13 March 2024
Hanoi, Vietnam

SC has signed an MOU with Green and Smart Mobility Joint Stock Company (GSM) for the purpose of exploring collaborative opportunities in Vietnam’s mobility business. GSM is owned by Pham Nhat Vuong, Chairman and Founder of Vingroup, the largest business conglomerate in Vietnam.

Vietnam’s economy is on a robust growth trajectory, with a population nearing 100 million and a GDP growth rate of approximately 6%. Its automotive market is expanding in lockstep, with approximately five million vehicles in operation in the country and new vehicle sales expected to continue over 10% growth year-on-year. This expansion is paralleled by a diversification in the sales and usage patterns of automobiles, fueled by the increasing demand from both individual and corporate customers. In line with Vietnam’s commitment to achieving virtually zero greenhouse gas emissions by 2050, the market is witnessing a surge in initiatives aimed at promoting carbon neutrality.

GSM, established in 2023, is pioneering the EV taxi and rental business across Vietnam, promoting electric mobility and a low environmental impact lifestyle. This positions GSM as a key player in the transition towards electric vehicles in the Vietnamese automotive market.

SC is engaged in a broad range of automotive industry fields, in Japan and overseas, from vehicle engineering and manufacturing to sales, after-sales service, and energy management. In the mobility business, SC works in auto leasing, auto financing, EVs, individual subscriptions, and parking lots, among other areas. Our efforts have significantly supported the development of Vietnam’s automobile industry to date.