Former Green SM CEO Launches New Electric Motorcycle Startup

Nguyen Van Thanh, the former CEO of leading Vietnamese ride-hailing firm Green SM, has established a new technology startup focusing on the production of electric bicycles and motorcycles, among other clean energy products. Aves Technology and Green Energy Joint Stock Company, established on September 9th, has a registered capital of 30 billion VND (approximately $1.2 million USD) and is headquartered in Hanoi. Nguyen Van Thanh holds an 85% stake in the startup and will serve as its founder and CEO. Thanh stated on September 14th that Aves will concentrate on researching, developing, and manufacturing clean energy products, ranging from electric bicycles and three-wheeled vehicles to renewable energy and smart devices. The company aims to launch its products by mid-2027. This venture comes amid a continuous rise in demand for electric motorcycles in Vietnam. Statistics from Motorcycles Data (MD) indicate that over half a million electric motorcycles were sold in Vietnam from January to July this year, accounting for nearly 28% of the total market share. This figure represents an almost twofold increase compared to the same period last year. The establishment of Aves marks Thanh's return to the business sector approximately three months after resigning from Green SM. He had stepped down as CEO of Green SM in June due to personal reasons, after serving the company for over three years. Born in 1992, Thanh previously held management positions at companies such as Cargill Nutrition and Lazada Logistics between 2016 and 2019. Four years ago, he was recognized by Forbes in its "30 Under 30 Asia Class Of 2022" list, highlighting influential entrepreneurs under the age of 30 in Asia.