Vietnamese electric automaker VinFast will soon have its own worldwide network of electric vehicle chargers with the launch of a new business unit, V-Green.
VinFast founder introduces V-Green
VinFast Founder Mr. Pham Nhat Vuong formally introduced a new arm, “V-Green Global Charging Station Development Company (V-Green),” on March 18.
VinFast spun V-Green out of its current charging station development unit, with Mr. Vuong controlling 90% of the shares.
V-Green will serve as the Vietnamese automaker’s global partner in developing and establishing a global EV charger network. In that sense, it will offer VinFast more financial freedom to pursue its global expansion efforts while securing infrastructural advantage. The two VinGroup companies will begin the initiative in their home turf, Vietnam.
Primary purpose
VinFast outlined V-Green’s primary purpose in the electric vehicle industry, which includes the following:
- “investing in the development of a comprehensive charging infrastructure system that prioritizes supporting VinFast vehicles
- propelling Vietnam towards becoming one of the world’s leaders in electric vehicle charging station density”
Apart from managing VinFast’s charging network, V-Green plans to allocate 10 trillion VND (~$404 million) in the following two years to upgrade and expand the network.
It aims to install the chargers in Vietnam to exclusively accommodate local VinFast drivers, with plans to open the network to other EVs after approximately five years since inception.
“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.”
V-Green CEO Nguyen Duc Thanh
Moving forward
As part of the initial phase, V-Green will look for land and prospective partners across the world to expand the upcoming branded electric vehicle chargers across key markets.
In addition, this strategy also includes the need to collaborate with other major charging networks to allow VinFast owners to access their chargers in other nations.
It is worth noting that VinFast aims to expand its business to more than 50 territories globally this year alone. VinFast has already penetrated the US, Canada, and European markets, and it is making ongoing efforts to add neighbouring Asian markets such as India, Indonesia, Thailand, and the Philippines. It also plans to sell its electric vehicles to new markets in the Middle East and Africa.
