Pham Nhat Vuong, Chairman of Vingroup Corporation and founder of VinFast, announced the establishment of V-Green Global Charging Station Development Company (V-Green). V-Green’s mission is twofold: investing in the development of a comprehensive charging infrastructure system that prioritizes supporting VinFast vehicles, and propelling Vietnam towards becoming one of the world’s leaders in electric vehicle charging station density.
Spun off from VinFast’s charging station development division, V-Green, majority-owned by Pham with a 90% stake, will operate as a global partner, spearheading the creation of a comprehensive charging network. This will allow V-Green to focus solely on infrastructure investment independently from VinFast, and enable the Vietnamese electric manufacturer to prioritize market expansion and sustainable development.
To achieve its goal of developing a green ecosystem and contributing to the electric vehicle transition, V-Green will seek better access to and mobilize capital with preferential interest rates. This capital will fuel VinFast’s rapid expansion into international markets.
In the initial phase, V-Green will directly search for land and partners to establish and expand its charging network in key markets around the world. It will also cooperate with other charging companies to provide charging services to VinFast electric vehicle owners.
In Vietnam, V-Green will be responsible for operating and managing VinFast’s existing charging network. V-Green will additionally invest 10 trillion VND (approximately $404 million) over the next two years to build new stations, upgrade and complete its existing network.
With this threefold increase in infrastructure investment compared to VinFasts initial plan, V-Green aims to establish charging stations nationwide and make Vietnam one of the world’s leading countries in charging infrastructure for electric vehicles.
After about five years of operation, depending on each market and actual fundraising capacity, V-Green may consider expanding charging services to other EV manufacturers in addition to VinFast.
VinFast intends to expand to at least 50 countries around the world in 2024. In addition to key markets such ad the US, Canada, and Europe, VinFast is expanding quickly into neighboring Asian countries such as India, Indonesia, Thailand, and the Philippines. The company is also entering new markets in the Middle East and Africa, with Oman, Nigeria and Ghana being the first ones.
In addition to Vietnam, VinFast is currently building electric vehicle manufacturing plants in the US and India. The company also plans to establish a factory in Indonesia.
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