Business and Economy
Vietnamese EV taxis to register with BOI
EV TAXIS. Board of Investments (BOI) Executive Director Evariste Cagatan (left) and GSM Global chief executive officer Thanh Nguyen during their meeting at the Department of Trade and Industry office in Makati on March 20, 2024. GSM is eyeing to register with the BOI its ride-hailing services that use electric vehicles. (Photo courtesy of BOI via PNA)
MANILA – Another investment commitment from President Ferdinand R. Marcos Jr.’s foreign trips is taking shape as a Vietnamese ride-hailing app that uses electric vehicles is eyeing to register with the Board of Investments (BOI).
The BOI told reporters in a Viber message Monday that Green and Smart Mobility Joint Stock Company (GSM) Global chief executive officer Thanh Nguyen met with BOI Executive Director Evariste Cagatan last March 20.
The BOI said GSM aims to enter in the Philippine market by offering its ride-hailing services using EVs.
“The company will be applying for BOI registration and will also apply for green lane,” it said.
The investment promotion agency (IPA) added the company is still preparing documents for registration with the Securities and Exchange Commission.
The BOI said GSM’s planned activity is eligible for fiscal incentives under the Energy Efficiency Conservation Act.
“The company aims to provide eco-friendly taxi services utilizing VinFast electric cars exclusively in 2024. This electric taxi service underscores GSM’s commitment to promote sustainable EV transportation in the region,” the IPA said.
GSM is a unit of Vingroup, one of the largest conglomerates in Vietnam.
Marcos met with Vingroup chairman Pham Nhat Vuong in Vietnam last Jan. 29 during his state visit to the Southeast Asian neighbor.
During the meeting, the Vietnamese conglomerate expressed its keen interest to invest in and explore the Philippine market starting with opening dealership networks for EVs this year under VinFast.
