Petrolimex (PLX) invests VND 35B in EV charging JV VGX with Xuan Cau Holdings and Selex Motors

Overview

Petrolimex (PLX) has approved a VND 35 billion capital contribution to establish VGX, a joint venture with Xuan Cau Holdings and Selex Motors, focused on building a nationwide network of EV charging and battery swapping stations. The initiative, announced on May 6, 2026, represents PLX’s first major step into the electric vehicle energy infrastructure market, starting with Hanoi and Ho Chi Minh City.

Key Facts

• Petrolimex (PLX) contributes VND 35 billion for a 35% stake in VGX, which has a charter capital of VND 100 billion.
• VGX is a joint venture between Petrolimex, Xuan Cau Holdings, and Selex Motors.
• The company’s main business includes EV charging services and battery swapping for electric motorcycles.
• Initial rollout will focus on major urban areas: Hanoi and Ho Chi Minh City.
• Nguyen Huu Phuoc Nguyen, founder and CEO of Selex Motors, is the legal representative of VGX.
• PLX Chairman Pham Van Thanh stated the JV marks PLX’s exit from its traditional fuel business into the electric mobility energy market.
• PLX plans to gradually convert its traditional gas stations into multi-energy points offering fuel, battery swapping, EV charging, and rooftop solar.

What Happened

On May 6, 2026, Petrolimex (PLX) issued Decision No. 345/PLX-QD-HDQT approving a capital contribution to establish VGX (Green Energy Infrastructure Vietnam Joint Stock Company). The joint venture, with charter capital of VND 100 billion, sees PLX contributing VND 35 billion for a 35% stake. Xuan Cau Holdings and Selex Motors are the other partners.

VGX will develop a shared, interconnected green energy infrastructure network for electric vehicles, including cars and motorcycles, as well as future transport and logistics models. The company aims to build a nationwide network of charging and battery swapping stations, prioritizing high-density urban areas like Hanoi and Ho Chi Minh City, which are advancing low-emission zone policies.

Market Context

PLX closed at VND 40,000 on April 15, 2026, down 0.50% on volume of 2.68 million shares. The stock trades on HOSE. The announcement comes as Vietnam’s EV market is nascent but growing, with government policies encouraging green transportation. PLX’s move into EV infrastructure diversifies its revenue stream beyond traditional petroleum retail, which faces long-term demand risks from electrification.

Strategic Significance

This joint venture positions PLX to capture value in the emerging EV charging ecosystem, leveraging its extensive network of gas stations across Vietnam. By integrating charging and battery swapping into existing locations, PLX can optimize real estate and customer traffic. The partnership with Selex Motors, a domestic EV startup, provides technological expertise in battery swapping, while Xuan Cau Holdings brings infrastructure development capabilities. The move aligns with Vietnam’s national green growth strategy and could create a competitive moat if PLX successfully converts its retail network into multi-energy hubs.

What to Watch

• Timeline for first charging stations in Hanoi and HCMC, expected within 12-18 months.
• Additional capital commitments or partnerships to scale the network beyond initial cities.
• Regulatory developments on EV charging standards and electricity pricing for charging stations.
• PLX’s Q2 2026 earnings report for commentary on initial investment impact and future capex plans.
• Competitor responses from other fuel retailers (e.g., PVOIL, Petrolimex’s peers) entering the EV charging space.