Vinfast to Launch its own EV Charging Brand

Pham Nhat Vuong, the founder of Vietnamese electric vehicle maker VinFast, has launched a new venture called V-Green, an EV charging station company to support VinFast vehicles globally. With a 90 percent stake held by billionaire Vuong, V-Green will operate as a global partner, focusing on establishing a comprehensive charging network.

V-Green's primary objective is to expand VinFast's presence in key markets by securing land and partnerships to develop and enhance its charging infrastructure. VinFast, founded by Vuong in 2017 and listed on the Nasdaq last year, has ambitious plans to expand its footprint to at least 50 countries by 2024.

In Vietnam, V-Green will manage VinFast's existing charging network while also considering extending its services to other EV manufacturers after five years of operation. The company plans to invest approximately US$404 million over the next two years to establish new charging stations and upgrade existing ones.

Vuong's efforts in the EV sector extend beyond V-Green, as he also founded Green SM, an EV taxi operator that contributed significantly to VinFast's sales in 2023. VinFast Auto Ltd., a multinational automotive company under Vingroup, has been rapidly expanding its presence globally, with showrooms opening in Toronto, California, and plans to enter markets in Asia, including Indonesia and the Philippines, by 2024.