Electric vehicle maker VinFast, on Monday, established its subsidiary V-Green Global Charging Station Development Company (V-Green) to bring innovation in the charging infrastructure system for VinFast vehicles as well as make Vietnam a desirable destination for electric charging.
The firm said V-Green will invest 10 trillion Vietnamese Dong ($403 million) over the next two years. Also, at the initial stage, V-Green will directly search for land and partners to establish and expand its charging network in key markets globally.
Chairman of Vingroup Pham Nhat Vuong, who is also the Founder of VinFast launched the company’s new venture V-Green. Vuong owns 90% of the stakes and will operate as a global partner, added VinFast.
The company also said the newly inaugurated firm will focus solely on infrastructure investment independent from VinFast, and also achieve its goal of developing a green ecosystem and expanding its footprints.
In late February, VinFast signed a deal with Bahwan Automobiles Trading LLC (BAT) for the distribution of electric vehicles in the Oman market signifying its global expansion by initiating operations in the Middle East region.
Hai Phong, Vietnam-based VinFast is currently building electric vehicle manufacturing plants in the US and India. Additionally, the firm is also planning to establish a factory in Indonesia.
At the time of conversion, $1= 24,764.74 VND
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