The electric taxi company backed by Vingroup, which also owns VinFast, dominates Vietnam’s ride-hailing sector.
Xanh SM, the pioneering electric ride-hailing service owned by Vingroup, the parent company of global EV manufacturer VinFast, has emerged as the leading player in Vietnam’s competitive taxi industry.
According to Mordor Intelligence’s annual market report, Xanh SM secured a 37.41% market share in Q4/2024, surpassing Grab (36.62%) and significantly outperforming other competitors. Xanh SM earned top marks in key areas such as service quality, geographic coverage, and customer satisfaction. The report also highlighted that the industry’s average growth rate is projected to accelerate significantly, reaching a rapid 22.7% compound annual growth rate (CAGR) between 2025 and 2030, compared to the 4.72% growth rate recorded during the COVID-19 period (2020-2024).
This achievement signals a growing regional shift towards sustainable and high-quality ride-hailing solutions, reinforcing Southeast Asia’s increasing demand for greener mobility options.
A model for sustainable urban mobility
Xanh SM’s 100% electric fleet offers an eco-friendly alternative to traditional ride-hailing, significantly reducing carbon emissions. In 2024 alone, the company’s operations contributed to the reduction of approximately 150 million kilograms of CO₂emissions — the equivalent of planting over 2,300 hectares of forest.
Customer preference for green transportation is also on the rise. A 2024 survey by Q&Me found that 83% of Xanh SM customers expressed satisfaction with its services, while 84% were willing to recommend the company’s electric taxis to others. These ratings outperformed traditional competitors in service quality, customer trust, and environmental impact.
Looking ahead: Potential for regional expansion
Xanh SM’s dominance in Vietnam, coupled with VinFast’s growing presence in global EV markets, opens the possibility of regional expansion. As Southeast Asia moves toward greener transportation solutions, the demand for affordable and high-quality electric ride-hailing options is expected to grow.
About Xanh SM
Xanh SM is a leading electric ride-hailing service in Vietnam, dedicated to providing sustainable, high-quality transportation solutions. Launched by Vingroup, which also owns electric vehicle manufacturer VinFast, Xanh SM is committed to revolutionizing urban mobility through eco-friendly and customer-focused services. For more information on Xanh SM, visit https://www.xanhsm.com/vi-EN.
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