Net revenue reached VND17.4 trillion ($661.09 million) in 2025, up 125% year-on-year, the credit rating agency said.

As of Q4/2025, Green SM had captured around 51.5% of Vietnam’s online ride-hailing taxi market, overtaking its main competitors and reflecting effective operations and successful network expansion, Saigon Ratings noted.

The agency maintained GSM’s financial risk profile at 5/6, citing the company’s aggressive investment phase. It expects revenue growth to stabilize after 2026, helping improve the company's debt-to-EBITDA ratio, although Green SM is expected to continue prioritizing capital for overseas expansion and strengthening its business ecosystem in the near and medium term.

Following the review, Saigon Ratings upgraded Green SM’s national long-term credit rating to “vnBBB+” from “vnBBB”, while maintaining a stable outlook.

The rating update comes as Green SM reshuffles its senior management. Nguyen Quoc Tuan has succeeded Nguyen Van Thanh as CEO and legal representative of the firm.

Pham Thu Huong, wife of Vingroup chairman Pham Nhat Vuong, serves as Green SM chairwoman. The company increased its charter capital to VND54 trillion ($2.05 billion) from VND43.4 trillion ($1.65 billion) at the end of June.

GSM’s rapid expansion has intensified pressure on traditional taxi operators.

Vinasun Corp reported 2025 revenue of VND882 billion ($3.35 million), down 12% from a year earlier, equivalent to just 5% of Green SM’s revenue. Its net profit fell to VND39.1 billion ($1.49 million), extending a multi-year decline from VND84 billion ($3.19 million) in 2024 and VND150 billion ($5.7 million) in 2023.

Meanwhile, Mai Linh Group targeted consolidated revenue of VND2.51 trillion ($95.52 million) and net profit of VND56 billion ($2.13 million) for 2025.

Ride-hailing platform Grab reported Vietnam revenue of $255 million in 2025, up 11.8% from $228 million a year earlier.