Việt Nam News

Green SM raises capital to over $2 billion, preparing for Hong Kong IPO

June 29, 2026 - 17:46

The company currently operates in 34 provinces and cities in Việt Nam and has expanded to Laos, Indonesia, the Philippines, India and Kazakhstan. Green SM aims to expand into 10 more markets this year.

Green SM led the taxi market share in Việt Nam with 44.68 per cent by the end of Q2 2025. —Photo courtesy of the company

HÀ NỘI — Electric taxi operator Green SM, an affiliate of the Vingroup conglomerate formerly named Xanh SM, has recently increased its charter capital to VNĐ54 trillion (over US$2 billion) as the company accelerates its IPO plan in Hong Kong next year.

According to Green SM’s business registration change announcement on June 26, the company increased its charter capital from VNĐ43.4 trillion to VNĐ54 trillion. The firm now has 5.4 billion common shares. In its capital contribution structure, cash and cash equivalents account for 94.72 per cent, and the remainder is other assets.

This is Green SM's fourth capital increase since the beginning of this year. Previously, the company increased its capital three times in the first quarter, raising its charter capital from VNĐ25 trillion to VNĐ43.4 trillion.

The capital increase move has come as Green SM prepares for its international listing plan. Earlier this year, Reuters reported that Green SM was pursuing an IPO in Hong Kong in 2027. Consultants have previously proposed a valuation of approximately $20 billion for Green SM. If successful, this would be the first Vietnamese company to list in this financial centre.

Green SM was founded by billionaire Phạm Nhật Vượng and his family in March 2023 with an initial charter capital of VNĐ3 trillion. At first, the company operated in the electric taxi and ride-hailing sectors, later expanding into delivery services, food delivery, urban transportation and electric car and motorbike rentals.

According to a report by Mordor Intelligence, by the end of Q2 2025, Green SM led the taxi market share in Việt Nam with 44.68 per cent, surpassing Grab (36.08 per cent). From March 4, Phạm Thu Hương, Vượng’s wife, assumed the position of company chair. — BIZHUB/VNS

Tags electric vehicle motorbike car Vingroup Vinfast Green SM

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