Vietnam’s Richest Person to Inject $404M into Electric Vehicle Charging Network

Pham Nhat Vuong, Vietnam’s richest person, is backing a company that will invest 10 trillion dong ($404 million) over two years to create electric vehicle charging stations nationwide.

Pham, the controlling shareholder of Vingroup and EV maker VinFast, is investing through V-Green Charging Development, where he controls a 90% stake.

V-Green was spun off from VinFast to help speed Vietnam’s transition to EVs while also allowing the EV manufacturer to focus on boosting sales in global markets. The move “reduces VinFast’s infrastructure investment needs and provides maximum support for the EV manufacturer’s rapid development,” said Nguyen Duc Thanh, CEO of V-Green, in an announcement.

Vietnam’s VinFast is absorbing sister company VinES, which is building a battery factory in the country with China’s Gotion. (Photo by Lien Hoang)

To develop internationally, V-Green is seeking partners in VinFast’s main markets. The company stated that it will explore providing its infrastructure to additional EV brands in the future.

Pham, worth $4.4 billion, has financed VinFast’s expansion plans in North America, Europe, and Asia, accelerating EV sales. Last August, the company registered on Nasdaq after merging with Black Spade Acquisition Co., a special purpose acquisition company backed by Hong Kong casino magnate Lawrence Ho. It delivered fewer than 35,000 EVs last year, falling short of its goal of 50,000 vehicles.

Pham is the chairman of Vingroup, which also invests in real estate, retail, and healthcare. He got his start in Ukraine, where he opened a Vietnamese restaurant in the early 1990s. After the restaurant failed, he ventured into the instant noodle industry, which he sold to Nestle in 2010 for an estimated $150 million. The tycoon utilized the money to build a real estate business in Vietnam.



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