VinFast to invest hundreds of millions to implement own global line of branded EV chargers

VinFast’s founder has announced a new arm called V-Green to build EV chargers, focused on bolstering global access while prioritizing sessions for VinFast drivers, accelerating the Vietnamese automaker’s expansion into new markets.

Just when you think VinFast has already spread itself too thin, it has announced yet another expensive venture into another key segment in electrification. The automotive arm of Vietnamese conglomerate VinGroup is a mere six years old and has only been building BEVs since 2021.

Must Read: VinFast (VFS) launches VF 7 SUV Arrival

In those three short years, however, we’ve seen the young company introduce several all-electric models with more on the way, initially entering markets in Vietnam alongside expansions to North America, Europe, and beyond.

In addition to its original footprint near Hai Phong, VinFast is erecting EV production facilities in the US, Indonesia, and, most recently, India, all while establishing various partnerships with dealer networks to get its EVs in front of more and more consumers worldwide.

While the automaker fell short of its delivery targets in 2023, revenues rose. However, the company has seen its fair share of growing pains moving so quickly; it maintains plenty of financial runway thanks to its parent company and its affluent Chairman, Pham Nhat Vuong.

A key factor in swaying the masses toward EV adoption is easy access to dependable chargers, so naturally, VinFast will throw money at that segment as well.

VinFast introduces new V-Green line of EV chargers

Per an announcement from VinGroup Chairman and VinFast founder Vuong, the Vietnamese automaker has spun the new V-Green company out of its current charging station development division, funded by Mr. Vuong, who will hold a 90% stake.

V-Green will operate as a global partner to VinFast to develop and implement a worldwide network of EV chargers. The independent investment also gives VinFast more financial leeway to continue expansion into new markets while gaining infrastructural prowess, beginning in its native Vietnam.

In addition to taking over the operations and management of VinFast’s current charging network overseas, V-Green will invest 10 trillion VND (~$404 million) over the next two years to upgrade and expand it. Those chargers will be installed and made available exclusively to VinFast drivers in Vietnam. However, after about five years of operation, the company states it will be open to allowing other EVs to use its chargers. V-Green CEO Nguyen Duc Thanh spoke:

The decision by VinFast’s Founder to establish V-Green is a strategic step to globally support and promote VinFast’s sustainable development. Chairman Pham Nhat Vuong’s willingness to use his personal assets to support V-Green demonstrates this commitment. It reduces VinFast’s infrastructure investment needs and provides maximum support for the EV manufacturer’s rapid development. This affirms a strong determination to promote green transportation in Vietnam and worldwide.

Another goal of V-Green’s initial phase is to seek out land and potential partners worldwide to expand the pending network of VinFast branded chargers to critical markets. That strategy also includes potential partnerships with other established charging networks to offer access to its EV owners in different countries.

This year alone, VinFast is planning to expand to over 50 different territories worldwide.