HANOI, VIETNAM – Media OutReach Newswire – March 18, 2024 – In Hanoi, Vietnam, March 18th – Mr. Pham Nhat Vuong, Chairman of Vingroup Corporation and founder of VinFast, announced the establishment of V-Green Global Charging Station Development Company (V-Green). V-Green’s mission is two-fold: to invest in the development of a comprehensive charging infrastructure system that prioritizes supporting VinFast vehicles, and to propel Vietnam into one of the global leaders in density of charging stations for electric vehicles.
From VinFast’s charging station development division, V-Green, majority-owned by Mr. Pham with a 90% stake, will operate as a global partner, leading the creation of a comprehensive charging network. This strategic move will allow V-Green to focus solely on infrastructure investments independent of VinFast, and enable the Vietnamese power manufacturer to prioritize 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 to gain greater access and mobilize capital with preferential interest rates. This capital will fuel VinFast’s rapid expansion into international markets.
In the initial phase, V-Green will directly seek 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 Vietnam, V-Green will be responsible for operating and managing VinFast’s existing charging network. V-Green will further invest VND10 trillion (approximately $404 million) over the next two years to build new stations, upgrade and supplement its existing network. With this tripling of infrastructure investments compared to VinFast’s initial plan, V-Green aims to establish charging stations nationwide and make Vietnam one of the leading countries in the world for charging infrastructure. charging for electric vehicles.
After about five years of operation, depending on each market and actual fundraising capacity, V-Green may consider expanding its charging services to other electric vehicle manufacturers besides VinFast.
Mr. Nguyen Duc Thanh, CEO of V-Green, said: “VinFast founder’s decision to create V-Green is a strategic step to support and promote VinFast’s sustainable development globally. President Pham Nhat Vuong’s willingness to use his personal assets to support V-Green demonstrates this commitment. This reduces VinFast’s infrastructure investment. needs and provides maximum support for the rapid development of the electric vehicle manufacturer. This affirms a strong determination to promote green transportation in Vietnam and around the world.
As previously announced, VinFast will expand to at least 50 countries around the world in 2024. In addition to key markets like the United States, Canada and Europe, VinFast is rapidly expanding into neighboring Asian countries such as India, Indonesia, Thailand and the Philippines. The company is also entering new markets in the Middle East and Africa, with Oman, Nigeria and Ghana being the first.
Besides Vietnam, VinFast is currently building electric vehicle manufacturing plants in the United States and India. The company is also planning to establish a factory in Indonesia.
Hashtag: #WineFast
The issuer is solely responsible for the content of this announcement.
