Wealthiest Billionaire in Vietnam, Pham Nhat Vuong, Turns to Investment in Electric Vehicle Infrastructure Surges

Amidst the landscape of Vietnam’s burgeoning electric vehicle (EV) industry, a substantial investment initiative has been unveiled. Spearheaded by a company backed by billionaire Pham Nhat Vuong, renowned as Vietnam’s wealthiest individual, a staggering $404 million is earmarked for the establishment of electric vehicle charging networks across the nation within the forthcoming two years.

Pham, wielding significant influence as the controlling shareholder of Vingroup, a prominent Vietnamese conglomerate and the EV manufacturer VinFast, orchestrates this bold move through V-Green Charging Development. Here, his direct ownership of a commanding 90% stake delineates a firm commitment to the cause.

In a strategic maneuver, V-Green emerges as a distinct entity from VinFast, with a primary objective to expedite Vietnam’s transition towards EV adoption. By doing so, VinFast can allocate resources to bolster its global market presence.

With aspirations reaching beyond Vietnam’s borders, V-Green sets its sights on forging partnerships in VinFast’s pivotal markets. Noteworthy is the company’s openness to extending its infrastructure services to other EV brands in subsequent phases.

Pham’s financial clout, underscored by a net worth of $4.4 billion, has been pivotal in fueling VinFast’s ambitious expansion endeavors. Despite experiencing a shortfall in EV deliveries last year, the company’s aspirations remain undeterred. Notably, VinFast’s debut on Nasdaq, facilitated by a merger with Black Spade Acquisition Co., underpins its aspirations for global recognition.

Nguyen Duc Thanh, CEO of V-Green, articulated, “This initiative diminishes VinFast’s infrastructure investment requisites while furnishing unparalleled backing for the accelerated growth of the EV manufacturer.”

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