Vietnamese electric vehicle (EV) charging company V-GREEN is ready to enter the Indonesian EV market with a major investment. This subsidiary of the Vingroup conglomerate is investing US$300 million, equivalent to Rp4.8 trillion, to build an EV charging station network. The ambitious target is to establish more than 63,000 charging points specifically for VinFast electric cars in major Indonesian cities by the end of 2025.

This massive step was marked by the signing of a memorandum of understanding (MoU) between V-GREEN and four local strategic partners: Chargecore, Chargepoint, Amarta Group, and CVS. They will work together to build this crucial infrastructure in strategic areas such as Greater Jakarta (Jabodetabek), Bandung, Surabaya, Makassar, Medan, Batam, Bali, and Kalimantan. The project is scheduled to launch in May 2025, with the first charging station expected to be operational by June. "

With the support of our strategic partners, we are confident that V-GREEN and VinFast will build a modern green mobility ecosystem that contributes to sustainable development goals in the region and globally," said Mai Truong Giang, Managing Director of V-GREEN Indonesia, in a statement on Friday (May 9).

Under this project's financing scheme, V-GREEN will directly cover 20 percent of the total investment. The remaining 80 percent will be handled through a business cooperation contract (BCC) mechanism with local partners.

Chargecore has committed to injecting a minimum of US$30 million, while the other three partners will each contribute approximately US$5.3 million per year as charging point distributors. V-GREEN is also offering an attractive investment scheme for its partners, including a competitive electricity purchase price of Rp750 per kWh and annual returns of up to 25 percent in the first three years.

V-GREEN's entry into the Indonesian market demonstrates the company's strong confidence in the growing potential of the country's EV market. The company views Indonesia as a strategic pivot for its regional expansion beyond Vietnam.

As an initial step to welcoming users, V-GREEN has prepared 1,000 charging stations that VinFast vehicle owners can use free of charge starting this May. The company's ambitious target is to build a total of 50,000 stations, with 63,999 charging points, across Indonesia by the end of 2025.

In its home country, V-GREEN has proven itself a major player in the EV ecosystem, operating 150,000 charging points and supporting the growth of the national electric vehicle market.

Behind V-GREEN's expansion in Indonesia lies a strong synergy between three major Vietnamese entities: V-GREEN, VinFast, and Vingroup. V-GREEN was founded by billionaire Pham Nhat Vuong, the founder of VinFast and the main figure behind the giant conglomerate Vingroup. While VinFast manufactures various electric vehicle models (such as the VF 3, VF 5, VF 6, and VF e34), V-GREEN is spearheading the development of a charging network to support the EV ecosystem.

V-GREEN Gelontorkan Rp4,8 T, Bangun 63.000 Titik Cas VinFast | FORTUNE Indonesia