Vingroup's Green SM Offers 100% Revenue Share to VinFast EV Driver Partners

Overview

Vingroup and its ecosystem companies have launched the second phase of the “Vì tương lai xanh” (For a Green Future) program, with Green SM (GSM) offering driver partners up to 100% revenue sharing for the first two years if they buy or lease VinFast electric vehicles and operate on the Green SM Platform. The policy is designed to pull commercial drivers into the Vingroup electric-vehicle ecosystem, linking demand for VinFast cars and motorbikes to the group’s ride-hailing network. It matters for HOSE-listed Vingroup (VIC) and Vinhomes (VHM) because it supports EV volumes and the broader Vingroup platform narrative.

Key Facts

• Green SM will share up to 100% of revenue with driver partners for the first two years, for vehicles purchased or leased from 19 September 2026.
• Drivers must register to operate exclusively on the Green SM Platform and begin operations before 19 December 2026 to qualify.
• New Green SM Bike drivers are guaranteed income for their first two months if they run only on the Green SM app and register before 19 December 2026.
• From year three, Green SM commits to a discount 50% below the general market rate; in years four and five, rates match the market.
• The “thu xăng đổi điện” (petrol-to-electric) trade-in program runs 19 September to 19 December 2026, offering 3-9% discounts on VinFast electric cars depending on model; VF 5/Herio Green, VF 6, VF MPV 7, Limo Green and previous-generation VF 8 get up to 9%.
• VinFast EV buyers receive free charging at V-Green stations until 10 February 2029; electric motorbike incentives range from VND 1.5-6 million, with battery-swap models receiving 20 free swaps per month until 30 June 2028.
• Green SM operates in seven countries (Vietnam, Laos, Indonesia, the Philippines, India, Kazakhstan and Denmark) and plans to enter at least three new markets this year, with ambitions for an international listing.

What Happened

Vingroup and its ecosystem companies announced phase 2 of the “Vì tương lai xanh” program, structured around two policy groups for individual customers and commercial driver partners converting to VinFast electric cars and motorbikes. The headline measure comes from Green SM, the pure-electric mobility company founded by billionaire Phạm Nhật Vượng: driver partners who buy or lease VinFast electric vehicles from 19 September 2026, register to operate solely on the Green SM Platform, and start operating before 19 December 2026 can receive up to 100% of revenue during their first two years. In effect, drivers keep the full fare revenue in that window.

The program also extends to vehicle economics beyond the revenue split. Green SM Bike drivers who join the platform and register before 19 December 2026 are guaranteed income for their first two months if they drive exclusively on the Green SM app. In later years, Green SM commits to a discount 50% below the general market in year three and market-level rates in years four and five. After two years for motorbikes and five years for cars, leasing drivers get priority access to a used-vehicle purchase program at special prices. Separately, VinFast’s trade-in offer applies 3-9% discounts on electric car purchases, and free V-Green charging runs to 10 February 2029. The announcement did not disclose the total budget or expected number of participating drivers.

Market Context

Vingroup (VIC) trades on HOSE and closed at VND 241 with flat price action on 18 September 2026 on volume of about 13.25 million shares, while Vinhomes (VHM), also on HOSE, closed at VND 71, down 0.42% on volume of about 18.77 million shares. The incentive package lands as Vietnam’s electric-vehicle and ride-hailing segments grow more competitive, with GSM positioning itself as the first pure-electric mobility operator in the country and expanding across seven markets. For Vingroup, the program is a demand-side lever for VinFast vehicles and the V-Green charging network rather than a direct property-sector catalyst.

Strategic Significance

The strategic logic is vertical integration: Green SM absorbs near-term revenue to seed a driver base locked to VinFast vehicles and the Green SM Platform, which in turn supports VinFast production volumes, V-Green charging utilization and the group’s EV ecosystem. For long-term investors in VIC, the key question is whether subsidized driver acquisition converts into durable unit economics once the 100% revenue share ends and market-level commission rates apply from year four. The trade-in discounts and free charging extend the incentive beyond drivers to retail EV buyers, broadening the demand funnel. GSM’s stated ambition to list internationally adds a potential capital-markets catalyst, though no timeline or venue has been disclosed.

What to Watch

• Green SM disclosures on the number of driver partners enrolled before the 19 December 2026 registration deadline.
• VinFast quarterly delivery volumes for the September-December 2026 window, to gauge whether the incentives lift EV sales.
• Any filing or announcement on GSM’s planned international listing, including venue and timing.
• Vingroup or VinFast statements on the cost of the program and its impact on margins.
• V-Green charging network expansion data through the free-charging period ending 10 February 2029.