VIETNAM's largest conglomerate is looking to launch eco-friendly taxi services in the Philippines this year, the Board of Investments (BoI) said on Monday.

Vingroup's Green and Smart Mobility Joint Stock Co. (GSM) was said to have expressed interest in entering the Philippine market with initial investments worth $400 to $500 million over two to three years.

"The company aims to provide eco-friendly taxi services utilizing VinFast electric cars exclusively in 2024," the BoI said in a statement.

GSM operates the Green SM Taxi service in Vietnam using electric vehicles (EVs) made by VinFast, another company owned by Vingroup.

The electric taxi service underscores GSM's commitment to promote sustainable EV transportation in the region, the BoI added.

The company will be applying for BoI registration and will also seek greenlane certification. The investment will fall under the Energy Efficiency Conservation Act, which means that it will be eligible for incentives.

Vingroup and GSM officials were among the Vietnamese businessmen who met with President Ferdinand Marcos Jr. during a state visit in January.

The BoI said the planned project was aligned with the government's push to attract sustainability-driven investments, particularly with regards to a transition to electric mobility.

Last October, the agency assisted VinFast by facilitating six meetings between company officials and local businessmen, including representatives from the Chamber of Automotive Manufacturers of the Philippines Inc.