Vietnam’s GSM eyes e-taxi service in Philippines

MANILA, Philippines — Vietnamese ride-hailing firm Green and Smart Mobility Joint Stock Co. (GSM) is looking to bring its electric taxi services in the Philippines within this year.

The Board of Investments (BOI) said GSM, the private company of Vingroup founder and chairman Pham Nhat Vuong, has expressed interest to enter the Philippine market.

“The company aims to provide eco-friendly taxi services utilizing VinFast electric cars exclusively in 2024,” the BOI said.

As GSM is moving with its plan to establish its operations in the country, the BOI said GSM Global CEO Thanh Nguyen met with BOI executive director Evariste Cagatan last March 20.

“The company will be applying for BOI registration and will also apply for green lane,” the BOI said.

The Vietnamese firm is still preparing documents for its registration application with the Securities and Exchange Commission.

According to the BOI, the electric taxi service shows GSM’s commitment to promote sustainable electric vehicle transportation in the region.

Vingroup, along with GSM, was among the companies President Marcos and Trade Secretary Alfredo Pascual met during the presidential visit to Vietnam last January.

GSM’s project is aligned with the Philippine government’s aim to attract investments that promote sustainability initiatives, particularly the transition toward electric mobility.

Meanwhile, the BOI said the Philippine delegation showcased the Philippines as a regional hub for innovation- and sustainability-driven industries, particularly in the green metals and mineral-processing sector, during a roundtable discussion at the sidelines of the Prospectors & Developers Association of Canada 2024 conference in Toronto.

The BOI said it presented to 10 companies the critical role of minerals in the global energy transition and the country’s rich endowment of mineral resources.

The 10 companies are a mix of Canadian, American and Australian firms engaged in mining, mineral processing, battery materials, consultancy and the academe.

While no investment commitments have been received during the event, the BOI said follow-through meetings are being arranged for companies seeking partnerships in mineral processing.

It also said one company has expressed interest in visiting the Philippines in the third quarter of this year.