On March 18, Pham Nhat Vuong, Chairman of Vingroup, and founder of VinFast announced the establishment of V-GREEN, a company that aims to develop a global charging station infrastructure to support VinFast’s global expansion and make Vietnam one of the countries with the largest density of electric charging stations in the world.
V-GREEN is a subsidiary of VinFast, with a 90% ownership stake, and will operate independently as a partner to develop a global charging network for VinFast. V-GREEN will be responsible for investing in the entire EV infrastructure, thereby reducing financial costs and allowing VinFast to focus on expanding its market share and sustainable development.
Initially, V-GREEN will directly seek locations and partners to establish and expand the charging network in key markets worldwide, as well as cooperate with third-party charging station providers to offer charging services for VinFast electric vehicle owners.
In Vietnam, V-GREEN will be responsible for managing and operating VinFast’s existing charging system and will invest an additional 10,000 billion VND in the next 2 years to build and upgrade the system.
By tripling the investment amount in infrastructure compared to VinFast’s initial plan, V-GREEN aims to cover the entire country with charging stations and make Vietnam one of the leading countries in EV charging infrastructure development.
After about 5 years of operation, depending on each market and practical mobilization ability, V-GREEN may consider transitioning to a business model that provides EV charging services to other electric vehicle manufacturers besides VinFast.
Mr. Nguyen Duc Thanh – CEO of V-GREEN said: “The establishment of V-GREEN is a strategic move by the VinFast founder to strongly support VinFast’s sustainable and stable development on a global scale. Chairman Pham Nhat Vuong’s personal assets were used to establish V-GREEN in order to reduce the financial burden of infrastructure investment for VinFast, thus providing maximum support for the company’s development and promoting green transportation in Vietnam and the world.”
According to the plan, VinFast will expand its production and business activities to at least 50 countries worldwide by 2024. In addition to key markets such as the United States, Canada, and Europe, VinFast is also entering neighboring countries in Asia such as India, Indonesia, Thailand, the Philippines, the Middle East, and most recently Africa, with the first markets being Nigeria and Ghana. In addition to Vietnam, VinFast is also planning to build EV production plants in the United States, India, and Indonesia.
