VinFast’s parent, PV Power partner to speed up charging station expansion

Vietnamese private conglomerate Vingroup, the parent firm of electric vehicle manufacturer VinFast, and state-controlled PV Power have entered an agreement to develop charging stations across the country and promote rooftop solar installations.

Under an agreement signed in Hanoi on Friday, PV Power and its partners will produce and provide charging equipment for V-Green, which specializes in developing charging stations.

V-Green, 90% owned by Pham Nhat Vuong, chairman and founder of Vingroup, now owns the largest charging network for electric cars and motorbikes in Vietnam, with 150,000 chargers nationwide to support VinFast-branded vehicles.

In March, V-Green unveiled a plan to invest an additional VND10 trillion ($393.35 million) over the next two years to build new stations, upgrade and complete its existing network.

In addition, the 1,000 charging stations PV Power (HoSE: POW) plans to develop in 2025-2030 will be handed over to V-Green, according to the agreement.

In September, PV Power said it will partner with a South Korean partner to develop 1,000 charging stations by 2035, with the first station becoming operational in downtown Hanoi later in the month.

Also under the deal, PV Power, the power generating arm of Petrovietnam, will provide green energy and energy-saving solutions as well as power to Vingroup and its units at competitive prices.

In exchange, Vingroup will let PV Power install rooftop solar systems at warehouses, offices and properties of the Vingroup ecosystem nationwide, according to the agreement.

VinFast, with a majority stake owned by Vuong, delivered over 51,000 electric vehicles in Vietnam in the first 10 months of this year, making it the best-selling brand in the country. It aims to deliver 80,000 cars this year.