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Despite the volatility surrounding VinFast’s 2023 U.S. market debut, Vingroup Chairman Phạm Nhật Vượng remains committed to pursuing international capital markets. Recent reports indicate that the billionaire is now preparing an initial public offering (IPO) for Xanh SM, his electric ride-hailing venture, on the Hong Kong Stock Exchange.

This planned listing raises important questions: What does this move reveal about the ambitions of Việt Nam’s largest private conglomerate, and is an overseas IPO a viable strategy after the challenges faced by VinFast?

A New Ambition for Vingroup

According to Reuters, Công ty Cổ phần Di chuyển Xanh và Thông minh (GSM, also known as Xanh SM)—the electric taxi firm owned by billionaire Phạm Nhật Vượng—is planning an IPO on the Hong Kong Stock Exchange. [1] [2]

The potential valuation has become a point of contention. While Vingroup estimates the offering could carry a valuation of around 20 billion USD , [3] international sources have cited a much lower range of 2 to 3 billion USD. [5] GSM reportedly aims to raise at least 200 million USD. Vingroup maintains that the final figure is subject to adjustment as they “continue to consult various perspectives.” [4]

This valuation is critical, as market capitalization reflects investor confidence and determines how easily a company can raise capital. [6] Vingroup representatives have stated that GSM needs to mobilize these funds to expand its fleet and enter 10 new markets in 2026. [7]

However, in an interview with Bloomberg, the conglomerate stated that it does not expect to proceed with the IPO in 2026. [8] Vingroup has stated that further details on the roadmap will be announced in the first quarter of 2026.

A GSM taxi on a street in Việt Nam. Photo: Xanh SM

Xanh SM Is Powering VinFast’s Numbers

Established in March 2023 with an initial capital of 3 trillion đồng, Xanh SM (GSM) has grown rapidly. Its charter capital has surged to over 25 trillion đồng in under three years, with Phạm Nhật Vượng holding a 95 percent stake . [9] This massive injection of resources highlights GSM’s role as a central pillar in the billionaire’s strategy. [10]

GSM’s primary function has been to absorb VinFast’s output. To secure this supply, the company signed agreements in 2023 and 2024 to purchase 30,000 electric cars and 20,000 electric scooters from the manufacturer. [11] In 2023 alone, GSM purchased approximately 20,000 EVs, generating over 20 trillion đồng in revenue for VinFast. [12] In fact, during that year, GSM accounted for more than 70 percent of VinFast’s total sales volume of roughly 35,000 vehicles. [13] While this dependency has decreased—dropping to approximately 26 percent of sales by the third quarter of 2025—GSM remains a critical buyer. [15]

Despite these massive transaction volumes, GSM’s own financial health remains opaque. The company has yet to publish independent financial statements; most data comes indirectly through Vingroup’s reports.

Meanwhile, the company is aggressively expanding its footprint. Beyond the domestic market—where the VF3 recently set a record with 27,649 pre-orders in 66 hours [14]—GSM has entered Laos, Indonesia, and the Philippines and is currently eyeing the Indian market . [16] [17]

GSM electric vehicles in the Philippines. Photo: Vingroup .

The Ups and Downs of Vingroup’s Previous IPO

If the Xanh SM listing proceeds, it will be the second time in three years that Phạm Nhật Vượng has taken a company public on the global stage. The first attempt , VinFast’s 2023 Nasdaq debut, offers a complex precedent. [18]

Originally, VinFast aimed for a traditional IPO. In Nov. 2021, then-Vice Chairwoman Lê Thị Thu Thủy targeted a valuation of 60 billion USD with a 3 billion USD raise. [19] By Dec. 7, 2022, the company filed an F-1 registration statement with the SEC to list under the ticker VFS . [20] [21] However, the process stalled for months. [22] During this silence, on April 26, 2023, VinFast announced a 2.5 billion USD funding commitment from Vượng and Vingroup. [23]

On May 12, 2023, Vingroup announced a “billion dollar” merger with Black Spade Acquisition Co, a Hong Kong–based company. [24] Consequently, VinFast withdrew its initial IPO filing and replaced it with a new registration statement for the merger. [26] [27]

The merger valued VinFast’s equity at 23 billion USD —significantly lower than the initial 60 billion USD target. [29] When VFS shares officially began trading on Aug. 15, 2023, the market capitalization reflected this adjusted reality. [28] Notably, many legacy Black Spade shareholders chose to redeem their holdings rather than stay invested. [25]

Despite the lower valuation, the listing was hailed as a major milestone. Thủy declared it would “open access to capital markets” and enable further development. [30] VinFast described itself as the Vietnamese company with the “ largest ” market capitalization listed in the U.S., with ambitions to “lead the global EV industry” while expanding in North America and Europe. [31] [32] This included plans for a massive 733-hectare factory in North Carolina. [33]

In response, Vietnamese media drew comparisons between Vượng and global titans, with some outlets claiming his valuation was approaching Mark Zuckerberg’s and others even asserting he was “ Việt Nam’s Elon Musk ,” or had “ surpassed Elon Musk. ” Notably, VinFast describes Tesla as a direct competitor. [34] [35] [36]

Vietnamese government officials in New York, USA, at the event where VinFast's VFS shares were listed on the Nasdaq on August 15, 2023. Photo: Đoàn Bắc/Dân Trí.

The Cautionary Tale of VinFast

Less than two months after its Nasdaq debut, the company’s market capitalization had collapsed by 90 percent from its peak. [37] To date, the company has shed roughly 15 billion USD in value compared to its starting valuation.

Initially, Chairman Phạm Nhật Vượng dismissed concerns, claiming the 23 billion USD starting valuation was not a ceiling and that raising 8 billion USD was “not a big deal.” [38] He positioned the IPO as a bet on the “green revolution.”

For a brief moment, the market agreed. Less than two weeks after listing, VinFast shares surged 688 percen t, pushing the market cap to 190 billion USD and momentarily exceeding 230 billion USD on Aug. 25, 2023. [39] [40] [41]

But by the end of August, VFS shares evaporated more than 80 billion USD in market value in a single day. [42] The freefall continued through Sept. 7, wiping out another 140 billion USD . [43] By Sept. 12, 2023, an SEC filing revealed the stock had fallen to 16.57 USD per share, implying a market cap of just 38.4 billion USD. [44]

Shortly thereafter, on Oct. 9, 2023, investor Mohit Oberoi noted on Nasdaq’s website that the valuation had “collapsed” to 17.5 billion USD; MarketWatch reported similar figures. [45] [46] As of Jan. 6, 2026, VFS market capitalization stands at approximately 8 billion USD , marking a loss of 15 billion USD from the original Nasdaq listing price. [47]

The chart shows the price fluctuations of VFS shares on the Nasdaq exchange from the time of listing (August 15, 2023) to the present. Photo: The Motley Fool .

Amid these dramatic swings, international investors have questioned the fundamental health of the stock. Mohit Oberoi advised investors to “avoid EV stocks” due to inflated pricing, noting that VFS hit a low of roughly 2.26 USD per share in April 2024. [48] [49] Similarly, Neha Chamaria dismissed the stock as “a risky bet.” [50]

The most severe warning came from Daniel Miller, who predicted VinFast could become “the next Fisker,” with a share price heading toward “0 USD.” This comparison is significant. Fisker Inc., which went public via a merger with SPAC Spartan Energy Acquisition Corp. in 2020, saw its market cap surge to 8 billion USD despite having no revenue. [53] [55] However, the company eventually declared bankruptcy in 2024 and faced securities fraud investigations , with its stock falling 99 percent from its peak. [51] [52]

Part of the danger with VinFast lies in its structure. According to The Motley Fool , only 1 percent of VinFast shares were publicly traded upon debut. [56] The vast majority— nearly 98 percent as of April 28, 2025—remained held directly or indirectly by Phạm Nhật Vượng. [57] It is this tight control that fueled the extreme volatility following the Nasdaq listing.

Following the stock's collapse, VinFast faced a wave of class-action lawsuits from VFS investors. [58] These complaints allege that the company “ exaggerated ” its business prospects and failed to fully disclose the risks regarding its expansion plans and lack of resources. [59] [60]

There was a stark disconnect between the company's public confidence and its regulatory filings. While VinFast promoted a rosy outlook in the media, [61] its SEC filings painted a different picture: a company “in the growth stage” with a history of losses, negative cash flow, and uncertain market acceptance. [62] The filings also admitted a heavy reliance on Vingroup and creditors, who injected approximately 9.3 billion USD into the company between 2017 and early 2023.

That reliance has only deepened. In 2024, Phạm Nhật Vượng pumped over 8.2 trillion đồng into the company, followed by another 23 trillion đồng in the third quarter of 2025.

Despite these injections, the financial hole remains deep. By Q3 2025, cumulative losses exceeded 13 billion USD (nearly 330 trillion đồng). [63] The balance sheet is under immense strain: with liabilities at roughly 282 trillion đồng against assets of only 183 trillion đồng, the company’s debts are 154 percent of its value. Shareholder equity has plunged to negative 99.282 trillion đồng.

Yet, Vượng remains undeterred. He continues to assert that “the future of Vingroup is VinFast,” [64] maintaining that his pursuit of the venture is driven “ out of patriotism ” and “without calculation.” [65]

Portrait of chairman Phạm Nhật Vượng. Photo: Yen Duong/ Bloomberg .

Reflecting on the challenges in the United States and Europe, Phạm Nhật Vượng now admits that Western markets are not currently suitable for VinFast. Consequently, the company has postponed its 4 billion USD factory in the U.S. and closed most of its showrooms in the country. [66] The new strategy sees VinFast pivoting back to its roots, focusing primarily on Việt Nam and other Asian markets. [67]

Despite the setbacks, Vượng has called on investors to remain patient. He argues that profitability and capital recovery “must of course be measured in years, not weeks or months.” [68]

“When the market becomes bustling again, investor sentiment improves, and we have a full product lineup, VinFast will be profitable. I believe VinFast will soon bring joy to everyone,” he said.

Thiên Lương wrote this article in Vietnamese and published it in Luật Khoa Magazine on Jan. 08, 2026. Đàm Vĩnh Hằng translated it into English for The Vietnamese Magazine.

References: +

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