Third Vietnamese gasoline company to install VinFast EV charging stations 

Saigon Fuel JSC, which trades in fuels including gasoline, oil, lubricants, and LPG, plans to collaborate with electrical vehicle manufacturer VinFast to survey its gasoline stations for potential installation of charging stations.

At the company's 2024 AGM, the board of directors revealed plans to collaborate with VinFast to survey its gasoline stations for potential installation of EV charging stations.

If these locations meet the required standards, the company, listed on the Ho Chi Minh Stock Exchange as SFC, will move forward with the investment.

Previously, Vietnam's top fuel retailers Petrolimex and PV Oil - a Petrovietnam subsidiary launched hundreds of VinFast EV charging stations at their gasoline stations across Vietnam.

Currently, SFC operates 18 gasoline stations. Company leaders emphasized that installing charging stations requires significant space, potentially impacting sales and operational efficiency, especially at smaller locations.

Therefore, SFC will prioritize cooperating on larger premises that meet fire prevention and safety standards, they said.

Founded in 1975, Saigon Fuel specializes in trading fuels including gasoline, oil, lubricants, and LPG, and has also ventured into real estate and financial investments.

The company has a charter capital of VND113 billion ($4.43 million). Its largest shareholder, S.T.S Maritime Petroleum Services Company (STS Petro), holds a 50.99% stake. Other significant stakeholders include HCMC Petroleum Company Limited with 20.01% and chairman of the board Le Trong Hieu, who owns 12.68%.

Equitized in 2000, Saigon Fuel has been listed on the HCMC Stock Exchange (HoSE) since 2004. The stock trades at approximately VND22,000 ($0.86) apiece with low liquidity, equating to a market capitalization of around VND250 billion ($9.8 million).

For the 2024-2025 fiscal year, Saigon Fuel aims for a total output of 89 million liters of gasoline and a pre-tax profit of VND26.4 billion ($1.03 million).

The company has set a minimum dividend rate of 12% on charter capital, with the 2024 dividend projected at 15%, equivalent to nearly VND17 billion ($667,846).

VinFast is a Vietnamese EV manufacturing startup. The company became the top-selling automotive brand in Vietnam for September, October, and for the first 10 months of 2024 while continuing to make strides in its global expansion.

On December 8, the carmaker kicked off an EV plant project in the central province of Ha Tinh - its second in Vietnam and fifth globally. Construction on the VND7,300 billion ($287.5 miilion) plant, located on 36 hectares in the Vung Ang Economic Zone, Ky Anh district, will commence in July next year.

Apart from the operational complex in Vietnam's northern city of Hai Phong, VinFast is building three others in India, Indonesia and the U.S., of which those in India and Indonesia are scheduled to come into operation in 2025.