V-GREEN signs $1.2B deal to build VinFast charging stations in Indonesia

By VNA December 12, 2024 | 01:00 am PT

A charging station developed by V-Green. Photo courtesy of Vingroup

V-GREEN, a firm owned by Vietnamese billionaire Pham Nhat Vuong, have signed an agreement with conglomerate Prime Group to develop a charging network for VinFast electric vehicles in Indonesia.

The projected total investment for the project is up to $1.2 billion, according to the memorandum of understanding (MoU) announced on Wednesday.

The two companies envision the development of approximately 100,000 VinFast charging stations in the country over the next three years.

V-GREEN will initially prioritise the development of charging stations in Jakarta, Surabaya, Bali, and surrounding areas, with plans to expand to other regions of Indonesia in subsequent phases. The installation of the charging stations will commence in January 2025, with some expected to be operational within the year.

Tamer Wagih Salem, Chairman of Prime Group, said that this collaboration, fueled by V-GREEN’s strong reputation and execution capabilities, will not only benefit both companies but also significantly contribute to the growth of Southeast Asia’s EV market.

V-GREEN was founded by Vuong, founder of EV maker VinFast, with a 90% stake. Separated from VinFast’s charging station development department, V-GREEN is dedicated to investing in electric vehicle infrastructure.