Vietnamese billionaire Pham Nhat Vuong’s GSM reaches billion-US dollar valuation

The company has not disclosed the updated shareholder list following the capital increase.

However, information from GSM indicated that the entire current capital comes from domestic sources.

Apart from the capital raise, the firm has streamlined its business lines, reducing them from 55 fields to 36.

Notably, automobile and motor vehicle maintenance and repair, as well as wholesale and retail of cars and motor vehicles, have been removed from its portfolio.

Founded in March 2023 by billionaire Vuong, chairman of Vingroup, GSM started with an initial charter capital of VND3,000 billion ($114 million).

The company is currently chaired by Phan Thanh Long, who also serves as its legal representative.

After over two years of operation, GSM has become one of the leading enterprises in Vietnam’s green transportation sector, operating an extensive network of electric taxis across multiple provinces and cities.