Vietnam’s corporate behemoth, Vingroup, led by the visionary billionaire Pham Nhat Vuong, unveils V-Green, a groundbreaking electric vehicle (EV) charging station initiative, setting a new precedence for VinFast vehicles’ prioritization. This strategic move signals Vietnam’s escalating influence within the global electric vehicle sphere, showcasing Vuong’s commitment to a sustainable future.
Owning a substantial 90 percent stake, Vuong’s involvement in V-Green not only amplifies the service ecosystem for VinFast but strategically positions the venture at the forefront of the burgeoning global EV market. Vuong articulates, “V-Green will directly search for land and partners to establish and expand its charging network in key markets of VinFast,” delineating the venture’s ambitious blueprint.
This announcement arrives notably after VinFast inaugurated an integrated EV manufacturing facility in Tamil Nadu, India, coupled with the trademark filing for the VF3 micro electric SUV in the country. These steps underscore VinFast’s dedication not merely to manufacturing electric vehicles but to ensuring their global accessibility and convenience.
Since Vuong’s establishment of VinFast in 2017, the company’s ascent has been meteoric, culminating in its Nasdaq debut last year and its ambitious pledge to penetrate at least 50 countries by 2024. V-Green is set to be instrumental in this expansion, tasked with the management and operation of VinFast’s charging infrastructure in Vietnam, laying the foundation for a global network epitomizing sustainability and innovation.
V-Green commits to a substantial $404 million investment over the upcoming two years for new outlet openings and enhancements to the charging framework, reflecting Vingroup’s robust conviction in electric mobility’s potential to transform transportation paradigms.
Additionally, Vuong’s venture into the EV domain extends to founding Green SM, an EV taxi operation last year, which significantly contributed to 72% of VinFast’s 2023 sales. This synergistic integration within the Vingroup ecosystem embodies a comprehensive approach to electric mobility, spanning EV manufacturing to adoption facilitation through services like taxi operations and an expansive charging network.
Beyond servicing VinFast vehicles, V-Green envisages extending its charging solutions to other EV manufacturers after a five-year tenure, indicating a collaborative stance toward propelling electric mobility globally.
With Vingroup’s V-Green initiative, not only is Vietnam positioned as a formidable contender in the global EV landscape, but it also accentuates Pham Nhat Vuong’s pioneering leadership. V-Green’s launch is not merely a contribution to electric vehicles’ growth but a testament to championing sustainable, innovative transportation solutions worldwide.
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