The founder of VinFast, a Vietnamese electric vehicle manufacturer, recently introduced a new venture called V-Green, focusing on EV charging stations. This initiative, spearheaded by billionaire Pham Nhat Vuong, aims to prioritize support for VinFast vehicles worldwide. With Vuong holding a substantial 90% stake in V-Green, the company intends to establish a robust charging network on a global scale, functioning as a strategic partner for VinFast.
In a statement, Vuong emphasized V-Green’s mission to seek out suitable locations and collaborators to expand its charging infrastructure, particularly in key markets where VinFast operates. VinFast, under Vuong’s leadership since its inception in 2017 and subsequent listing on the Nasdaq, has ambitious plans to extend its presence to over 50 countries by 2024.
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In Vietnam, V-Green assumes the responsibility of operating and maintaining VinFast’s existing charging network, with potential considerations for offering charging services to other EV manufacturers after a five-year operational period. The company has earmarked a substantial investment of approximately $404 million over the next two years for the establishment of new charging stations and enhancements to the existing network.
Notably, Vuong’s entrepreneurial endeavors in the EV sector extend beyond V-Green, as evidenced by the establishment of Green SM, an EV taxi operator, which significantly contributed to VinFast’s sales in 2023. This multifaceted approach underscores Vuong’s commitment to advancing sustainable transportation solutions and solidifying VinFast’s position as a major player in the global EV market.
