Vietnamese automaker VinFast has been on a roll lately—the company plans to expand to 50 countries in 2024, and is working on EV manufacturing plants in the US, India and Indonesia. Some boosters are calling the upstart “the next Hyundai.”

Now VinFast founder Pham Nhat Vuong has announced the establishment of V-Green, a new company with a mission to develop a charging network to support VinFast vehicles, and to greatly increase the number of EV charging stations in Vietnam.

V-Green, majority-owned by Mr. Pham with a 90% stake, will focus solely on infrastructure investment, independently from VinFast. In the initial phase, the company will seek out land and partners to establish its charging network in “key markets around the world.” It will also cooperate with other charging companies to provide charging services to VinFast EV owners.

In Vietnam, V-Green will operate VinFast’s existing charging network, and will invest 10 trillion VND (approximately $404 million) over the next two years to build new stations and to upgrade the existing network—a threefold increase in investment compared to VinFast’s previous plan.

The company says that it “may consider expanding charging services to other EV manufacturers in addition to VinFast” after about five years, depending on market conditions and fundraising.

“The decision by VinFast’s founder to establish V-Green is a strategic step to globally support and promote VinFast’s sustainable development,” said Mr. Nguyen Duc Thanh, CEO of V-Green. “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.”

Source: VinFast