Pham Sanh Chau, CEO of Asia at VinFast, says the group is “open to multiple partnerships” to gain a foothold in India’s highly competitive yet nascent electric vehicle market. Chau told our sister publication, Autocar Professional, that they are considering bringing the entire ecosystem approach to the country to help accelerate the transition to EVs.
- Vingroup is open to having a local or global partner for battery manufacturing
- It is also considering bringing VinES and V-Green to boost the EV ecosystem
Besides partnering with vendors to boost localisation, VinFast’s parent company, Vingroup, is open to a local or global partner in battery manufacturing and tying up with regional players.
Vingroup may bring in battery maker VinES Energy Solutions, charging network provider V-Green, and FGF, a subsidiary that trades in used EVs. It may also offer attractive solutions, including leasing and retrofitting, to create a market for used EVs.
All this may mean that Vingroup’s financial commitment to India could grow multifold to several billion dollars from its current $500 million investment in the factory in Tamil Nadu.
VinFast is in talks with the Indian government about availing benefits under the new proposed EV policy. That’s because the Vietnamese company committed to investing in Tamil Nadu before the policy’s announcement.
Chau said the brand’s India entry would mirror Southeast Asian markets like Indonesia, where the company has set up a big factory and is developing the ecosystem.
“We have come here with a long-term vision for local manufacturing, a network of dealers and workshops and a charging station network. We don’t [just] want to sell cars; we want to build the whole infrastructure. Eventually, we would want to get into electric buses and vehicles for people movement or public transport.”
Vingroup’s V-Green and FGF: what are they?
V-Green is a charging infrastructure company established by VinFast’s charging station development division. Vingroup promoters hold a 90 percent stake in it. The company focuses on developing an EV charging network and operates independently, allowing VinFast to focus on market expansion and sustainable development.
The company’s vision includes building a comprehensive charging infrastructure to support VinFast vehicles and securing financing to enable VinFast’s international growth. V-Green’s initial activities include acquiring land and forming partnerships to establish charging networks in key global markets. It also collaborates with other charging providers to deliver charging services for EV owners.
Under FGF, VinFast has transitioned to producing only electric vehicles and incentivises residents in Vingroup’s urban developments to adopt EVs. FGF Trading and Services JSC, a company within the FGF programme, provides self-driving car rentals and used electric vehicles to increase access to sustainable transportation.
V-Green and the FGF aim to advance green mobility and develop infrastructure to support the transition to electric cars. Both these companies will explore the potential of entering India.
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