PV Power Joins the Race to Build Electric Vehicle Charging Stations: First Station in Hanoi Set to Launch

PV Power, a member of the Vietnam Oil and Gas Group (PVN), has officially entered the electric vehicle (EV) charging station market. Its first pilot station is located at 6 Huỳnh Thúc Kháng Street, Hanoi, covering 30-35 square meters. The station will feature two charging units, each equipped with two 50-60 kW ports. The project costs approximately VND 1.8 billion, and the station is expected to be operational by September 2024. 

After launching the first station, PV Power plans to open two more pilot stations at 222 Trần Duy Hưng Street, Hanoi, in the Big C Thăng Long area. These developments are part of a broader goal to establish a nationwide charging network, with the aim of constructing 1,000 stations by 2035. 

This initiative aligns with Vietnam's transition towards electric vehicles, highlighted by a government decision to fully electrify buses by 2025, taxis by 2030, and all vehicles by 2050. The Vietnam Automobile Manufacturers Association (VAMA) predicts that by 2040, the country could have 3.5 million EVs. 

PV Power is the largest electricity producer outside of Vietnam Electricity (EVN) and a major player on the stock market. Despite a slight decline in revenue and profit in early 2024, the company remains committed to expanding its EV infrastructure.