Pham Nhat Vuong Establishes V-GREEN as an Independent Company to Expand Electric Vehicle Charging Infrastructure Worldwide

VinFast, the Vietnamese automotive manufacturer, recently announced the establishment of V-GREEN, a new company dedicated to the development of electric vehicle charging infrastructure on a global scale. This independent entity, created by separating VinFast’s charging station division, aims to become a leading partner in the field of electric vehicle charging infrastructure worldwide. As the CEO of VinFast, billionaire Pham Nhat Vuong will own 90% of V-GREEN.

Focusing on Sustainable Development and Global Expansion

V-GREEN’s mission is to build and manage a network of electric vehicle charging stations, helping VinFast reduce its financial burden and focus on expanding its global market presence. By operating independently, V-GREEN will accelerate the development of green transportation ecosystems by quickly accessing green capital with favorable interest rates for electric vehicle charging infrastructure deployment. This not only supports VinFast in conquering international markets but also improves environmental quality by promoting electrification of transportation.

Nguyen Duc Thanh, CEO of V-GREEN, stated, “The establishment of V-GREEN is a strategic move by VinFast’s founder to promote sustainable development of VinFast globally. Chairman Pham Nhat Vuong’s strong personal commitment to invest in V-GREEN not only demonstrates the determination to reduce infrastructure investment pressure for VinFast but also shows a commitment to the goal of green transportation in Vietnam and worldwide.”

Ambitious Expansion and Vision for Vietnam as an Electric Vehicle Hub

With plans to expand to at least 50 countries by 2024, VinFast aims to broaden its production and business operations to key markets such as the United States, Canada, Europe, neighboring Asian countries including India, Indonesia, Thailand, and the Philippines, as well as the Middle East and Africa, with Nigeria and Ghana as the latest destinations. VinFast is also taking steps to establish electric vehicle manufacturing plants in the United States, India, and Indonesia.

In the initial phase of deployment, V-GREEN will focus on identifying locations and partners in key markets to build a charging station network. The company will also collaborate with third-party charging station providers to ensure charging services are available for VinFast electric vehicle owners.

Within Vietnam, V-GREEN is not only responsible for managing VinFast’s existing charging station system but also plans to invest an additional 10 trillion VND (approximately $434 million) over the next 2 years. This significant investment aims to build new charging stations and upgrade existing ones, with the expectation that Vietnam will become a leader in electric vehicle charging infrastructure globally.

After approximately 5 years of operation, V-GREEN will assess the market conditions and fundraising potential in each region to consider expanding its business model, including providing charging services to other electric vehicle brands beyond VinFast.

Electric and plug-in hybrid vehicles also benefit from the charging stations provided by V-GREEN, extending beyond VinFast’s own vehicle lineup.

Vietnam’s Potential as an Electric Vehicle Center

The coverage of charging stations is considered one of the biggest barriers for non-VinFast electric vehicles entering the Vietnamese market. With the removal of this barrier, it can be inferred that Vietnam will welcome a significant wave of electric vehicles, offering a diverse range of models and brands, thereby making the domestic electric vehicle market more vibrant with numerous options and price ranges.

Currently, several non-VinFast electric vehicle models, such as the Wuling HongGuang MiniEV and Hyundai IONIQ 5, are already available in Vietnam. Additionally, plug-in hybrid models like the KIA Sorento and the latest Volvo S90L Recharge can also benefit from the charging stations, providing more choices for consumers.

In conclusion, the establishment of V-GREEN as an independent company marks an important strategic move by Pham Nhat Vuong to facilitate the sustainable development of VinFast globally. With ambitious expansion plans and a vision to transform Vietnam into an electric vehicle hub, V-GREEN’s efforts will not only benefit VinFast but also contribute to the broader adoption of electric vehicles worldwide. To learn more about the latest developments in the business world, visit Business Today.