size and valuation range.
• Green SM audited financials showing net profit after depreciation, interest and tax, not just EBITDA.
• VinFast quarterly EBITDA trajectory against the 2028 breakeven projection from Edison.
• Progress toward the stated target of 11 countries by end-2026 and any change to the 55% Vietnam share.
• Vingroup disclosures on related-party support from VinFast and V-GREEN for vehicles and charging.