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Vingroup Chairman launches V-Green to bolster global EV charging infrastructure

Vingroup Corporation’s Chairman, Pham Nhat Vuong, who is also the founder of VinFast, has announced the creation of V-Green Global Charging Station Development Company (V-Green). This new entity, having been formed from VinFast’s charging station development division, is set to focus on the development of a widespread charging infrastructure that primarily supports VinFast vehicles. Pham holds a 90% stake in V-Green, positioning the company to operate as a global partner in the creation of an expansive charging network. This strategic separation from VinFast allows V-Green to concentrate on infrastructure investment, thereby assisting VinFast in its market expansion and sustainable development efforts.

V-Green’s establishment is part of a broader strategy to advance Vietnam towards becoming a global leader in electric vehicle (EV) charging station density. The company aims to create a green ecosystem and facilitate the transition to electric vehicles by seeking access to capital with preferential interest rates. This financial strategy is intended to accelerate VinFast’s expansion into international markets.

In its initial phase, V-Green plans to locate land and partners worldwide to set up and broaden its charging network. It will also collaborate with existing charging companies to offer services to VinFast EV owners. Within Vietnam, V-Green will manage VinFast’s current charging infrastructure and has committed to investing approximately $404 million over the next two years to construct new stations and enhance the existing network. This investment represents a significant increase over VinFast’s original plans and aims to make Vietnam a leader in EV charging infrastructure.

V-Green may eventually offer its charging services to other EV manufacturers after about five years of operation, subject to market conditions and funding capabilities.

Nguyen Duc Thanh, CEO of V-Green, emphasized that the establishment of V-Green is a key step in supporting VinFast’s sustainable development on a global scale. He highlighted Pham Nhat Vuong’s personal investment in V-Green as a testament to his commitment to promoting green transportation both in Vietnam and internationally.

VinFast has announced plans to expand to at least 50 countries by 2024, targeting major markets such as the US, Canada, Europe, and several Asian countries. The company is also making inroads into the Middle East and Africa, with plans to build electric vehicle manufacturing plants in the US, India, and potentially Indonesia.

Written by EV Pulse Staff

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