Pham Nhat Vuong, the founder of Vietnamese car manufacturer VinFast, unveiled a new venture on Monday named V-Green, a global EV charging station. Owning 90% of the company, Vuong aims to position V-Green as a cornerstone in the global EV charging landscape, highlighting the project’s ambitious scope.
Strategic Expansion and Global Partnerships
V-Green will focus on enhancing the EV charging ecosystem, particularly for VinFast vehicles. Vuong’s plan involves pinpointing crucial locations and forging partnerships vital for deploying this infrastructure, mainly in markets where VinFast operates. This strategy is designed to boost VinFast’s international footprint by improving the availability of charging options.
VinFast’s Global Aspirations
Since its establishment in 2017, and following its Nasdaq debut last year, VinFast has set sights on expanding to over 50 countries by 2024. This ambition underlines the company’s intent to secure a significant stance in the worldwide EV market.
Within Vietnam, V-Green will oversee VinFast’s current charging stations, ensuring an optimal charging experience for its users. Moreover, the company plans to extend its services to other EV makers after exclusively serving VinFast for five years.
Investment and Development
V-Green commits to investing around $404 million over the next two years to develop new charging stations and upgrade existing ones. This investment underscores the firm’s dedication to enhancing the EV charging infrastructure in terms of accessibility and quality.
Vuong’s EV Ecosystem
Vuong’s ventures in the EV industry don’t stop with VinFast and V-Green. Last year, he introduced Green SM, an EV taxi service, which significantly boosted VinFast’s sales, accounting for 72% in 2023. This strategic integration across the EV ecosystem showcases Vuong’s comprehensive approach to promoting eco-friendly transportation.
V-Green stands as a critical development in the EV sector, backed by Vuong’s vision and substantial investment. Its mission to build a worldwide charging network not only supports VinFast’s growth but also fosters the broader adoption of electric vehicles. Through strategic investments and alliances, V-Green is set to be a pivotal player in evolving the EV charging infrastructure.
