The Future of Energy: PV Power’s Ambitious Plan for 1,000 Charging Stations

Information from Vietnam Petroleum Power Corporation – PV Power revealed that the enterprise is researching and developing a system of electric vehicle charging stations in Vietnam. The first station, located at 6 Huynh Thuc Khang, Hanoi, will officially operate from September 2024. This charging station is equipped with two charging ports with a capacity of 50 to 60kW each, with a total investment of VND 1.8 billion.

Next, PV Power plans to implement two more pilot charging stations at 222 Tran Duy Hung, Cau Giay, Hanoi (Big C Thang Long).

According to the plan, after a two-year pilot, PV Power will evaluate the project’s efficiency before deciding to expand nationwide. By 2035, the company is expected to own approximately 1,000 charging stations across various provinces in Vietnam.

PV Power believes that the Vietnamese market has significant potential for electric vehicle development. According to the Vietnam Automobile Manufacturers Association (VAMA), by 2028, Vietnam is projected to reach one million electric vehicles, increasing to 3.5 million by 2040. This presents a substantial opportunity for Vietnamese businesses to explore this sector. However, implementing a large-scale charging station system also entails risks and challenges.

According to PV Power, developing charging stations requires substantial investment, with most businesses needing to borrow up to 70% of the capital. If revenue falls short of expectations, capital recovery will take longer, impacting the company’s financial health.

Additionally, establishing charging stations in Vietnam faces challenges such as connection agreements with power companies, finding suitable locations, and issues related to power capacity in the areas where the stations are located.

To develop a synchronized system of electric vehicle charging stations, PV Power suggests the need for comprehensive policies, legal frameworks, standards, and technical regulations. Moreover, mechanisms for electricity pricing for charging stations should also be supported by appropriate policies to encourage business investment.

The company also proposes preferential mechanisms for investors, including capital loan support for producing or importing equipment and components to build charging infrastructure, especially fast-charging stations. Along with tax incentives, favorable electricity prices, and a stable electricity supply, these measures would encourage the development of this sector.

In Vietnam, VinFast is the only domestic automaker developing a large-scale charging system, with 150,000 charging ports across 63 provinces and cities. Additionally, VinFast has partnered with leading petroleum companies, Petrolimex and PV Oil, to install electric vehicle charging stations at gas stations nationwide.

Thai Son (Tuoitrethudo)