Green and Smart Mobility (GSM), the Vietnamese electric taxi and ride-hailing company, has switched on its all-electric service in Los Angeles, marking its first entry into the North American market. The launch, reported by Reuters, adds the United States as GSM's ninth market, following operations in Vietnam and several other countries.
GSM is closely linked to VinFast, the Vietnamese electric vehicle maker, and is controlled by VinFast founder Pham Nhat Vuong and his family. The company runs fleets of electric taxis and offers ride-hailing through an app, similar to Uber or Lyft but with a fully electric fleet.
IPO plans and valuation questions
The LA launch comes at a pivotal time for GSM. The company is reportedly lining up an initial public offering (IPO) on the Hong Kong Stock Exchange, with advisers previously floating a valuation around $20 billion. A pre-IPO phase could begin as early as this year, according to Reuters.
For investors, the challenge is that GSM does not publish detailed financial statements. That lack of transparency means the market has to rely on a few hard data points to gauge the company's size and growth potential.
One such data point comes from Vietnamese brokerage VNDirect, which estimates that GSM generated about $1 billion in gross merchandise value (GMV) in 2025. GMV is the total value of rides and other transactions processed on the platform, a common metric for ride-hailing companies. It gives a rough sense of the company's current scale, though it is not the same as revenue or profit.
Another key figure is GSM's fleet plan: the company has said it intends to buy up to 1 million electric vehicles from VinFast between 2026 and 2030. That is an unusually large order, and it signals aggressive expansion ambitions. But it also ties GSM's fortunes even more tightly to VinFast, and to the cost of purchasing and operating a massive fleet.
What it means for investors
For markets, the $20 billion IPO story rests on that 1 million-vehicle promise. In an IPO with limited disclosure, investors tend to discount hype and lean harder on operational anchors like transaction volume and fleet commitments. VNDirect's GMV estimate provides a baseline for current activity, while the VinFast purchase plan shows how fast GSM wants to grow.
However, the related-party nature of the fleet order is a potential red flag. Because GSM is controlled by the same family that controls VinFast, the purchase agreement can look like a deal between related entities. That can be supportive for growth optics, but it may raise governance concerns for prospective investors. Related-party transactions are often scrutinized in IPOs, as they can obscure true costs or create conflicts of interest.
The plan also highlights how capital-intensive GSM's business model is. Buying and maintaining a fleet of up to 1 million EVs will require enormous cash outlays. That could pressure the company's cash needs and influence the terms of the IPO, such as pricing and the amount of capital raised.
How investors weigh the growth potential against the governance and capital-intensity risks will go a long way toward deciding whether GSM's headline valuation holds up in Hong Kong. If the market sees the fleet plan as a credible expansion strategy, the IPO could attract strong interest. If it views it as a way to prop up VinFast's sales, the valuation may face headwinds.
For everyday investors, the key takeaway is that GSM is a high-growth, high-risk story. The LA launch is a tangible step into a major market, but the company's financials remain opaque. As with any IPO, it's important to wait for the prospectus and scrutinize the numbers before making any decisions.
GSM's move into the US also comes at a time when the electric vehicle market is evolving rapidly. While Stellantis leans on Europe as North America shipments slide, other players are pushing into new territories. The success of GSM's LA service could provide a template for other ride-hailing firms looking to go all-electric.
Investors will also be watching how GSM's IPO compares with other recent listings. The company's reliance on a related-party supplier is reminiscent of other deals where governance questions have arisen, such as PAG's talks to buy a stake in Evergrande's property services arm. In both cases, the structure of the deal matters as much as the underlying business.
For now, GSM's LA launch is a headline event, but the real test will come when the company files for its Hong Kong IPO and reveals more about its finances. Until then, investors are left with the few data points available: a $1 billion GMV estimate, a 1 million-vehicle order, and a $20 billion valuation target. Whether that adds up will be decided in the market.
