Vietnamese billionaire’s taxi firm to expand to Laos
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GSM, an exclusively all-electric taxi company owned by Vietnam’s richest man Pham Nhat Vuong, plans to open services in Laos this year.
The company, which uses only VinFast electric vehicles, aims to ship 150 electric cars to Laos first, and then increase the number to 1,000 by the end of the year. The cars will be the VF 5 Plus and VF e34 models.
It will eventually sell and lease VinFast electric cars, similar to its services in Vietnam.
“This is the first step in GSM’s plan to go overseas, giving it a place in the regional and global markets, is to help introduce electric vehicles to users,” GSM CEO Nguyen Van Thanh wrote on his personal social media page.
GSM was established in March by Vingroup chairman Pham Nhat Vuong, who owns a 95% stake. It offers taxi and motorbike ride-hailing services.
The company has partnered with ride-hailing Be Group to incorporate VinFast vehicles in the taxi service.
GSM is the largest buyer of VinFast cars, according to a report VinFast sent to the U.S. Securities and Exchange Commission in the second quarter.
GSM had received 7,100 electric cars from VinFast by the end of the second quarter. It had earlier signed a deal with VinFast to buy 200,000 electric bikes and 30,000 electric cars.
Questions & Answers
Q.What is the initial plan for GSM's expansion into Laos?
What is the initial plan for GSM's expansion into Laos?
GSM intends to ship 150 electric cars to Laos initially. The company then aims to increase this number to 1,000 vehicles by the end of the current year, using VF 5 Plus and VF e34 models.
Q.Who owns GSM and when was the company founded?
Who owns GSM and when was the company founded?
GSM is owned by Vietnam’s richest man, Pham Nhat Vuong, who holds a 95% stake in the company. It was established in March by the Vingroup chairman, offering taxi and motorbike ride-hailing services.
Q.What is the long-term goal of GSM's international expansion?
What is the long-term goal of GSM's international expansion?
The CEO stated that this is the first step in GSM’s plan to go overseas, aiming for a place in regional and global markets. The objective is to help introduce electric vehicles to users globally.
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