According to a report from Mordor Intelligence, Xanh SM became the second-largest market share holder in the technology ride-hailing sector in 2023, doubling the previous competitor holding this position.

Mordor Intelligence's report on Vietnam's ride-hailing market in 2023 shows that, after 7 months of entering the market, Xanh SM accounts for 18.17% of the market share, ranking second in this field. Accordingly, Xanh SM's market share is double that of Be Group in the 3rd position (9.21%) and more than triple that of Gojek in the 4th position (5.87%).

According to this international market research organization, the entry of Xanh SM into the market in 2023 has changed the rankings and market shares that have been established for many years in Vietnam.

Xanh SM's electric cars at a launching ceremony in Vietnam. Photo: GSM

In addition, Mordor Intelligence also noted that Xanh SM currently owns the highest number of vehicles and trips per day in the traditional taxi sector, compared to entities owning self-operated vehicles. "Xanh SM is also the best-rated company in terms of service quality, coverage, vehicle fleet size, and customer satisfaction, compared to traditional taxi and technology taxi competitors," the report said. "This speed of Xanh SM is likened to TikTok Shop in the technology ride-hailing sector."

Mordor Intelligence is a market research organization established in 2014 and based in India. It has conducted more than 10,000 in-depth research projects with over 6,000 partners from 20 different fields, including leading partners such as Apple, Bosch, Microsoft, etc.

This organization assesses that the technology ride-hailing market has room and potential for large growth. It is estimated that this year, the market size is expected to reach 880 million USD, compared to 727.73 million USD last year. Mordor Intelligence estimates that the figure will increase to 2.16 billion USD by 2029, doubling in about 4-5 years.

According to Dr. Le Hong Hiep, Senior Researcher and Coordinator of the Vietnam Research Program at the Institute of Southeast Asian Studies (ISEAS-Yusof Ishak Institute, Singapore), Xanh SM has the potential to "overthrow" the position of the leading technology ride-hailing company in the market.

"Xanh SM is showing promising potential through rapid development. If the company continues to maintain its current growth momentum, they are very likely to threaten Grab’s position in the Vietnamese market,” Dr. Hiep assessed.

Xanh SM is Vietnam's first pure electric multi-service platform, operated by the GSM of billionaire Pham Nhat Vuong. According to the company's announcement, since its official operation on April 14, 2023, to date, GSM has served more than 40 million passengers in Vietnam, creating more than 200 million kilometers of green travel, contributing to reducing 44,000 tons of CO2 emissions (equivalent to more than 2 million trees planted), and contributing more than 12 billion VND to Vingroup's For Green Future Fund.

Besides directly operating more than 32,000 motorcycles and electric taxis under the Xanh SM brand, GSM also cooperates with transport businesses, providing green mobility services to a large number of people. Currently, pure electric taxis are present in 35 provinces and cities in Vietnam.

In March 2024, GSM announced the launch of the Xanh SM Platform exclusively for VinFast electric cars, opening up opportunities to become business partners for electric car owners and expanding the electric taxi network to localities where Xanh SM is not directly present.

Not only does GSM operate domestically, but in November 2023, it also expanded to its first overseas market in Laos, in the capital Vientiane, the tourist town of Vangvieng, and recently, in Savannakhet province. According to the announced plan, Indonesia and the Philippines will be the next markets in the company's expansion strategy to 9 international markets by 2025.