Petrovietnam power unit aims to develop 1,000 EV charging stations by 2035

PV Power, a power generation unit under state-owned oil an gas major Petrovietnam, plans to develop 1,000 electric vehicle (EV) charging stations nationwide by 2035.

The company said on Monday that it will collaborate with a South Korean partner to carry out the plan that would help the nation’s transport sector “become greener.”

The first station on Hanoi’s Huynh Thuc Khang street is expected to open later this month. Once the charging station is operational, PV Power will build two more in the capital city.

The DC rapid charging station, occupying roughly 30 to 35 square meters, will be able to handle 100 to 120 kW of power in total. It will consist of two vertical charging cabinets, each with two charging connections that can handle 50 to 60 kW of power each.

The projected average cost of charging is estimated at roughly VND3,858 ($0.16) per kWh, which is more competitive than several other units.

PV Power highlighted the market’s potential for charging stations, in line with the country’s EV transition target set in 2022. Accordingly, Vietnam aims to have all its buses become EVs from 2025, all taxis from 2030, and all general vehicles from 2050.

However, PV Power stressed challenges in the sector, including big initial investments, technologies to serve EVs of different brands and makes, and power supply deals with state utility Vietnam Electricity (EVN).

Another major EV charging station network being developed in Vietnam is V-Green, a franchise invested in by Pham Nhat Vuong, co-founder and chairman of private conglomerate Vingroup. Vingroup is known for its EV making subsidiary VinFast.

V-Green plans to invest VND10,000 billion ($405.3 million) in the next two years on building 150,000 charging stations across the country, making it Vietnam’s largest EV charging network.