Hanoi, March 18, 2024 - Chairman of Vingroup and founder of VinFast - Mr. Pham Nhat Vuong announced the establishment of V-GREEN Global Charging Station Development Company. V-GREEN's goal is to invest in developing a charging station infrastructure system to maximally support VinFast's rapid expansion globally, while making Vietnam one of the countries with the largest density of electric vehicle charging stations in the world. V-GREEN Company was established by the founder of VinFast with a 90% ownership ratio, separated from the charging station development department of VinFast electric vehicle company. V-GREEN will operate completely independently as a partner in developing a charging station network for VinFast on a global scale. Accordingly, the company will be responsible for investing in the entire electric vehicle infrastructure, thereby reducing financial pressure and implementation for VinFast so that the car company can focus on expanding the market and developing sustainably. In addition, with the clear goal of developing a green ecosystem, contributing to promoting the electric transport revolution, V-GREEN will have more favorable opportunities to access and mobilize green capital sources with preferential interest rates, thereby supporting VinFast to quickly reach international markets. In the first phase, V-GREEN will directly seek locations and partners to establish and expand the network of charging stations in key markets around the world, and cooperate with partners who are third-party charging station providers to provide vehicle charging services for VinFast electric car owners. In Vietnam, V-GREEN will be responsible for operating and managing VinFast's existing charging station system, and will invest an additional VND 10,000 billion in the next 2 years to build new and upgrade, and complete the system. By increasing the total investment in infrastructure by 3 times compared to VinFast's original plan, V-GREEN aims to cover charging stations across the country and make Vietnam one of the world's leading countries in developing charging station infrastructure for electric vehicles. After about 5 years of operation, depending on each market as well as actual mobilization capacity, V-GREEN can consider switching to an electric car charging service business model for electric vehicle manufacturers other than VinFast. Mr. Nguyen Duc Thanh - General Director of V-GREEN said: “The decision to establish V-GREEN is a strategic step by the founder of VinFast in supporting and strongly promoting VinFast's sustainable and stable development on a global scale. The fact that Chairman Pham Nhat Vuong is willing to use his personal assets to establish V-GREEN to reduce the pressure on infrastructure investment for VinFast and provide maximum support for the car company's development has affirmed his strong determination to promote green transportation in Vietnam and the world”. According to the plan, in 2024, VinFast will expand its production and business activities to at least 50 countries around the world. In addition to key markets such as the US, Canada and Europe, VinFast is strongly expanding to neighboring countries in the Asian region such as India, Indonesia, Thailand, the Philippines..., the Middle East or most recently Africa with the first markets being Nigeria, Ghana... In addition to Vietnam, VinFast is also promoting the construction of electric vehicle factories in the US, India and Indonesia./.Vingroup
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