HANOI: Vietnamese electric vehicle (EV) taxi operator Green & Smart Mobility JSC, which is owned by the country’s richest man, is weighing an international initial public offering (IPO) that could value the company at about US$20bil.
The company said it has been working with advisers to assess a “range of perspectives” on the IPO, but emphasised that no listing is planned for 2026.
“We have plans for an IPO, but not in 2026,” Green & Smart Mobility said in an emailed statement, where it confirmed the value target.
“Any eventual valuation would depend significantly on the timing and market conditions,” it said, noting that neither the time-frame nor the exchange for a future listing has been determined.
An overseas listing would be a setback for Vietnam’s domestic stock market, diverting one of the country’s most promising high-growth listings away from local exchanges.
While IPO activity has rebounded this year and the pipeline for first-time share sales into 2026 is growing, flagship offerings remain critical to deepening liquidity, drawing foreign investors and reinforcing confidence in Vietnam’s markets.
Known domestically as Xanh SM, Green & Smart Mobility is 95% owned by Vingroup chairman Pham Nhat Vuong and has quickly emerged as one of Vietnam’s leading ride-hailing operators.
The company has begun expanding its model into Laos, Indonesia and the Philippines, and is expected to enter India, where the Vuong-founded EV maker VinFast recently opened an EV manufacturing facility.
The taxi company, which was established in 2023, may expand to other Asian countries and into areas such as intercity transport, premium rides, delivery and corporate services, Green & Smart Mobility Global chief executive officer Nguyen Van Thanh said previously.
In Vietnam, Green & Smart Mobility had a 40% share in the country’s ride-hailing market in the first quarter of 2025, with Grab at 32%, according to Mordor Intelligence.
Rakuten Insight, however, said Grab currently holds 55% of the Vietnam market, with Green & Smart Mobility at 35%. — Bloomberg
