Vietnamese automaker VinFast is expanding globally, with plans to enter 50 countries and establish EV manufacturing plants in the US, India, and Indonesia. The company’s founder, Pham Nhat Vuong, has launched a new enterprise, V-Green, dedicated to building a charging network for VinFast electric vehicles and enhancing the charging infrastructure in Vietnam.
V-Green, which is 90% owned by Pham, will operate independently from VinFast and initially focus on acquiring land and forming partnerships to create a charging network internationally. It will also manage VinFast’s current charging network in Vietnam and invest around $404 million over two years to expand and improve this network.
The company may open its charging services to other EV manufacturers after five years, depending on the market and funding situation. The establishment of V-Green is seen as a strategic move to support VinFast’s sustainable growth, with Pham using personal assets to fund V-Green, thereby easing VinFast’s burden of infrastructure investment.
Key Takeaways:
- VinFast is expanding globally and plans to operate in 50 countries by 2024 while also establishing EV manufacturing plants in the US, India, and Indonesia.
- V-Green, a new company launched by VinFast’s founder, aims to develop a charging network for VinFast vehicles and will initially invest in increasing the number of charging stations in Vietnam.
- V-Green may offer its charging services to other EV manufacturers after five years, depending on market conditions and its success in raising additional funds.
“In Vietnam, V-Green will operate VinFast’s existing charging network, and will invest 10 trillion VND (approximately $404 million) over the next two years to build new stations and to upgrade the existing network—a threefold increase in investment compared to VinFast’s previous plan.”
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