“State-Owned Enterprises Join the Race to Build EV Charging Stations: First Location on Huynh Thuc Khang Street, Hanoi, with Ambitious Plans for 1,000 Stations by 2035”

Vietnam’s Petroleum Power Corporation (PV Power), coded POW, has officially launched a pilot electric vehicle charging station in the country.

PV Power announced that this year, the company will pilot its first charging station at 6 Huynh Thuc Khang, Hanoi. The charging station will occupy an area of 30-35 square meters and will feature two charging cabinets, each equipped with two charging ports delivering 50-60 kW of power. The total investment cost for this project is estimated at over VND 1.8 billion, with a total capacity of 100-120 kW. The charging station is expected to be operational by September 2024.

Following the launch of the charging station at 6 Huynh Thuc Khang, PV Power plans to pilot two additional stations at 222 Tran Duy Hung, Cau Giay, Hanoi (Big C Thang Long).

The development of PV Power’s electric vehicle charging system goes beyond just constructing charging stations. The company aims to establish a synchronized network of charging stations nationwide.

As per PV Power’s plan, after a two-year pilot, the company will evaluate the project’s effectiveness and then develop a synchronized network across the country. By 2035, they aim to have established an additional 1,000 charging stations.

PV Power also highlighted that Vietnam is presented with a significant opportunity to develop its electric vehicle market, which, in turn, creates a positive outlook for the expansion of electric vehicle charging infrastructure.

In July 2022, the Prime Minister issued Decision No. 876/QD-TTg on the roadmap for transitioning to electric vehicles, setting important milestones: by 2025, 100% of buses will be electric; by 2030, 100% of taxis will be electric, and by 2050, all motor vehicles will be electric.

The Vietnam Automobile Manufacturers’ Association (VAMA) forecasts that by 2028, Vietnam will reach the milestone of 1 million electric vehicles, and this number is expected to grow to approximately 3.5 million by 2040.

PV Power, a subsidiary of the Vietnam National Oil and Gas Group (PVN), with a 79.94% investment stake as of Q2 2024, primarily focuses on power generation and electricity production. Excluding the units under the Vietnam Electricity Group (EVN), PV Power is the largest power generator and the most valuable electricity company in the stock market.

During the first half of 2024, PV Power recorded a total revenue of VND 15,910 billion, a slight decrease of 2% from the previous year, while its pre-tax profit was estimated at VND 657 billion, a 22% drop compared to the same period last year. Thus, after the first six months of 2024, PV Power has accomplished 50% of its revenue plan and 72% of its profit plan for the year.

For the remaining six months of 2024, PV Power aims to achieve a total electricity output of 7,923 million kWh, a total revenue of VND 15,008 billion, a 37% increase, and a pre-tax profit of VND 341 billion, a decrease of approximately 36% compared to the last six months of 2023.