Pham Nhat Vuong, chairman of Vietnam’s largest private conglomerate Vingroup and founder of electric vehicle (EV) maker VinFast, announced the establishment of V-Green Global Charging Station Development Company (V-Green) on Monday in which he holds a 90-percent stake. 

V-Green's mission is to invest in the development of a charging infrastructure system that prioritizes supporting VinFast vehicles and propels Vietnam toward becoming one of the world's leaders in electric vehicle charging station density. 

Spun off from VinFast's charging station development division, V-Green will operate as a global partner, spearheading the creation of a comprehensive charging network. 

The move will allow V-Green to focus solely on infrastructure investment independently from VinFast, and enable the Vietnamese electric vehicle manufacturer to prioritize market expansion and sustainable development.

With the goal of developing a green ecosystem and contributing to the EV transition, the new firm will seek better access to and mobilize capital with preferential interest rates, thus fueling VinFast’s rapid expansion into international markets.

In the initial period, V-Green will directly search for 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 EV owners.

In Vietnam, the company will manage VinFast's current charging network and invest an additional VND10 trillion (US$404 million) over the next two years to expand the network by building new stations and upgrading existing ones.

With this threefold increase in infrastructure investment compared to VinFast's initial plan, V-Green aims to establish charging stations nationwide and make Vietnam one of the world's leading countries in charging infrastructure for EVs.

After about five years of operation, depending on each market and actual fundraising capacity, the company may consider offering charging services to other EV manufacturers.

Nguyen Duc Thanh, CEO of V-Green, said its establishment is a strategic step to support and promote VinFast's sustainable development on a global scale. 

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