The family of Pham Nhat Vuong, Vietnam’s richest billionaire per Forbes estimation and chairman of conglomerate Vingroup, has founded GSM VN Holding with a charter capital of VND43,313 billion ($1.7 billion).

For the new company, Pham Thu Huong, the spouse of Pham Nhat Vuong, holds the biggest portion of 34.97 percent of the charter capital, followed by Pham Nhat Vuong with 15.75 percent. Two sons of Vuong and Huong, namely Pham Nhat Minh Hoang and Pham Nhat Quan Anh, hold 7.52 percent each. The other stakeholder is Vingroup with 5.01 percent, according to the company’s notice with National Business Registration Portal of Vietnam.

The CEO of GSM VN Holding is Nguyen Van Thanh. Thanh is also the CEO of GSM Green and Smart Mobility JSC.

The newly-founded company operates in three sectors of management consulting, investment consulting, and market research.

The charter capital of GSM VN Holding is similar to that GSM Green and Smart Mobility JSC, a ride-hailing service founded by Pham Nhat Vuong in 2023. Pham Nhat Vuong and family established the new company amid reported stories of the ride-hailing service company planning to conduct an initial public offering (IPO) in Hong Kong. GSM Green and Smart Mobility JSC is currently the largest ride-hailing service in Vietnam, holding more than 50% market share, according to market researcher Mordor Intelligence.

GSM is known for operating exclusively with motorbikes and electric vehicles produced by VinFast, the electric vehicle manufacturing arm of Vingroup.

Vingroup chair Pham Nhat Vuong’s wife becomes chair of Vingroup-linked ride-hailing firm