The Western Bus Station (WCS) Board of Directors has released a document seeking shareholder input on the addition of new business sectors. The primary focus of this plan is to enter the electric vehicle market, with key activities including investment, operation, and installation of charging stations, along with related support services.
WCS’s move coincides with Ho Chi Minh City’s ambitious plans. The city aims to transition all buses to clean energy by 2030 and has drafted a proposal to convert over 400,000 gasoline motorbikes for ride-hailing drivers. To meet this demand, the city plans to establish a network of 19 large charging stations for buses and approximately 3,000 charging and battery-swapping points for other vehicles by 2028.
Map of electric charging stations in Ho Chi Minh City. Green indicates stations managed by the Department of Transportation; red indicates stations managed by Samco – Image: Ho Chi Minh City Department of Transportation.
According to the city’s plan, SAMCO – the parent company holding 51% of WCS’s capital – is tasked with deploying charging stations at major transportation hubs, including the Western Bus Station. This provides WCS with a direct advantage, as it already has the necessary land and is part of the overall strategy.
However, WCS is entering an electric vehicle charging infrastructure market already populated by several major players. Leading in scale is V-Green (under Vingroup), with a network of 150,000 charging ports nationwide.
Among automobile manufacturers, TMT Motor Corporation (TMT) has announced plans to build 30,000 charging stations by 2030. Notably, the race also includes companies leveraging existing land advantages.
Examples include the retail chain Mobile World Investment Corporation (MWG), which has partnered with V-Green to deploy charging points at its stores, and Saigon Petroleum Company (SFC), which plans to convert its gas stations.
To support investors, the city offers loans covering up to 70% of total project investment. The interest rate is set at
50%
of the lending rate of the Ho Chi Minh City State Financial Investment Company
(HFIC)
for the loan duration. The Ho Chi Minh City budget will subsidize
50%
of the remaining interest.
Financially, WCS’s Q3 2025 report shows that its total cash and short-term financial investments reached 322.77 billion VND, accounting for 86% of total assets. Additionally, WCS has no recorded financial debt. In the first nine months of 2025, the company reported revenue of
129.6 billion
VND and a post-tax profit of approximately
64.9 billion VND.
WCS is also known for its high dividend policy for shareholders. In 2023, the company paid a total dividend rate of 160% (
16,000 VND per share
). Most recently, the 2025 Annual General Meeting approved a 2024 cash dividend plan with a rate of up to 200% (
20,000 VND per
share) and a bonus share issuance at a 5:1 ratio.
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