VinFast founder to invest $404m in new EV charging venture

Photo credit: VinFast

Pham Nhat Vuong, founder of Vietnamese electric vehicle maker VinFast, has launched a new venture that would focus on developing and deploying an EV charging station ecosystem that “prioritizes supporting VinFast vehicles.”

Called V-Green, the new company will invest nearly US$404 million over the next two years to build new stations, upgrade and complete VinFast’s existing charging infrastructure, and oversee the stations’ operations and management.

Vuong, who is also the Vietnamese billionaire behind local conglomerate Vingroup, holds a 90% stake in V-Green – which is spun off from VinFast’s charging station development division.

The decision “reduces VinFast’s infrastructure investment needs and provides maximum support for the EV manufacturer’s rapid development,” said Nguyen Duc Thanh, CEO of V-Green, in a statement.

If successful, V-Green could mimic the success of Tesla’s Supercharger. This extensive charging network has proved to be a major boon for the Elon Musk-led EV firm, setting it apart from its competition.

V-Green said it will search for land and partners to set up and expand its charging network in VinFast’s key markets, such as the US, Canada, and Europe. It also intends to secure funding at lower costs, which can then be utilized to fuel VinFast’s expansion into international markets.

VinFast has ambitions to enter at least 50 countries in 2024. Aside from Vietnam, it’s building EV manufacturing plants in the US and India.

See also: Vingroup founder’s EV play revs up Vietnam’s ride-hailing race