V-GREEN, the operator of VinFast’s EV charging stations, aims to expand its network in Vietnam by sixfold to 1 million ports in three years, and has recently expanded its presence in Indonesia and the Philippines. This highlights VinFast’s ambitious targets for its home country, where the government is slowly rolling out policies to support EV adoption.
VinFast, the Vietnamese automaker, has announced a significant expansion of its EV charging network in Vietnam, aiming to increase the number of charging ports from the current 160,000 to 1 million within the next three years. This ambitious plan underscores the company’s commitment to supporting the growth of electric vehicle (EV) adoption in the country.
The expansion comes amidst the Vietnamese government’s ongoing efforts to promote EV usage. The government has implemented several policies to support the EV market, including the waiving of registration fees for battery electric vehicles (BEVs) for three years and reducing the registration fee to 50% for the following two years. These measures aim to make EVs more accessible and affordable, thereby encouraging their adoption and reducing air pollution
VinFast’s V-GREEN, the operator of the EV charging stations, has also expanded its presence in neighboring countries, including Indonesia and the Philippines. This regional expansion indicates the company’s strategic vision to establish a robust charging infrastructure that supports both domestic and international EV usage.
The EV market in Vietnam is expected to grow significantly over the next few years. According to Mordor Intelligence, the market size is projected to reach USD 2.48 billion in 2024 and USD 5.67 billion by 2029, growing at a CAGR of 18% during the forecast period. The growth is driven by increasing demand for fuel-efficient, high-performance, and low-emission vehicles, stringent emission regulations, and declining battery costs.
The expansion of VinFast’s charging network is a strategic move to capitalize on this growing market. By increasing the availability of charging ports, VinFast aims to address one of the key restraints in EV adoption: the lack of charging infrastructure. A robust charging network is essential for the widespread adoption of EVs, as it ensures that users have convenient and reliable access to charging facilities.
Moreover, the expansion aligns with the Vietnamese government’s Action Program on Green Energy Transition and Reduction of Carbon and Methane Emissions in the Transportation Sector. The program aims to promote electric vehicles and achieve net-zero emissions by 2050. VinFast’s efforts to expand its charging network contribute to this broader goal by making EVs more accessible and convenient for consumers.
In conclusion, VinFast’s ambitious plan to expand its EV charging network in Vietnam is a strategic move that supports the growth of the EV market and aligns with the government’s green energy initiatives. The expansion aims to address the key restraints in EV adoption and capitalize on the growing demand for fuel-efficient and low-emission vehicles.
Source: AIinvest
