Mr Pham Nhat Vuong establishes company to develop electric vehicle charging stations

DNHN - V-GREEN will initially seek sites and partners to establish and expand a network of charging stations in key markets worldwide.

Vingroup Chairman founded V-GREEN Global Charging Station Development Company to assist VinFast in breaking into international markets.

V-GREEN, 90% owned by billionaire Pham Nhat Vuong, was spun off from electric vehicle manufacturer VinFast’s charging station development division. The company will operate independently as a partner in developing a global network of charging stations for VinFast.

“The company will be responsible for investing in the entire electric vehicle infrastructure, thereby reducing the financial burden on VinFast so that the automaker can focus on expanding its market and developing sustainably,” the press release said.

In addition, with a clear goal of developing a green ecosystem and contributing to the promotion of the electric transportation revolution, V-GREEN will have a better chance of accessing and mobilising green capital with preferential interest rates, thereby supporting VinFast’s rapid expansion into international markets.

Initially, V-GREEN will directly seek sites and partners to establish and expand a network of charging stations in key markets worldwide, while also cooperating with third-party charging station providers to provide charging services to VinFast electric vehicle owners.

In Vietnam, V-GREEN will be responsible for operating and managing VinFast’s existing charging station system and will invest an additional VND10,000 billion over the next two years to build new stations and upgrade and complete the system. By tripling its total investment in infrastructure compared to VinFast’s original plan, V-GREEN aims to cover the entire country with charging stations and make Vietnam one of the world’s leading countries in the development of charging station infrastructure for electric vehicles.

After about five years of operation, depending on each market and actual fundraising capacity, V-GREEN may consider switching to a business model of providing electric car charging services to electric vehicle manufacturers other than VinFast.

“The decision to establish V-GREEN is a strategic move by the founder of VinFast to support and strongly promote VinFast’s sustainable and stable development on a global scale,” said Nguyen Duc Thanh, CEO of V-GREEN.

Mr Vuong is the founder of Vingroup and VinFast. Earlier this year, he transitioned from the role of Chairman of the Board of Directors of VinFast to the position of General Director, replacing Ms Le Thi Thu Thuy, to directly manage VinFast.

Recently, VinFast CEO Pham Nhat Vuong was named one of the 50 most influential people in the global automotive industry in 2024 by the prestigious American automotive magazine MotorTrend.

According to the assessment of the automotive magazine, which is over 70 years old and has a leading reputation worldwide, VinFast, the Vietnamese electric vehicle manufacturer, is expanding rapidly in the global market, including the highly competitive US market. Billionaire Pham Nhat Vuong has shown his determination by taking on the role of CEO, ramping up production of a comprehensive range of electric vehicles, and expanding the dealer network in the US and many other countries around the world. VinFast has also demonstrated its global ambitions by building an electric vehicle manufacturing plant in North Carolina, USA. In addition, the Vietnamese electric vehicle manufacturer has recently held a groundbreaking ceremony for a plant in Tamil Nadu, India, and announced plans to build a plant in Indonesia.

“Pham Nhat Vuong shows no sign of wanting to reduce investment in electric vehicles,” MotorTrend said of the Vingroup Chairman and VinFast CEO.

Tu Anh