VinFast Founder Launches V-Green, a Global EV Charging Station Company

On March 18th, in Hanoi, Vietnam, Pham Nhat Vuong, the Chairman of Vingroup Corporation and the founder of VinFast, made a remarkable announcement. He introduced the birth of a new company called V-Green Global Charging Station Development Company (V-Green).

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V-Green’s goal is two-fold: to invest in the development of a comprehensive charging infrastructure system that prioritizes supporting VinFast vehicles and to propel Vietnam towards becoming one of the world’s leaders in electric vehicle charging station density.

V-Green, which spun off from VinFast’s charging station development division, will operate as a global partner and focus on the creation of a comprehensive charging network. This strategic move allows V-Green to independently invest in infrastructure, while VinFast can 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 capital with preferential interest rates. This capital will support 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 worldwide. It will also collaborate with other charging companies to provide charging services to VinFast electric vehicle owners.

In Vietnam, V-Green will operate and manage VinFast’s existing charging network. V-Green will invest 10 trillion VND (approximately $404 million) over the next two years to build new stations, upgrade existing ones, and complete its network. With this threefold increase in infrastructure investment compared to VinFast’s initial plan, V-Green aims to establish charging stations nationwide and position Vietnam as a leading country in charging infrastructure for electric vehicles.

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

Nguyen Duc Thanh, CEO of V-Green, stated: “The establishment of V-Green by VinFast’s Founder is a strategic step to globally support and promote VinFast’s sustainable development. Chairman Pham Nhat Vuong’s commitment to using his personal assets to support V-Green demonstrates this dedication. 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 by 2024. In addition to key markets like the US, Canada, and Europe, VinFast is rapidly expanding 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 constructing electric vehicle manufacturing plants in the US and India. The company also plans to establish a factory in Indonesia.

VinFast