The competitive pricing stems from significantly lower operating costs, with electric charging expenses at 300-400 dong per kilometer, compared to 2,000 dong for conventional fuel, despite longer charging times.
Green SM (GSM), Viet Nam's first electric taxi service launched in April 2022 by VinFast founder Pham Nhat Vuong, has expanded to 45 provinces with over 30,000 vehicles, while traditional operator Vinasun reported a 21 percent drop in revenue and 36 percent decline in net profit during the third quarter.
In response to growing competition, Vinasun plans to introduce 700-1,000 hybrid taxis to reduce fuel costs by up to 50 percent, as electric vehicles gain popularity among passengers for their affordability and eco-friendly features.