VinFast Founder Backs New Global EV Charging Venture

Pham Nhat Vuong, the billionaire founder of Vietnamese automaker VinFast, has launched V-Green Global Charging Station Development Company (V-Green) to spearhead the expansion of electric vehicle (EV) charging infrastructure. The new company aims to bolster VinFast's aggressive international growth ambitions and position Vietnam as a leader in the global EV transition.

Mr. Vuong, who also chairs Vingroup Corporation, holds a 90% majority stake in V-Green. The spin-off will operate independently from VinFast, focusing on charging infrastructure investment while allowing the automaker to prioritize market expansion and sustainable development.

"The decision to establish V-Green is a strategic step demonstrating our strong commitment to promoting green transportation," said V-Green CEO Nguyen Duc Thanh. "Mr. Vuong's personal investment underscores his determination to support VinFast's global vision."

V-Green will initially focus on securing land and partnerships in key markets to rapidly develop its charging network. The company will also collaborate with other charging providers to serve VinFast EV owners. In Vietnam, V-Green will manage VinFast’s existing network and invest $404 million over two years to build new stations and upgrade infrastructure. This represents a significant increase from VinFast's earlier plans, with a goal of propelling Vietnam into a global leader in EV charging density.

VinFast aims to have a presence in at least 50 countries by 2024. Beyond core markets like the US, Canada, and Europe, the company is expanding into India, Indonesia, Thailand, the Philippines, Oman, Nigeria, and Ghana. VinFast is also constructing EV factories in the US and India, with plans to establish additional production facilities internationally.

In approximately five years, V-Green may open its network to other EV manufacturers beyond VinFast, depending on market conditions and the company's capacity to raise capital.