PV Power has signed a memorandum of understanding with a Korean partner to research and develop a charging station system in Vietnam. In the immediate future, this year, PV Power will pilot the first charging station at 6 Huynh Thuc Khang Street, with the ambition of owning 1,000 charging stations by 2035.
Recently, the Vietnam Oil and Gas Power Corporation (PV Power, code POW) has signed a memorandum of understanding with a Korean partner to research and develop a charging station system in Vietnam.
In the immediate future, this year, PV Power will pilot the first charging station at 6 Huynh Thuc Khang Street, Hanoi. The station area is about 30 - 35 m2. The charging station includes 2 vertical charging cabinets, equipped with 2 charging ports with a capacity of 50 - 60 kW/charging port, the total investment cost of the project is about more than 1.8 billion VND, the total capacity of 100 - 120 kW. This charging station is expected to be operational from September 2024.
According to Petrotimes, after the charging station at 6 Huynh Thuc Khang comes into operation, PV Power will continue to pilot 2 more charging stations at 222 Tran Duy Hung Street, Cau Giay, Hanoi (Big C Thang Long).
PV Power's project to develop an electric vehicle charging station system does not stop at building charging stations but also aims to develop a synchronous network of charging stations nationwide. PV Power will continue to research and apply advanced technologies to improve the efficiency and service capacity of charging stations.
According to PV Power, Vietnam is facing a great opportunity to develop the electric vehicle market, which also opens up prospects for the development of the electric vehicle charging station system.
Specifically, in July 2022, the Prime Minister issued Decision 876/QD-TTg on the roadmap for switching to electric vehicles with important milestones: 100% of buses will use electricity by 2025, 100% of taxis by 2030 and 100% of motor vehicles by 2050.
The Vietnam Automobile Manufacturers Association (VAMA) also forecasts that by 2028, Vietnam will reach the milestone of 1 million electric vehicles and about 3.5 million electric vehicles by 2040.
Based on the above, PV Power believes that this is an opportunity for Vietnamese enterprises to exploit this market. However, investing in the development of electric vehicle charging stations still faces many risks and challenges.
The development of charging stations requires a large investment in infrastructure and technology. Initial investment costs can be very high and capital recovery can be prolonged if revenue does not reach the expected level.
In investment, businesses often have to borrow up to 70% of capital, few businesses have available money to invest, especially for new areas such as charging stations, the risk level is even higher. Therefore, up to now, no company has invested commercially in this field, currently only VinFast has invested in building charging stations in Vietnam but only for electric vehicles produced by VinFatst.
In addition to financial risks, the development of charging stations in Vietnam also faces many difficulties and challenges that need to be resolved.
According to PV Power, in the process of completing procedures to build a pilot charging station, PV Power encountered many difficulties in completing project documents, such as the connection agreement between the electricity buyer and EVN still has many complicated procedures; Finding the location of the charging station and the capacity of the charging station depends a lot on the load diagram of the power source, not all places have enough capacity to install...
To develop a comprehensive and synchronous electric vehicle system, it is necessary to have a multi-functional charging station system, capable of supporting charging for many car models of different brands. Therefore, developing a charging station system that can meet the needs of all types of electric vehicles with different charging standards is also a challenge.
Currently, V-GREEN Global Charging Station Development Joint Stock Company, the private company of billionaire Pham Nhat Vuong, Chairman of Vingroup's Board of Directors, is the most "powerful" charging station developer, owning the largest network of charging stations for electric cars and motorbikes in Vietnam, with a plan of 150,000 charging ports in all 63 provinces and cities nationwide, but only for VinFast cars to charge. With a commitment to invest 10,000 billion VND in the next two years to build new, upgrade and complete the system, V-GREEN is actively promoting the coverage of VinFast electric vehicle charging stations nationwide.
In fact, this company has just announced the launch of a franchise charging station model in Vietnam on September 4. The V-GREEN franchise charging station is deployed according to the model of "businesses and people working together", promising to open a new business line for all premises owners nationwide.
Similar to the genuine charging station invested by V-GREEN, the V-GREEN franchise charging station will serve VinFast electric car and electric motorbike owners nationwide. V-GREEN commits to accompany and share revenue at a fixed rate of 750 VND for each 1 kWh of charging electricity for partners for a minimum of 10 years. V-GREEN also commits to compensate charging station owners if the company stops operating before the 10-year commitment period.
In particular, parking lots, gas stations, supermarkets, cafes, restaurants, hotels, etc. will also have the opportunity to expand their customer base when investing in V-GREEN franchise charging stations.
(Tap chi Thi truong Tai chinh Tien te)
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