Mr. Pham Nhat Vuong's VinFast electric taxi shares expand to Southeast Asia

Opening the official trading session on October 13 on the US Nasdaq stock exchange (October 13 evening Vietnam time), VinFast Auto (VFS) shares of billionaire Pham Nhat Vuong increased slightly.

Specifically, as of 9:35 p.m. on October 13 (Vietnam time), VFS shares increased by 2.13% to 8.15 USD/share. The capitalization of VinFast Auto (VFS) is at 19.1 billion USD.

With current capitalization, billionaire Pham Nhat Vuong's electric car company is ranked 22nd in the list of car companies in the world.

VFS stock price at the beginning of the session.

Recently on his personal page, CEO of Green and Smart Mobility Joint Stock Company (GSM), Mr. Nguyen Van Thanh, revealed the next development steps of Vietnam's first pure electric taxi company.

Mr. Thanh said that Southeast Asia is the market where GSM will expand its business operations, with Laos and Cambodia at the top of the priority list.

The Business Times said the service will be deployed in these two countries later this year.

car hang.jpg — VinFast's position compared to other car manufacturers.

Previously, GSM had negotiated and cooperated with partners such as Singapore, Malaysia, Laos, Cambodia and the Philippines.

Mr. Thanh commented that the taxi industry in Vietnam and Southeast Asia has many similarities, with potential and room for electric taxis to develop. In addition, electric vehicles are also a trend supported by people and governments around the world.

It is not yet clear how large the electric taxi service will be in these markets and whether GSM will bring its electric two-wheeled vehicle service to new markets.

Recently, GSM has also made moves to recruit management positions in overseas regions.

On September 29, GSM announced statistics on the number of customers using the company's electric taxi service in the 5 months since it began operating. Accordingly, there are up to 6 million customers using the service with a total travel distance of more than 35 million km and operating in 17 provinces and cities nationwide.

In October, this electric taxi company is expected to be present in Dong Nai, Phu Tho, Nam Dinh, Hai Duong. The expansion marks GSM’s presence in 20 provinces/cities, continuing to introduce environmentally friendly electric vehicle solutions to the wider community.

According to Reuters, GSM is the largest customer for VinFast cars in the past two quarters. Specifically, about 60% of VinFast's delivered cars, equivalent to more than 6,000 cars, were purchased by GSM. In the past two quarters, GSM has always accounted for about 2/3 of VinFast's sales.

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