30/12/2025

BIZ & FINANCE TUESDAY | DEC 30, 2025

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VinFast-linked GSM said planning Hong Kong IPO

Oil rises as traders weigh outcome of US-Ukraine leaders’ meeting HONG KONG: Oil prices rose yesterday as investors weighed the outcome of talks between the US and Ukrainian presidents on a potential deal to end the war in Ukraine, as well as Middle East tensions that could disrupt supply. Brent crude futures rose 67 cents, or 1.1%, to US$61.31 per barrel at 0751 GMT (3.51pm in Malaysia), while US West Texas Intermediate crude was up 65 cents, or 1.15%, to US$57.39. Both benchmark prices fell more than 2% on Friday as investors weighed a looming global supply glut and the possibility of a Ukraine peace deal ahead of weekend talks between Ukrainian President Volodymyr Zelenskiy and US President Donald Trump. Trump said on Sunday that he and Zelenskiy were “getting a lot closer, maybe very close” to an agreement to end the war in Ukraine, while acknowledging that the fate of the disputed Donbas region remains a key unresolved issue. The two leaders spoke at a joint press conference late Sunday afternoon after meeting at Trump’s Mar-a-Lago resort in Florida. Trump said it will be clear “in a few weeks” whether negotiations to end the war will succeed. The peace talks did not reach an agreement on territorial issues, so a Russia–Ukraine peace deal may remain deadlocked with no quick breakthrough, said Mingyu Gao, energy and chemical chief researcher at China Futures. The reason prices are rising also includes that geopolitical tensions remain elevated, as Russia and Ukraine continued striking each other’s energy infrastructure over the weekend, said Yang An, a China-based analyst at Haitong Futures. “The Middle East has also been unsettled recently, with Saudi air strikes in Yemen and Iran saying the country is in a ‘full-scale war’ with the US, Europe, and Israel. “This may be what’s driving market concerns about potential supply disruptions,”Yang added. WTI is expected to trade within a US$55-US$60 range with an eye also on American enforcement actions against Venezuelan oil shipments and any fallout from the US military strike against ISIS targets in Nigeria, which produces about 1.5 million barrels per day, IG analyst Tony Sycamore said in a note. – Reuters HONG KONG: Precious metals pulled back yesterday, with silver retreating after breaching US$80 per ounce earlier in the day and gold easing from near record highs, as investors booked profits and easing geopolitical tailwinds cooled safe-haven demand. Spot gold was down 1.7% at US$4,455.34 per ounce, as of 0707 GMT (3.07pm in Malaysia), after hitting a record high of US$4,549.71 on Friday. US gold futures for February

While Pham has previously expressed his intention to pursue an overseas listing for GSM, this is the first time indications about a potential destination, size, valuation and timeline are being detailed. The sources said the IPO’s timeline could be adjusted based on market conditions and corporate strategy. The second source said a listing in Hong Kong would offer deeper liquidity and stronger investor appetite for EV and mobility plays, versus Singapore or Nasdaq where VinFast faced liquidity challenges. VinFast, listed on Nasdaq since 2023, has struggled with thin liquidity tied to a small free float. If successful, a Hong Kong listing would fund GSM’s regional growth, strengthen its position in Southeast Asia’s competitive market, and ease financial pressures on Vingroup and Pham as VinFast continues its costly expansion and development efforts. The potential Hong Kong IPO could tap into a resurgent market. Hong Kong dominated Asian equity capital markets with about US$75 billion raised so far this year,

more than triple last year’s tally and the highest since 2021, according to LSEG data. Hong Kong has also been stepping up efforts to attract overseas issuers, with HKEX CEO Bonnie Chan saying in June the exchange is seeking to woo Southeast Asia and Middle East firms in particular for second listings. A listing would follow ride-hailing majors such as Uber , Lyft, Grab and Indonesia’s GoTo . GSM’s closest rival in Vietnam is Grab. GSM held about 40% of Vietnam’s ride-hailing market in the first quarter of this year, versus Grab’s 32%, data from Indian research firm Mordor Intelligence showed. A separate survey by Rakuten Insight, however, estimated Grab’s share at 55%, and GSM at 35%. Vingroup did not share financial details of GSM but said the company continued to demonstrate strong momentum and reinforce its market-leading position. GSM has expanded into Laos, Indonesia and the Philippines, and is exploring an entry into India. – Reuters

o EV taxi operator aims to raise US$200 million to fund regional expansion: Sources

HANOI: Vietnamese electric-vehicle taxi operator GSM, part of the Vingroup stable of companies, plans to list in Hong Kong in what could be the first IPO in the city by a firm from the Southeast Asian nation, two sources said. GSM, officially known as Green and Smart Mobility JSC, is targeting a valuation of US$2 billion to US$3 billion in the initial public offering that could take place in late 2026 to early 2027, the sources said. One of the sources added that GSM aimed to raise at least US$200 million and the other said the valuation would include debt. Both declined to be identified as the information is confidential. The IPO plan, which is still tentative and could be shelved, would mark Vingroup’s second overseas listing after electric-vehicle maker VinFast’s Nasdaq IPO in 2023. GSM has held preliminary talks

with potential advisers about the IPO and could appoint them as early as the first quarter of 2026, the sources said. Vingroup, which handles communications for GSM and VinFast, declined to comment on the IPO plan but said in an e-mailed statement that the “valuation referenced does not reflect the scale of any of our businesses within the ecosystem”. Founded in 2023 by Vingroup and VinFast head Pham Nhat Vuong, GSM operates Vietnam’s largest all-electric taxi fleet under the Xanh SM brand and uses VinFast vehicles exclusively. The strategy has bolstered VinFast’s domestic sales while enabling GSM to scale up without relying on third-party suppliers. VinFast’s sales to GSM accounted for 26% of its total by the third quarter of 2025, down from 72% in 2023.

A VinFast electric taxi, operated by GSM, sails through traffic on a street in Hanoi. – REUTERSPIC

Precious metals retreat as investors book profits

shortages could have silver primed for a run towards US$100 in 2026.” Traders still expect two US rate cuts next year as they await the release of the Fed’s December meeting minutes for clues further policy cues. Non-yielding assets tend to do well in a low-interest-rate environment. Spot platinum fell 6.2% to US$2,298.45 per ounce, after rising to an all-time high of US$2,478.50 earlier in the day, while palladium plunged 11.4% to US$1,705.15 per ounce. – Reuters

shattering multiple record highs. Gold has been helped by a cocktail of factors including bets of further US rate cuts, geopolitical tensions, robust demand from central banks and rising holdings in exchange-traded funds. Waterer said US$5,000 looked to be a viable target for gold next year provided the next Federal Reserve chairman adds a more dovish lean to Fed policy. “Rate cuts and continuation of robust industrial appetite paired with supply

on Sunday that he and Ukrainian President Volodymyr Zelenskiy were “getting a lot closer, maybe very close” to an agreement to end the war in Ukraine. Silver has gained 181% year-to-date, outshining gold, propelled by its designation as a critical US mineral, supply constraints and low inventories amid rising industrial and investment demand. Bullion has also staged a stellar rally in 2025, climbing 72% so far and

delivery lost 1.2% to US$4,500.30 per ounce. Spot silver slipped 4.6% to US$75.47 per ounce, retreating from an all-time high of US$83.62 hit earlier in the session. “A combination of profit-taking and seemingly productive talks between Trump and Zelensky regarding a potential peace deal have put gold, silver on the back foot,” said KCM Trade chief market analyst Tim Waterer. US President Donald Trump said