Vietnam's leading conglomerate, VinGroup, has established the company "V-GREEN" for EV charging development to support the global expansion of its subsidiary EV manufacturer, VinFast. V-GREEN will operate independently as a partner in developing VinFast's charging station network.
"The company will be responsible for investing in the entire electric vehicle infrastructure, thereby reducing financial pressure on VinFast to focus on market expansion and sustainable development," the press release stated.
With the goal of developing a green ecosystem, V-GREEN also has the opportunity to access and mobilize green funds with preferential interest rates, thereby supporting VinFast's expansion into international markets.
In its first phase, V-GREEN will search for sites and partners to build and expand the charging station network for VinFast while partnering with EV charging service providers to offer charging services to VinFast's EV owners.
In Vietnam, V-GREEN will operate and manage VinFast's existing charging station system while investing an additional 10,000 billion dong over the next two years to build new ones and upgrade the system.
With a total investment three times higher than VinFast's initial plan, V-GREEN aims to make Vietnam one of the world's leaders in electric vehicle charging infrastructure development.
The company also stated that after 5 years, depending on each market, V-GREEN may consider transitioning to a business model providing electric car charging services for other electric vehicle manufacturers besides VinFast.
According to the plan, in 2024, VinFast will expand its production and business operations to at least 50 other countries. Alongside markets such as the United States, Canada, and Europe, VinFast is venturing into Asian countries such as India, Indonesia, Thailand, the Philippines, the Middle East, and most recently, Africa. In addition to Vietnam, VinFast is also promoting the construction of electric vehicle manufacturing plants in the United States, India, and Indonesia.
