Global EV charging stations company launched

Tuesday, Mar 19, 2024 10:32

An electric vehicle charging station located outside of a supermarket in Long Biên district . — Photo of the company

Phạm Nhật Vượng, Chairman of Vingroup Corporation and founder of VinFast, has announced the establishment of V-Green Global Charging Station Development Company (V-Green).

VinFast said in a statement on March 18 that V-Green’s mission is two-fold, investing in the development of a comprehensive charging infrastructure system that prioritises supporting VinFast vehicles and propelling Việt Nam towards becoming one of the world’s leaders in electric vehicle charging station density.

A spin off from VinFast’s charging station development division, V-Green, majority-owned by Phạm with a 90 per cent 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 prioritise 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 mobilise 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 Việt Nam, V-Green will be responsible for operating and managing VinFast’s existing charging network.

V-Green will additionally invest VNĐ10 trillion (US$404 million) over the next two years to build new stations, upgrade and complete its existing network.

With this three-fold increase in infrastructure investment compared to VinFast’s initial plan, V-Green aims to establish charging stations nationwide and make Việt Nam one of the world’s leading countries in charging infrastructure for electric vehicles.

The company is also entering new markets in the Middle East and Africa, with Oman, Nigeria and Ghana being the first.

In addition to Việt Nam, VinFast is currently building electric vehicle manufacturing plants in the United States and India. The company also plans to establish a factory in Indonesia. — VNS

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