On 5 June, Green and Smart Mobility (also called Green SM or simply GSM) launched its ride-hailing service in Delhi. And its propositions sounded familiar.

“Zero cancellation”, “no surge fee”, a “clean and quiet cabin”, and a “five-star” ride experience. That’s everything that Blusmart, the now-defunct Indian electric-taxi pioneer, had stood for.

With this, Green SM pretty much rolled out the red carpet for riders, offering a premium “Limo” service through a fleet of 1,000 seven-seater EVs. All of them are made by the Vietnamese automaker, Vinfast. By the end of the year, Green SM plans to acquire 10,000 such EVs from the latter.

That doesn’t seem like an unachievable target for Green SM. In Vietnam, where the company started operations in 2023 as Xanh SM, it’s already acquiredMordor IntelligenceVietnam Taxi Market Size & Share Analysis - Growth Trends And Forecast (2026 - 2031) 45% of the taxi market. It has also since expanded to other countries, including Laos, the Philippines, and Indonesia. Earlier in June, the company also launched its services in Kazakhstan.

But ride-hailing is only a part of the story.

Green SM and Vinfast share the same parent company, Vingroup, founded by billionaire businessman Pham Nhat Vuong. Over the years, the two businesses have become increasingly intertwined. In fact, “Green SM is Vinfast’s largest customer,” said a Vietnam-based former executive of Vingroup. In 2025, the company also became an authorised dealer for the automaker.

That dynamic is showing in India, too.

According to data from the government’s Vahan dashboard, Vinfast’s monthly sales in India have nearly tripled in the two months to April. That spike coincides with Green SM’s acquisition of over 1,000 Vinfast EVs ahead of its India launch.

Put simply, retail sales have done worse than this shift in inventory from one pocket of Vuong’s empire to another.

The arrangement works well for Vinfast, too, which entered the Indian market only last year. It’s already invested over $500 million in its facility in southern Tamil Nadu and assembled roughly over 12,000 vehicles there. The company is planning to launch e-buses and e-bikes in the country soon.