Vingroup sells 41.5% of its stake in unit Vincom Retail

Vinfast EV space: Vietnamese electric vehicle maker VinFast on Monday  sold 41.5 per cent of its stake in its retail unit, Vincom Retail, as per the company's filing to authorities. Details of the stake sale are not clear as there is no information on the undisclosed partner to whom the share has been sold for an undisclosed sum.

Vincom Retail is no longer a Vingroup unit following this transaction, the filing said. The stake was worth almost $1 billion on Monday, according to LSEG data.  V-Green, in which Billionaire Pham Nhat Vuong holds a 90 per cet stake, will operate as a global partner, spearheading the creation of a comprehensive charging network, he said in a statement.

EV charging stations company

Founder of the Vietnamese EV maker VinFast has launched an electric vehicle charging stations company, V-Green, which he said would prioritise supporting VinFast vehicles globally. "V-Green will adopt a direct approach for the search for land and partners to establish and expand its charging network in key markets of VinFast," Vuong said.

Founded by Vuong in 2017, VinFast debuted on the Nasdaq last year, and had said vowed to expand to at least 50 countries in 2024. V-Green is at the forefront of operating and managing VinFast's existing charging network in Vietnam. It will consider expanding charging services to other EV manufacturers after five years of operation.

V-Green would spend almost $404 million in the next two years on new outlets and upgrades for the charging network, he said. Last year, Vuong founded a EV taxi operator, Green SM, which accounted for 72 per cent of VinFast's 2023 sales.

(With Reuters inputs)