VinFast lowers ride-hailing entry cost with Rentapasada

VinFast Philippines and Green GSM are giving aspiring ride-hailing drivers a lower-cost route into business through Rentapasada, an electric vehicle rental program that requires an initial registration payment of ₱5,000.

The remaining deposit and transport network vehicle service registration fees may be paid gradually through deductions from the driver’s daily earnings. This reduces the amount needed at the start, which is often one of the largest barriers for Filipinos who want to enter the ride-hailing business.

The program turns the vehicle into an income-generating asset without requiring the driver to purchase it immediately. It also offers a possible route to ownership once the operator has established a steady business.

That approach reflects the importance of small enterprises to the local economy. Government data for 2023 showed that micro, small and medium enterprises accounted for 99.63 percent of registered establishments and nearly 67 percent of employment in the country.

Starting a transport business, however, requires far more capital than opening many other small ventures. A driver normally needs to cover the vehicle down payment, registration, insurance, maintenance and other operating expenses before accepting the first passenger.

Rentapasada replaces much of that initial expense with a fixed rental arrangement. Drivers may choose between the Herio Green at ₱1,050 per day and the seven-seat Limo Green at ₱1,350 per day.

VinFast said participating drivers retain 90 percent of their earnings during the first year and 85 percent in the second and third years. These earnings remain subject to the applicable daily rental and other charges under the program.

The rental agreement runs for five years and may be extended by another three. Drivers also have the option to buy the vehicle based on its residual value, allowing them to move from renting to owning instead of remaining under a recurring lease.

Using an electric vehicle can further reduce the cost of keeping a ride-hailing unit on the road. VinFast estimates that a Herio Green driven for 3,500 kilometers a month would consume about ₱5,600 worth of electricity based on standard residential charging rates.

The company compared this with a gasoline crossover covering the same distance and consuming about 238 liters of fuel, equivalent to an estimated monthly expense of ₱15,500. Based on those assumptions, the difference could reach more than ₱237,000 over two years.

For the larger Limo Green, VinFast placed the estimated two-year total cost of ownership at ₱1.37 million, compared with ₱1.53 million for a gasoline-powered MPV. That translates to potential savings of more than ₱162,000. Actual expenses will depend on charging rates, mileage, fuel prices and vehicle use.

Rentapasada drivers may also benefit from the number-coding exemption granted to electric vehicles under the Electric Vehicle Industry Development Act. The law provides the exemption for eight years from its effectivity in 2022, including similar schemes implemented by the Metropolitan Manila Development Authority and local governments. Republic Act 11697

While applicants still have to meet the program’s eligibility and registration requirements, the arrangement gives aspiring operators another way to enter ride-hailing without taking on the full cost of a vehicle at the beginning.

Interested drivers may obtain the complete requirements and application details through the official channels of VinFast Philippines and Green GSM Philippines.