Vietnam ride-sharing firm eyes Philippine operations using EVs

REUTERS

A VIETNAM ride-sharing company, Green and Smart Mobility Joint Stock Co. (GSM) has expressed interest in entering the Philippine market this year, according to the Board of Investments (BoI).

In a statement, the BoI said GSM is a private company within the Pham Nhat Vuong group, which also owns conglomerate Vingroup Co.

“The company aims to provide eco-friendly taxi services utilizing VinFast electric cars exclusively in 2024. This electric taxi service underscores GSM’s commitment to promote sustainable EV transportation in the region,” the BoI said.

According to the investment promotion agency, BoI Executive Director Evariste M. Cagatan and GSM Global Chief Executive Officer Thanh Nguyuen met on March 20.

“The company will be applying for BoI registration and will also apply for green lane (expedited permit processing). The company is still preparing documents for the Securities and Exchange Commission registration application,” the BoI said.

The company’s planned expansion in the Philippines is expected to be governed by the Energy Efficiency Conservation Act, apart from the various incentive-granting laws.

“The company’s planned project is aligned with the government’s direction in attracting sustainability-driven investments, particularly in our transition towards electric mobility,” the BoI said.

Early this year, officials of VinFast met with Trade Secretary Alfredo E. Pascual on its plan to sell electric vehicles (EVs) through a dealership network targeted to begin operations next month.

Aside from encouraging the Vietnamese company to invest in the EV sector Mr. Pascual also invited the company to look into the country’s tourism and healthcare sectors. — Justine Irish D. Tabile