Vingroup announces initiatives to facilitate the transition to electric vehicles in Hanoi
In a bid to help Hanoi residents transition from petrol-powered vehicles to electric, Vietnamese conglomerate Vingroup has announced a series of initiatives under the framework responding to Directive 20/CT-TTg. These measures aim to assist the city in complying with the directive, which mandates the phasing out of petrol-powered motorcycles by mid-2026 to reduce emissions.
One of the key initiatives involves supporting Hanoi residents purchasing VinFast electric motorbikes. Vingroup will cover 100% of the registration fee for customers in the city, effectively removing this upfront cost barrier. Additionally, a 10% discount on the vehicle price will be offered to residents, providing a direct financial incentive to encourage EV purchases.
To address the issue of charging infrastructure, Vingroup's subsidiary, V-Green, is deploying a large-scale EV charging network. This includes the opening of Hanoi's largest fast-charging station and plans to establish over 150,000 charging points nationwide by early 2025.
Vingroup is also addressing technical and regulatory challenges related to charging station standards and power grid capacity. While reports note ongoing limitations due to lack of standardization and power infrastructure capacity in Hanoi, Vingroup's policies are likely focusing efforts for long-term support in these areas.
To expand the EV infrastructure and ecosystem, Vingroup is engaging in partnerships and investments. For instance, they have memorandums of understanding with partners to deploy over 60,000 VinFast EV charging ports in regional markets, suggesting a model to enhance local charging accessibility in Hanoi as well.
In addition, Vingroup has partnered with Shinhan Finance and Lotte Finance to help residents own VinFast electric motorbikes with minimal upfront costs. For personal use of VinFast electric motorbikes, customers pay 10% upfront, another 10% is covered by VinFast, and the remaining 80% can be financed over three years at a 3% annual interest rate.
For business use via the Green SM Platform, customers receive a 10% discount on the vehicle price from VinFast. The remaining 90% of the cost for business vehicles can be financed over three years, backed by GSM, with a 4% annual interest rate.
The Green Festival, hosted by Vingroup and partners, will collect petrol cars and upgrade them to green cars, providing direct support to residents trading in petrol vehicles for electric ones. The festival will take place at Vinhomes Global Gate Urban Area in Đòng Anh and other locations from an unspecified date until October 24, 2025.
Electric motorbike owners will enjoy free battery charging at V-Green public charging stations across Hanoi until May 31, 2027. Furthermore, from August 1, 2025, GSM guarantees a fixed 90% revenue-sharing rate for three years to all drivers who purchase VinFast electric vehicles and operate on the Green SM Platform.
These comprehensive initiatives from Vingroup encompass financial incentives, infrastructure development, vehicle supply scaling, and tackling systemic challenges to support Hanoi’s residents transitioning to electric vehicles, contributing significantly to the city's goal of reducing emissions and improving air quality.
- In efforts to support sustainable living, Vingroup has partnered with financial institutions like Shinhan Finance and Lotte Finance, aiming to help Hanoi residents afford VinFast electric motorbikes with minimal upfront costs.
- Apart from finance, Vingroup is also addressing the environmental concerns by deploying a large-scale electric vehicle (EV) charging network, including the opening of Hanoi's largest fast-charging station.
- To promote the adoption of electric vehicles (EVs) in home-and-garden and lifestyle sectors, Vingroup is offering a 10% discount on the vehicle price for residents and a 10% discount for business use via the Green SM Platform.
- Vingroup is working towards developing a comprehensive EV infrastructure and ecosystem by engaging in partnerships and investments, with plans to deploy over 60,000 charging ports nationwide.
- In line with government directives towards reducing emissions, Vingroup's initiatives are designed to comply with the phasing out of petrol-powered motorcycles in Hanoi by mid-2026, fostering a transition to electric vehicles in the city.
- As part of its commitment to environmental responsibility, Vingroup is hosting the Green Festival, which will collect petrol cars and upgrade them to green cars, encouraging residents to switch from petrol vehicles to electric ones.
