Vietnam’s Vingroup has launched its electric vehicle charging stations business under V-Green according to Reuters. The EV charging stations would prioritise VinFast vehicles.
Vietnamese billionaire Pham Nhat Vuong, Founder and Chairman, Vingroup will hold 90 percent stake in V-Green.
“V-Green will directly search for land and partners to establish and expand its charging network in key markets of VinFast,” Vuong said.
It was recently that VinFast broke ground in Tamil Nadu, India, for its integrated EV manufacturing facility. The company also filed for trademarking the VF3 micro electric SUV in India.
VinFast, which was founded by Vuong in 2017 and debuted on the Nasdaq last year, has said it would expand to at least 50 countries in 2024.
In Vietnam, V-Green will be responsible for operating and managing VinFast’s existing charging network and will consider expanding charging services to other EV manufacturers after five years of operation.
It would spend about $404 million (Rs 3,365 crore) in the next two years on new outlets and upgrades for the charging network, he said.
Last year, Vuong founded a EV taxi operator, Green SM, which accounted for 72% of VinFast’s 2023 sales.
