EV Maker VinFast Steps Into Global Electric Charging Sector

EV Maker VinFast Steps Into Global EV Charging Sector. Photo: Pexels

Electric Vehicle (EV) manufacturer VinFast announced the establishment of V-Green Global Charging Station Development Company (V-Green). According to a media release, VinFast launched the EV charging company to develop a comprehensive charging infrastructure system that prioritizes supporting VinFast vehicles.

Spun off from VinFast charging station development division, V-Green, majority-owned by Mr. Pham with a 90% stake, will operate as a global partner with the creation of a comprehensive charging network, according to the company. To achieve its goal of developing a green ecosystem and contributing to the electric vehicle transition, V-Green will seek better access to and mobilize capital with preferential interest rates. This capital will fuel VinFast’s rapid expansion into international markets, the company further added in its statement.

Mr. Nguyen Duc Thanh, CEO of V-Green, stated, “The decision by VinFast’s Founder to establish V-Green is a strategic step to globally support and promote VinFast’s sustainable development. Chairman Pham Nhat Vuong’s willingness to use his personal assets to support V-Green demonstrates this commitment. It reduces VinFast’s infrastructure investment needs and provides maximum support for the EV manufacturer’s rapid development. This affirms a strong determination to promote green transportation in Vietnam and worldwide.”

In the initial phase, V-Green will directly search for land and partners to establish and expand its charging network in key markets around the world. It will also cooperate with other charging companies to provide charging services to VinFast electric vehicle owners.

As previously announced, VinFast will expand to at least 50 countries around the world in 2024. In addition to key markets like the US, Canada, and Europe, VinFast is expanding fast into neighboring Asian countries such as India, Indonesia, Thailand, and the Philippines. The company is also entering new markets in the Middle East and Africa, with Oman, Nigeria, and Ghana being the first ones.

After about five years of operation, depending on each market and actual fundraising capacity, V-Green may consider expanding charging services to other EV manufacturers in addition to VinFast.