The Billionaire’s Electric Dream: Unveiling the Largest Vehicle Empire in Vietnam and its Conquest of the Southeast Asian Market

VinFast to Have 63,000 EV Charging Ports in Indonesia This Year

Global Charging Station Development Company V-GREEN has announced the signing of a Memorandum of Understanding (MOU) with four strategic partners to deploy a total of

63,000 dedicated charging ports for VinFast electric vehicles in Indonesia in 2025

, doubling its previously announced target. This initiative underscores V-GREEN’s commitment to expanding the VinFast electric vehicle ecosystem in Southeast Asia while also highlighting its credibility and appeal to leading names in the green transportation sector.

According to the agreement, V-GREEN and its partners – including Chargecore, Chargepoint, Amarta Group, and CVS –

pledge to invest a total of $300 million to develop charging infrastructure in Indonesia

, focusing on provinces such as Jabodatebek, Bandung, Surabaya, Makassar, Medan, Batam, Bali, and Kalimantan. The projects will kick off in May 2025, and the first charging stations will become operational in June.

In 2025, Chargecore plans to invest a minimum of $30 million. Chargepoint, Amarta Group, and CVS will distribute charging stations and each commit to investing $5.3 million per year. Regarding investment structure, V-GREEN directly invests in 20% of the charging stations, while the remaining 80% will be raised through business cooperation contracts (BCC).

In Indonesia, V-GREEN aims to establish a particularly attractive investment mechanism for investors, including revenue sharing of 750 rupiah/kWh and a guaranteed profit margin of up to 25% per year for the first three years of the contract. These collaborations not only help V-GREEN rapidly expand its electric vehicle charging network in Indonesia but also underscore the appeal and potential of green transportation in the archipelago.

As the official distributor of V-Green in Vietnam, Chargepoint’s General Director, Nguyen The Duy, expressed his belief in the potential for electric vehicle development in Indonesia, which is embracing green and sustainable transportation trends. “As the official distributor of V-Green in Vietnam, Chargepoint will continue to support the expansion of the VinFast electric vehicle ecosystem in Southeast Asia,” said Mr. Duy.

Global Charging Station Development Company V-GREEN was founded by VinFast’s founder, Mr. Pham Nhat Vuong. In Vietnam, the company has operated approximately 150,000 charging ports nationwide and continuously collaborates with various partners to expand its network.

Despite being a new entrant in Indonesia, V-GREEN has garnered the interest and trust of numerous international and local partners. The company aims to develop a total of 50,000 charging stations and

63,000 charging ports nationwide in 2025

. Even in May, VinFast car owners in Indonesia can already enjoy free charging at over

1,000 stations operated by V-GREEN

, marking the beginning of its journey towards achieving its charging infrastructure goals in this market.

Currently, VinFast has launched four electric vehicle models, including VF 3, VF 5, VF 6, and VF e34, just over a year after entering Indonesia. V-GREEN’s rapid expansion of charging stations will cater to the growing market demand for electric vehicles.

Indonesia Factory: A Sales Driver for VinFast in Overseas Markets

With a population of over 270 million, Indonesia is emerging as one of the most promising automotive markets in Southeast Asia.

In the archipelago, the company owned by billionaire Pham Nhat Vuong has commenced the construction of an electric vehicle assembly plant in Subang in July 2024. This project will become the production hub for right-hand drive electric vehicles serving the Indonesian market and exporting to other countries in the region. Additionally, the company has also launched three models, VF3, VF5, and VFe34, in the world’s most populous market.

Mr. Pham Nhat Voung, Chairman of Vingroup’s Board of Directors, shared at the corporation’s annual meeting that the Indonesian factory is expected to be completed by the end of this year. He also mentioned that once the project is operational, VinFast’s overseas sales will significantly improve.

Recently, VinFast also signed a syndicated loan contract worth IDR 1.85 trillion (equivalent to $110 million) with two Indonesian banks, Bank Negara Indonesia (BNI) and PT Bank Maybank Indonesia Tbk (Maybank).

As per the agreement, BNI will provide VinFast with a loan of IDR 1.51 trillion (approximately $90 million) in the syndicated loan package, with the remaining amount supplied by Maybank. These funds will be utilized to finance the construction of PT VinFast Automobile Indonesia’s electric vehicle manufacturing plant in Subang, West Java.

Additionally, BNI and Maybank have offered an expansion loan worth $80 million to the Vietnamese electric vehicle maker. The total amount of financing provided to the company stands at $190 million (approximately $5 trillion).

“This will be a source of capital to help VinFast accelerate its expansion in the Indonesian market. Furthermore, we can strengthen our global production capabilities to meet the growing demand for electric vehicles,” said Mr. Pham Sanh Chau, VinFast’s General Director for the Asia region.