Mr. Pham Nhat Vuong, Chairman of Vingroup Corporation and founder of VinFast, has announced the establishment of V-Green Global Charging Station Development Company (V-Green) in Hanoi, Vietnam. V-Green aims to invest in a comprehensive charging infrastructure system, prioritizing support for VinFast vehicles and positioning Vietnam as a leader in electric vehicle charging station density.
Derived from VinFast’s charging station development division, V-Green, primarily owned by Mr. Pham with a 90% stake, will function as a global partner, leading the creation of an extensive charging network. This initiative allows V-Green to independently focus on infrastructure investment, enabling VinFast to concentrate on market expansion and sustainable growth.
To fulfill its mission of fostering a green ecosystem and supporting the electric vehicle shift, V-Green aims to secure access to capital with favorable interest rates. This funding will drive VinFast’s swift expansion into global markets.
Initially, V-Green will actively scout for land and collaborators to build and extend its charging network in pivotal global markets. Additionally, it will collaborate with other charging firms to offer services to VinFast electric vehicle users.
In Vietnam, V-Green has the responsibility for overseeing and managing VinFast’s existing charging infrastructure. Over the next two years, V-Green will invest 10 trillion VND (approximately $404 million) to expand, upgrade, and complete its current network, tripling the initial investment. This substantial infrastructure boost aims to establish nationwide charging coverage, positioning Vietnam as a global leader in electric vehicle charging infrastructure.
Following approximately five years of operation, contingent on market conditions and funding capabilities, V-Green may explore extending its charging services to other electric vehicle manufacturers besides VinFast.
VinFast’s global expansion plan targets at least 50 countries by 2024. Besides key markets like the US, Canada, and Europe, VinFast also intends to establish a presence in neighboring Asian nations such as India, Indonesia, Thailand, and the Philippines. Furthermore, the company is venturing into new territories in the Middle East and Africa, with Oman, Nigeria, and Ghana among the initial targets.
