Pham Nhat Vuong, Chairman of Vingroup and founder of Vietnamese electric vehicle maker VinFast, on March 18 announced the establishment of V-Green Global Charging Station Development Company (V-Green).

V-Green’s mission is to invest in the development of a charging infrastructure system that provide maximum support for VinFast to expand globally and propel Vietnam towards becoming one of the world’s leaders in electric vehicle charging station density.

V-Green, of which Vuong holds a 90% stake, will operate as a global partner, spearheading the creation of a comprehensive charging network.

This move will allow V-Green to focus solely on infrastructure investment independently from VinFast, and enable the Vietnamese electric manufacturer to prioritise market expansion and sustainable development.

With its goal of developing a green ecosystem and contributing to the electric vehicle transition, V-Green will seek better access to and mobilise capital with preferential interest rates, thereby fuelling 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. It will additionally invest 10 trillion VND (about 404 million USD) over the next two years to build new stations, upgrade and complete its existing network.

With this threefold increase in infrastructure investment compared to VinFast’s 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.

The decision by VinFast’s Founder to establish V-Green is a strategic step to globally support and promote VinFast’s sustainable development, said Nguyen Duc Thanh, Chief Executive Officer of V-Green.

VinFast is expected to expand its operation to at least 50 countries around the world in 2024. In addition to key markets like the US, Canada, and Europe, the company is also entering into neighbouring Asian countries such as India, Indonesia, Thailand, and the Philippines as well as the Middle East and Africa.

VNA