Vingroup, Pham Nhat Vuong family found $1.65 bln consultancy firm tied to GSM ride-hailing unit

The family of Vietnamese billionaire Pham Nhat Vuong and conglomerate Vingroup (HoSE: VIC) have established a new company with registered capital of more than VND43.3 trillion ($1.65 billion), a move that could pave the way for future listing of their fast-growing ride-hailing business.

The new entity, GSM VN Holding, was set up earlier this week and is headquartered at the Vinhomes Riverside urban complex in Hanoi. Its main registered business is management consulting, alongside investment advisory and market research services.

Under the company’s charter, Vingroup holds just over 5% of the capital after contributing about VND2.17 trillion ($82.66 million). Vuong’s wife, Pham Thu Huong, is the largest shareholder with a stake of roughly 34.97%, equivalent to nearly VND15.15 trillion ($577.01 million).

Vuong, Vingroup's chairman, invested more than VND6.82 trillion ($259.8 million), giving him a stake of about 15.75%. The couple’s two sons, Pham Nhat Quan Anh and Pham Nhat Minh Hoang, each contributed around VND3.26 trillion ($124 million), or 7.5%.

The company’s CEO is Nguyen Van Thanh, who also serves as global CEO of Green and Smart Mobility JSC (GSM), operator of all-electric ride-hailing service provider Xanh SM. Pham Thu Huong will act as chairwoman of GSM VN Holding.

The move can be seen as a preparatory step for a potential public listing of GSM, 95% owned by Vuong.

According to a report by Nikkei Asia, a company representative said the ride-hailing and taxi business could be valued at around $20 billion if listed. Financial advisers are currently conducting valuations, with the final figure expected to depend on market conditions at the time of the offering.

The development follows a series of expansion moves by GSM. On February 28, the company announced it had completed a merger with Green Future JSC, which operates in the electric vehicle rental and used EV trading market.

The Xanh SM ecosystem now offers a wide range of transportation services in Vietnam, including ride-hailing, taxi operations, electric buses, delivery services, vehicle leasing and trading, as well as driver training. Beyond Vietnam, GSM has expanded into Indonesia, the Philippines, and Laos, with plans to enter additional international markets this year.

Market data indicate GSM has rapidly consolidated its leadership in Vietnam’s four-wheel ride-hailing segment. According to a Q4/2025 report by Mordor Intelligence, Xanh SM accounted for 51.5% of market share by gross merchandise value (GMV), surpassing Grab at 42.64% and Be at 5.86%.