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Manila Bulletin devider Business devider Trade & Industry devider Vietnam's ride-hailing firm GSM plans to invest $500 M in the Philippines

Vietnam's ride-hailing firm GSM plans to invest $500 M in the Philippines

Published Mar 25, 2024 01:02 pm

At A Glance

  • GSM intends to focus in Metro Manila but will also establish its ride-hailing operations in Cebu and Davao. The Vietnamese firm plans to launch the EV taxi services by September or October this year utilizing the VinFast EVs.  
  • GSM targets to rollout 15,000 EVs in two to three years of which 80 percent will be deployed in the National Capital Region. 

Vietnamese ride-hailing firm Green and Smart Mobility Joint Stock Company (GSM), a private entity controlled by Vingroup owner Pham Nhat Vuong, is planning to invest $400 million to $500 million in the Philippines over a three-year period to operate a taxi service company using electric vehicles (EVs), the Board of Investments (BOI) announced.

GSM.png
VIETNAMESE GSM TO ENTER PH MARKET -- In photo (L-R): BOI-Executive Director Evariste M. Cagatan and GSM Global CEO Mr. Thanh Nguyen

BOI Executive Director Evariste M. Cagatan and GSM Global CEO Thanh Nguyen met on March 20 to discuss the project, according to the BOI statement. 

Under the plan, GSM intends to focus in Metro Manila but will also establish its ride-hailing operations in Cebu and Davao. The Vietnamese firm plans to launch the EV taxi services by September or October this year utilizing the VinFast EVs.  

GSM targets to rollout 15,000 EVs in two to three years of which 80 percent will be deployed in the National Capital Region. 

GSM is a private company of Pham Nhat Vuong, owner of the Vingroup, one of the largest conglomerates in Vietnam. VinFast Auto Ltd. is a Vietnam-based multinational automotive company founded by Vingroup,

This electric taxi service underscores GSM’s commitment to promote sustainable EV transportation in the region, the BOI said. 

Vingroup, along with GSM, is one of the companies that President Ferdinand Marcos Jr. and DTI Secretary Alfredo E. Pascual met during the Presidential Visit to Vietnam in January this year. The company’s planned project is aligned with the government’s direction in attracting sustainability-driven investments, particularly in its transition towards electric mobility.       

BOI said that GSM will be applying for green lane processing to fast track its registration with the firm’s project falling under the Energy Efficiency Conservation Act. Similarly, GSM is also preparing for its registration with the Securities and Exchange Commission. 

                                       

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