VinFast-linked GSM plans Hong Kong IPO at up to US$3 billion valuation

[SINGAPORE/HANOI] Vietnamese electric vehicle (EV) taxi operator GSM, part of the Vingroup stable of companies, plans to list in Hong Kong in what could be the first initial public offering (IPO) in the city by a company from the South-east Asian nation, two sources said.

GSM, or Green and Smart Mobility, is targeting a valuation of US$2 billion to US$3 billion in the IPO that could take place in late 2026 to early 2027, the sources noted.

One of the sources added that GSM aimed to raise at least US$200 million, and the other said the valuation would include debt. Both declined to be identified as the information is confidential.

The IPO plan, which is still tentative and could be shelved, would mark Vingroup’s second overseas listing after EV maker VinFast’s Nasdaq IPO in 2023.

GSM has held preliminary talks with potential advisers about the IPO, and could appoint them as early as the first quarter of 2026, the sources said.

Vingroup, which handles communications for GSM and VinFast, declined to comment on the IPO plan, but said that the “valuation referenced does not reflect the scale of any of our businesses within the ecosystem”.

Founded in 2023 by Vingroup and VinFast head Pham Nhat Vuong, GSM operates Vietnam’s largest all-electric taxi fleet under the Xanh SM brand, and uses VinFast vehicles exclusively.

The strategy has bolstered VinFast’s domestic sales, while enabling GSM to scale up without relying on third-party suppliers. VinFast’s sales to GSM accounted for 26 per cent of its total by Q3 2025, down from 72 per cent in 2023.

While Vuong has previously expressed his intention to pursue an overseas listing for GSM, this is the first time indications about a potential destination, size, valuation and timeline are being detailed.

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The sources said the IPO’s timeline could be adjusted based on market conditions and corporate strategy.

The second source said a listing in Hong Kong would offer deeper liquidity and stronger investor appetite for EV and mobility plays, versus Singapore or Nasdaq, where VinFast faced liquidity challenges.

VinFast, listed on Nasdaq since 2023, has struggled with thin liquidity tied to a small free float.

If successful, a Hong Kong listing would fund GSM’s regional growth, strengthen its position in South-east Asia’s competitive market, and ease financial pressures on Vingroup and Vuong, as VinFast continues its costly expansion and development efforts.

International expansion

The potential Hong Kong IPO could tap into a resurgent market. Hong Kong has dominated Asian equity capital markets with about US$75 billion raised so far this year, more than triple last year’s tally and the highest since 2021, indicated LSEG data.

Hong Kong has also been stepping up efforts to attract overseas issuers, with Hong Kong Exchanges and Clearing chief executive officer Bonnie Chan saying in June that the exchange was seeking to woo South-east Asia and Middle East companies in particular for second listings.

A listing would follow ride-hailing majors such as Uber, Lyft, Grab and Indonesia’s GoTo. GSM’s closest rival in Vietnam is Grab.

GSM held about 40 per cent of Vietnam’s ride-hailing market in Q1 of this year, versus Grab’s 32 per cent, data from Indian research company Mordor Intelligence showed.

A separate survey by Rakuten Insight, however, estimated Grab’s share at 55 per cent and GSM’s at 35 per cent.

Vingroup did not share financial details of GSM, but said that the company continued to demonstrate strong momentum and reinforce its market-leading position.

GSM has expanded into Laos, Indonesia and the Philippines, and is exploring an entry into India. REUTERS