Vietnam’s VinFast electric taxis to arrive in Laos, Cambodia after gaining dominance on home turf

VinFast, an electric vehicle (EV) and taxi company launched by Vietnam’s richest man earlier this year, is set to hit Cambodian roads.

According to various reports, the company has chosen Cambodia and Laos to be the first overseas markets as part of its grand Southeast Asia expansion plans.

Nguyen Van Thanh, the chief executive officer of Green and Smart Mobility (GSM), told The Business Times that the aim is to get the e-taxis on the roads of those two countries by the end of the year.

GSM was the largest purchaser of VinFast cars in the last two quarters. VinFast is the automobile arm of conglomerate Vingroup. The group’s chairman Pham Nhat Vuong, who founded VinFast, owns 95 per cent of GSM.

“Laos and Cambodia are two countries that prioritisetourism,” he said.

VinFast Auto stock went public through a special purpose acquisition company on the Nasdaq stock market on August 15.

Within days of its debut, the stock’s price shot up from $10 apiece to a record high of $93 per share. According to Nasdaq, VinFast Auto stock momentarily became more valuable than Ford and General Motors combined when its market capitalisation crossed $230 billion at its peak.

VinFast Auto said this week that it would acquire a 99.8 percent stake in battery maker VinES from its founder Pham Nhat Vuong as it seeks to ramp up its integration in the production value chain and competitive advantage.
* Mekong Tourism Coordinating Office (MTCO) info@mekongtourism-mtco.org