VinFast Founder Unveils V-Green To Spearhead Global EV Charging Network

In a significant move towards bolstering Vietnam's position in the global electric vehicle (EV) market, Mr. Pham Nhat Vuong, Chairman of Vingroup Corporation and the visionary founder of VinFast, has unveiled the establishment of V-Green Global Charging Station Development Company (V-Green) in Hanoi, Vietnam, on March 18th. This new venture is set to embark on a mission to develop a comprehensive charging infrastructure system, with a keen focus on supporting VinFast vehicles and propelling Vietnam to become a global leader in electric vehicle charging station density.

V-Green, which emerges from VinFast's charging station development division, will see Mr. Pham holding a commanding 90% stake, positioning the company as a global partner dedicated to creating an extensive charging network. This strategic separation allows V-Green to concentrate on infrastructure investment independently, enabling VinFast to focus on market expansion and sustainable development. With an ambitious goal to foster a green ecosystem and facilitate the transition to electric vehicles, V-Green plans to secure capital at preferential interest rates to support VinFast's swift entry into international markets.

In its initial phase, V-Green is set to scout for land and partners worldwide to establish and broaden its charging network. The company will also collaborate with other charging service providers to cater to VinFast electric vehicle owners. Within Vietnam, V-Green will take charge of operating and managing VinFast's existing charging infrastructure.

With an investment of 10 trillion VND (approximately $404 million) earmarked for the next two years, V-Green aims to significantly enhance its network by building new stations and upgrading existing ones. This investment triples the initial infrastructure spending planned by VinFast, underscoring a commitment to making Vietnam a leading nation in EV charging infrastructure.

Mr. Nguyen Duc Thanh, CEO of V-Green, highlighted the strategic importance of this initiative for VinFast's global ambitions. He noted Mr. Pham Nhat Vuong's personal investment in V-Green as a testament to his dedication to promoting green transportation both in Vietnam and internationally. This move not only reduces VinFast's infrastructure investment requirements but also maximizes support for the company's rapid growth trajectory.

VinFast has announced plans to expand its presence to at least 50 countries by 2024, targeting key markets in the US, Canada, Europe, and rapidly growing into Asian countries including India, Indonesia, Thailand, and the Philippines. The company is also making strides into new territories in the Middle East and Africa with Oman, Nigeria, and Ghana being the initial countries of focus. Besides its operations in Vietnam, VinFast is constructing electric vehicle manufacturing plants in the US and India and has plans for a new facility in Indonesia.

This strategic development marks a significant milestone for VinFast and V-Green in their quest to promote sustainable transportation solutions globally. With this initiative, Vietnam is poised to take a significant leap forward in the electric vehicle industry.