The company, though, will face challenges as it takes on entrenched rivals in a thin-margin industry and with a small presence in overseas markets, said Bloomberg Intelligence analyst Nathan Naidu.
The billionaire is leveraging his deep pockets, aggressive pricing and electric vehicles from VinFast Auto Ltd, which he founded, according to Mordor Intelligence.
The two-and-a-half-year-old GSM, also known as Xanh SM in Vietnam, is bringing its playbook to Laos, Indonesia and the Philippines – and is expected to enter India, where VinFast just opened an EV factory. VinFast said it will open an Indonesian auto factory this fall.
Vuong sees GSM, in which he holds a 95% stake, as a marketing tool to turn VinFast into a global electric vehicle brand. The ride service accounted for about 21% of the automaker’s car sales in the first quarter.
The taxi company may expand to other Asian countries as part of parent Vingroup JSC’s “broader strategy,” and into areas such as intercity transport, premium rides, delivery and corporate services, GSM Global CEO Nguyen Van Thanh said.
In Vietnam, GSM had a 40% share in the country’s ride-hailing market in the first quarter, with Grab at 32% and BE Group JSC at 6%, according to Mordor. Rakuten Insight, however, said Grab currently holds 55% of the Vietnam market, with GSM at 35%.
GSM plans to invest US$1 billion in the Philippines over the next three years after dispatching 2,500 vehicles to the Manila metro region, according to a June government statement. GSM declined to comment.
In Indonesia, GSM expects to have 10,000 of its cyan-coloured EV taxis – known there as Green SM – on the nation’s streets by the end of this year, taking on leaders Grab, GoTo Group and PT Blue Bird Tbk.
GSM can claim 6% of the Indonesian car ride-hailing market in 2026 if its fleet grows to 16,000 cars, and 12% if it expands to 35,000 vehicles, roughly matching its current Vietnam fleet, by 2027, Maybank Securities analysts Etta Rusdiana Putra and Hussaini Saifee said in a December report.
Grab and GoTo could see sales value from on-demand services shrink 1% and 3%, respectively, in 2027 due to GSM competition, they said.
GSM creates “a catalyst for Blue Bird to innovate,” CEO Adrianto Djokosoetono said in a statement, adding his company will focus on mobility services, expanding partnerships and quality control. In January, GoTo CEO Patrick Sugito Walujo said GSM will be competitive in Indonesia. Grab did not respond to a request for comment.
GSM’s fleet size pales in comparison with vehicles used by Grab and Gojek, which have millions in service across Southeast Asia, said Bloomberg Intelligence’s Naidu. He doesn’t see Vuong’s push into Indonesia as a major competitive threat to either company.
GoTo, in a cost-cutting drive, pulled out of other countries including Thailand and Vietnam, underscoring the challenges of entering new markets.