Thousands of Xanh SM Vehicles Advance to Indonesia, Philippines: How Much Money Does Vingroup Make?

Xanh SM (GSM) has expanded beyond Vietnam to Laos, Indonesia, and the Philippines, joining Vingroup’s ecosystem. As of 2025, Vingroup reported over 19.923 trillion VND in revenue from GSM operations, with 14.865 trillion VND from the domestic market, 3.376 trillion VND from Indonesia, and 1.682 trillion VND from the Philippines. These two markets generated around 5 trillion VND in revenue for Vingroup. However, revenue from GSM Indonesia and the Philippines mainly exists as receivables, with 7.754 trillion VND awaiting collection. Vingroup also injected an additional 875 billion VND into GSM over the past year. The company is also preparing for an international IPO plan with an expected valuation of 20 billion USD by 2026-2027. GSM’s advantage lies in its 100% electric vehicle model and support from VinFast’s V-Green ecosystem, facilitating rapid market dominance.