A Vietnamese ride-hailing app that uses electric vehicles (EVs) is planning to operate in the Philippines and is seeking to register with the Board of Investments (BOI).

The BOI said 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 to discuss the company operating a ride-hailing app utilizing 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.

President Ferdinand Marcos Jr. 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.