On October 26, 2024, 911 Corporation (“Group 911”) signed a memorandum of cooperation with Green and Smart Moving JSC to lease and purchase 2,200 VinFast electric cars, with the goal of establishing the “911 Taxi” brand.
As per the agreement, out of the 2,200 vehicles, the first 200 will be delivered by GSM to Group 911 for operation in Q4 2024, with the remaining to be delivered by the end of 2025. This strategic move by Group 911 aims to diversify its revenue streams beyond its core businesses, including construction equipment, concrete mixing stations, and forklifts.
*Mr. Nguyen Van Thanh, Global Director of GSM (left) and Mr. Luu Dinh Tuan, Chairman of Group 911’s Board of Directors, at the signing ceremony*
According to the financial report as of September 30, 2024, Group 911’s total assets amounted to nearly VND 467 billion. This means that the value of the contract to lease and purchase 2,200 VinFast electric cars from GSM accounts for nearly 10% of the company’s total assets.
Mr. Luu Dinh Tuan, Chairman of Group 911’s Board of Directors, shared that the decision to choose electric taxis when expanding into the taxi sector is based on the proven investment efficiency of pioneering transport companies in the country. “Partnering with GSM not only helps Group 911 quickly enter the passenger transport industry but also ride the wave of the strong green transition in Vietnam. Using electric vehicles in operations optimizes costs and receives support from the government, partners, and customers,” said Mr. Tuan.
As planned, 911 Taxi will initially focus on deploying its services in Dong Nai and Binh Duong before expanding to other provinces nationwide. Mr. Tuan emphasized, “When Green SM goes global, Vietnamese enterprises like Group 911 and taxi associations will have the opportunity to quickly rise in the domestic market, continuing and developing Vietnam’s green transportation network.”
*Mr. Luu Dinh Tuan, Chairman of Group 911’s Board of Directors (second from left), shared that 911 Taxi’s services will be operated in Dong Nai and Binh Duong before expanding to other provinces*
At the signing ceremony, Mr. Nguyen Van Thanh, Global Director of GSM, expressed, “GSM is delighted and honored to have the companionship and support of many transport companies in the green transition journey, which is gaining strong momentum in Vietnam. This testifies not only to the quality of Vietnamese services and products but also demonstrates solidarity and unity for the country’s common development.”
Entering the electric taxi industry is expected to help Group 911 seize long-term growth opportunities in transportation while realizing its sustainable development strategy. Together with GSM and transport companies nationwide, Group 911 is committed to promoting the green transition in Vietnam.
**TH** *(Tuoitrethudo)*
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