Spun off from VinFast’s charging station development division, V-Green, majority-owned by Mr. Pham with a 90% stake, will operate as a global partner, spearheading the creation of a comprehensive charging network. This strategic move will allow V-Green to focus solely on infrastructure investment independently from VinFast, and enable the Vietnamese electric manufacturer to prioritize market expansion and sustainable development.
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.
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.
In Vietnam, V-Green will be responsible for operating and managing VinFast’s existing charging network. V-Green will additionally invest 10 trillion VND (approximately $404 million) over the next two years to build new stations, upgrade and complete its existing network. With this threefold increase in infrastructure investment compared to VinFast’s initial plan, V-Green aims to establish charging stations nationwide and make Vietnam one of the world’s leading countries in charging infrastructure for electric vehicles.
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.
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.”
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.
In addition to Vietnam, VinFast is currently building electric vehicle manufacturing plants in the US and India. The company also plans to establish a factory in Indonesia.
Hashtag: #VinFast
The issuer is solely responsible for the content of this announcement.
Key takeaways:Pavan Rathnayake is a Sri Lankan international cricketer who helped keep his team's ODI…
Key takeaways:The cited ICC headline confirms that Nepal will host UAE and Oman in CWC…
Key takeaways:Kusal Mendis captained Sri Lanka's record 430-run ODI chase against England in a tri-series…
Key takeaways:Kamindu Mendis is a Sri Lankan left-handed batting all-rounder who appears in dedicated Cricbuzz…
Key takeaways:Moonrise times vary by 30 to 70 minutes each day across India due to…
Key takeaways:The CBSE 2027 exam timetable PDF for Class 10 and Class 12 is expected…