Vingroup launches electric vehicle charging station company

March 19, 2024 | 10:54
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Vingroup's V-Green Charging Stations Company aims to invest over $415 million in the next two years in new outlets and upgrading the charging network.
Vingroup launch EV charging stations company

V-Green's electric vehicle (EV) charging stations would prioritise VinFast vehicles, according to parent company Vingroup.

"V-Green’s mission is two-fold: investing in the development of a comprehensive charging infrastructure system that prioritises supporting VinFast vehicles, and propelling Vietnam towards becoming one of the world’s leaders in EV charging station density," VinFast said in a statement on March 18.

Pham Nhat Vuong, founder and chairman of Vingroup, holds a 90 per cent stake in V-Green. “V-Green will directly search for land and partners to establish and expand its charging network in key markets of VinFast,” Vuong said.

V-Green will also cooperate with other charging companies to provide charging services to VinFast EV owners. In Vietnam, it will be responsible for operating and managing VinFast’s existing charging network.

To achieve its goal of developing a green ecosystem and contributing to the EV transition, V-Green will seek better access to and mobilise capital with preferential interest rates. This capital will fuel VinFast’s rapid expansion into international markets.

V-Green will additionally invest $416 million in the next two years to build new stations, and upgrade and complete its existing network.

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 to establish V-Green is a strategic step to globally support and promote VinFast’s sustainable development,” said Nguyen Duc Thanh, CEO of V-Green. “This affirms a strong determination to promote green transportation in Vietnam and worldwide.”

Last year, Vingroup also founded an EV taxi operator, Green SM, which accounted for over 70 per cent of VinFast’s 2023 sales.

Previously, VinFast had announced to expand to at least 50 markets worldwide in 2024, including in North America, Europe, and neighbouring Asian countries.

In addition to Vietnam, VinFast is currently building EV manufacturing plants in the United States and India, and is planning to establish a factory in Indonesia.

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By Nguyen Huong

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