Vietnam's Green SM raises capital over $1 billion ahead of Hong Kong IPO

Green SM, the mobility firm founded by billionaire Pham Nhat Vuong in March 2023, announced a fourth increase in its charter capital this year, raising it to 54,000 billion VND (approximately $1 billion). The boost brings the company’s capital to 18 times its level at inception and follows previous rises to 25,000 billion VND, then 43,400 billion VND. Cash and cash equivalents now represent 94.72% of the contributed assets.

The capital injection supports Green SM’s preparation for a planned Hong Kong initial public offering slated for 2027, which would make it the first Vietnamese firm to list on that exchange. The company, initially operating electric taxis and ride‑hailing services, has expanded into parcel and food delivery, intra‑city transport, and electric vehicle rentals, operating in 34 Vietnamese provinces and overseas in Laos, Indonesia, the Philippines, India and Kazakhstan, with a target to enter ten additional markets this year. Industry forecasts project Green SM to capture a 44.68% share of Vietnam’s taxi market by the second quarter of 2025, overtaking rivals such as Grab.