In Hanoi, Vietnam, Mr. Pham Nhat Vuong, Chairman of Vingroup, announced the creation of V-Green Global Charging Station Development Company. V-Green will focus on developing a global charging infrastructure primarily for VinFast electric vehicles, with the aim of making Vietnam a leader in EV charging station density. The company, mostly owned by Mr. Pham, is set to operate independently from VinFast, allowing the vehicle manufacturer to concentrate on expanding its market presence and sustainability.

V-Green plans to secure capital with favorable interest rates to support VinFast’s international growth. Initially, V-Green will identify locations and partners to build a charging network and will manage VinFast’s existing network in Vietnam. The company has committed approximately $404 million over two years to build new stations and enhance the current network, tripling the investment initially planned by VinFast.

After five years, V-Green may offer charging services to other EV brands. CEO Nguyen Duc Thanh highlighted that Mr. Pham’s personal investment in V-Green underscores a strong commitment to advancing green transportation globally. VinFast is set to expand to over 50 countries by 2024, including the US, Canada, Europe, and parts of Asia, the Middle East, and Africa. The company is also establishing manufacturing plants in the US, India, and plans for one in Indonesia.

Key Takeaways:

  • Vingroup Chairman Pham Nhat Vuong has launched V-Green to invest in a global electric vehicle charging infrastructure, primarily supporting VinFast vehicles.
  • V-Green aims to make Vietnam a leader in electric vehicle charging station density by tripling the investment in infrastructure over the next two years.
  • VinFast plans to extend its market reach to at least 50 countries by 2024, including expansion into the US, India, and various Asian, Middle Eastern, and African countries.

“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.”

More details: here