FACT: GreenGSM is a 100% foreign-owned company

Jerome Tan

A Facebook post calls on Congressman Pumaren, chair of the House Committee on Transportation, to investigate 100% foreign-owned transport operators. Attached to the post is a news video of complaints from drivers against GreenGSM.

CLAIM: GreenGSM as a transport operator is 100% foreign-owned.

RATING: FACT

CONCLUSION: GreenGSM is a fully foreign-owned company based in Vietnam. However, 100% foreign-owned companies were permitted to operate in the country from 2022.

THE FACTS:

• Green and Smart Mobility JSC shares are split between Vietnamese billionaire Pham Nhat Vuong and his conglomerate, Vingroup. Vingroup also produces the VinFast electric cars used by GreenGSM.
• Amendments to Section 13 of the Public Service Act in 2022 excluded transportation operators from the definition of a “public utility”, opening the door for 100% foreign ownership in the transportation sector.
• Unlike telecommunications, which was also opened to full foreign ownership in 2022, there is no reciprocity in place for transport operators. Reciprocity requires that the home country of the investing company is open to investments from Filipinos in the same industry as the company.

THE BOTTOM LINE: 

Labor complaints against transportation operators must be taken seriously, regardless if they are owned by Filipinos or by foreigners.