When Dat had to choose a ride-hailing app to work with as a gig driver, he purposely decided against Grab, the leading player in Southeast Asia. Instead, the 23-year-old was persuaded by the environmentally friendly marketing and homegrown status of Xanh SM, an electric taxi and motorbike service founded by Pham Nhat Vuong.
Analysts question the company's growth potential despite the popularity of Xanh SM's mint-hued electric vehicles, as Vuong's strategy to push his EV brand via the service raises eyebrows.
According to reports, Xanh SM's financial reliance on other companies owned by Vuong, alongside significant investments in electric vehicle acquisitions, raises concerns over its long-term sustainability.
Zachary Abuza, a scholar focused on Southeast Asian politics, expressed skepticism regarding Xanh SM's ambitious plans, pointing to the competition and the overarching challenges facing Vuong’s strategies.
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