Green GSM investing $1-B in PHL

Green and Smart Mobility (Green GSM), Vietnamese electric vehicle (EV) ride-hailing service provider, is investing $1 billion for its Philippine operations.

The Office of Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) said that Green GSM has started its investments in the Philippines with the launch of its taxi and transportation network vehicle service in the country.

OSAPIEA said the ride-hailing service provider using VinFast electric vehicles is investing $500 million to support the first phase of its operations.

Green GSM has deployed an initial fleet of 2,500 all-electric VinFast vehicles to operate within Metro Manila.

The investment is also being used to set up Green GSM’s office, hire employees, construct charging stations and garage for taxis, as well as the purchase of taxi units.

The fleet includes the VinFast VF 5, a compact EV with a range of 326 kilometers, advanced driver-assist systems and modern infotainment features, suitable for the country’s urban centers.

Once fully operational, OSAPIEA said Green GSM is expected to create 20,000 to 70,000 high quality jobs for Filipinos nationwide, with investments reaching $1 billion.

Green GSM will operate through a hybrid model of taxi services, combining manual hailing and bookings made through the app.

“This will be a game-changer for Philippine public transport. It promises not only to modernize our transport system, but more importantly to offer commuters a safer, more convenient and environment-friendly transport option,” SAPIEA Frederick Go said.

Go was joined by Transportation Secretary Vince Dizon and Trade Secretary Cristina Roque during Green GSM’s launch in support of government’s push to adopt green transport technology.

Government aims to see 2.4 million EVs on the road by 2028 to achieve its 50% EV adoption rate target by 2040.