Founder of EV maker VinFast launches global charging stations venture

The founder of Vietnamese electric vehicle maker VinFast on Monday launched an EV charging station company, V-Green, which he said would prioritise supporting VinFast vehicles globally. V-Green, of which billionaire Pham Nhat Vuong holds a 90 per cent stake, will operate as a global partner, spearheading the creation of a comprehensive charging network, he said a statement. "V-Green will directly search for land and partners to establish and expand its charging network in key markets of VinFast," Vuong said.

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 in the next two years on new outlets and upgrades for the charging network, he said.

Last year, Vuong founded an EV taxi operator, Green SM, which accounted for 72 per cent of VinFast's 2023 sales.