HCMC – Pham Nhat Vuong, chairman of Vingroup, has announced to establish FGF Trading and Services Joint Stock Company, which is involved in electric vehicle (EV) trading and leasing.

FGF, an acronym for For Green Future, has total registered capital of VND200 billion, with 90% of shares held by the Vietnamese billionaire. With an aim to create a platform for development of the used EV market, the company will help consumers increase their access and transition to electric vehicles at competitive prices and guaranteed quality, contributing to accelerating the country’s green transition. The company also provides leasing services for brand-new and used EVs for organizations and individuals that have demand. FGF will start its operations in major cities and provinces in Vietnam including Hanoi, HCMC, Danang, and Hue. The company plans to expand business to other parts of the country when it begins official operations. Previously, Vuong established the Green and Intelligent Mobility Joint Stock Company (GSM) operating in the passenger transport sector, and the Global Charging Station Development Company V-GREEN to enhance the use and experience of EVs for residents.