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VinFast founder launches EV charging company called ‘V-Green’

March 26, 2024

Vingroup Corporation and VinFast have established V-Green Global Charging Station Development Company (V-Green) in Hanoi, Vietnam.

V-Green, a spin-off from VinFast’s charging station development division, will focus on developing a comprehensive charging infrastructure system primarily for VinFast vehicles, to make Vietnam a prominent player in electric vehicle charging station density.

V-Green, majority-owned by Vingroup Corporation’s Chairman, Mr. Pham Nhat Vuong, will operate as a global partner, leading the creation of a comprehensive charging network. This strategic move will allow V-Green to concentrate on infrastructure investment independently from VinFast, enabling the electric vehicle manufacturer to focus on market expansion and sustainable development.

To contribute to the electric vehicle transition and develop a green ecosystem, V-Green will seek better access to and mobilize capital with preferential interest rates. This capital will support 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 worldwide. It will also cooperate with other charging companies to provide charging services to VinFast electric vehicle owners.

In Vietnam, V-Green will operate and manage VinFast’s existing charging network. Over the next two years, V-Green plans to invest 10 trillion VND (approximately $404 million) to build new stations, and upgrade and complete its existing network. This investment, three times larger than VinFast’s initial plan, aims to establish charging stations nationwide.

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 plans to expand to at least 50 countries around the world in 2024, including key markets like the US, Canada, and Europe, as well as 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, and plans to establish a factory in Indonesia.

Mr. Nguyen Duc Thanh, CEO of V-Green, stated: “The decision by VinFast’s Founder to establish V-Green is a strategic step to globally support and promote VinFast’s sustainable development. Chairman Pham Nhat Vuong’s willingness to use his personal assets to support V-Green demonstrates this commitment. It reduces VinFast’s infrastructure investment needs and provides maximum support for the EV manufacturer’s rapid development. This affirms a strong determination to promote green transportation in Vietnam and worldwide.”