PV Power plans to build 1,000 EV charging stations by 2035

PV Power has developed its first pilot EV charging station on Huynh Thuc Khang street, Hanoi, with an investment of VND1.8 billion ($73,000). With a total capacity of 100–120kW, the station is expected to come into operation this month. PV Power will implement two other pilot EV charging stations on Tran Duy Hung street also in Hanoi.

After two years of the pilot scheme, PV Power will evaluate the efficiency of the project with a plan to develop 1,000 EV charging stations in 2035. The company has a vision to develop a comprehensive network of EV charging stations nationwide. The company continues to research and apply cutting-edge technologies to improve the efficiency and serving capacity of its stations.

Vietnam's EV market has ample opportunities to grow, signifying the tremendous potential for the development of EV charging station systems. The Vietnam Automobile Manufacturers Association (VAMA) forecasts Vietnam will hit the milestone of one million EVs around 2028 and about 3.5 million by 2040.

Despite the potential, there are some risks and challenges to investing in EV charging stations. It requires a huge investment in infrastructure and technology. Initial investment costs are high, while it takes a long time to get a return according to PV Power.

Besides financial risks, businesses also face challenges as different brands and makes of EV can require different technology, along with uncertainty over power supply deals with state utility Vietnam Electricity.

PV Power believes a legal framework is vital, alongside specific criteria and technical standards for EV charging stations. Incentives for electricity prices should be considered to encourage both investors and EV buyers.

Petrovietnam Power Corporation (PV Power) is building a pilot electric vehicle (EV) charging station in Hanoi, marking its entry into Vietnam's fledging EV charging station market.

Singapore electric vehicle (EV) charging firm Charge+ has teamed up with Porsche to launch a 1,700km EV charging network in Vietnam that links Hanoi and Ho Chi Minh City.

Electric vehicle charging station companies are looking for more incentives to facilitate their expansion in the Vietnamese market.