Vingroup announces creation of V-Green for global EV charging infrastructure

Vingroup Corporation’s Chairman, Pham Nhat Vuong, who is also the founder of VinFast, has announced the formation of V-Green Global Charging Station Development Company (V-Green). This new entity, created from VinFast’s existing charging station development division, will focus on building a widespread charging infrastructure primarily to support VinFast vehicles. Pham Nhat Vuong holds a 90% stake in V-Green, allowing the company to operate as a global partner in developing an extensive charging network. This strategic move enables V-Green to concentrate on infrastructure investment, supporting VinFast’s market expansion and sustainable development.

V-Green is part of a broader strategy to position Vietnam as a leader in electric vehicle (EV) charging station density. The company aims to foster a green ecosystem and facilitate the transition to electric vehicles by securing capital with preferential interest rates. This financial approach is intended to expedite VinFast’s expansion into international markets.

Initially, V-Green will focus on identifying locations and partners worldwide to expand its charging network. It will also collaborate with existing charging companies to provide services to VinFast EV owners. Within Vietnam, V-Green will manage the existing VinFast charging infrastructure and plans to invest approximately $404 million over the next two years to build new stations and enhance the current network. This investment significantly exceeds VinFast’s previous plans and aims to position Vietnam as a leader in EV charging infrastructure.

V-Green may eventually extend its charging services to other EV manufacturers after about five years, depending on market conditions and funding capabilities.

Nguyen Duc Thanh, CEO of V-Green, noted that the creation of V-Green is a crucial step in supporting VinFast’s global sustainable development. Pham Nhat Vuong’s personal investment in V-Green underscores his commitment to advancing green transportation both in Vietnam and internationally.

VinFast has announced plans to enter at least 50 countries by 2024, targeting major markets such as the US, Canada, Europe, and several Asian countries. The company is also exploring opportunities in the Middle East and Africa, with plans to establish electric vehicle manufacturing facilities in the US, India, and potentially Indonesia.