Petrolimex (PLX) JV VGX Signs EV Charging MoU With TC Group

Overview

TC Group (Tập đoàn Thành Công) and Vietnam Green Energy Infrastructure JSC (VGX) signed a memorandum of understanding to develop shared electric-vehicle charging and battery-swap infrastructure at thousands of petrol stations and rest stops nationwide. VGX’s shareholder base includes Petrolimex (HOSE: PLX), Xuân Cầu Holdings and Selex Motors, making the MoU a potential long-term option on PLX’s retail network. The agreement is non-binding and no capital, station count or timeline has been disclosed.

Key Facts

• VGX shareholders: Petrolimex (HOSE: PLX), Xuân Cầu Holdings and Selex Motors.
• The network targets thousands of petrol stations and rest stops across Vietnam.
• Infrastructure scope covers both charging stations and battery-swap stations.
• The system is designed as open infrastructure serving “mọi hãng và mọi người dùng” (all brands and all users), per VGX.
• Nguyễn Ngọc Tú, Petrolimex Deputy General Director and VGX Chairman, set out the open-infrastructure direction.
• Lê Ngọc Đức, Vice Chairman of TC Group, said the group is building a partner network to widen energy-infrastructure access for customers of its electrified products.
• No investment value, number of stations, number of converted petrol stations or first-station launch date was disclosed.
• PLX closed at 38,200 on 2026-09-16.

What Happened

TC Group and VGX signed a memorandum of understanding on cooperation to develop infrastructure serving electric transport in Vietnam, according to the announcement. Under the MoU, the two sides will jointly build and develop a shared green-energy infrastructure network, combining VGX’s investment and charging-station development capability and energy technology with TC Group’s electrified-vehicle manufacturing and distribution system. The stated aim is an open ecosystem covering multiple vehicle types rather than a single brand’s fleet.

VGX is the joint-stock vehicle through which Petrolimex, Xuân Cầu Holdings and Selex Motors are pursuing energy infrastructure. Nguyễn Ngọc Tú, Petrolimex Deputy General Director and VGX Chairman, described the system’s orientation as open infrastructure serving all brands and all users. Lê Ngọc Đức, Vice Chairman of TC Group, said the group is executing a product strategy while building a partner network to expand customer access to energy infrastructure for the electrified products it distributes. The agreement remains at MoU stage: neither party disclosed the number of charging stations to be deployed, the specific petrol stations to be converted, total investment capital, or when the first stations under the deal would enter operation.

Market Context

PLX trades on HOSE and closed at 38,200 on 2026-09-16. Petrolimex is Vietnam’s largest petroleum retailer by station network, and its stations are the physical asset that makes an EV-charging rollout credible at national scale. The MoU sits at the intersection of two domestic themes: the electrification of Vietnam’s vehicle fleet and the search by fuel retailers for non-fuel revenue as the energy transition advances. It follows a broader regional pattern in which oil majors convert forecourt space into charging and battery-swap points, though in Vietnam the pace of EV adoption and grid readiness remain the binding constraints.

Strategic Significance

The strategic case for PLX is optionality on its existing real estate. A nationwide forecourt network is expensive to replicate, and if VGX converts even a fraction of it into shared charging and battery-swap points, Petrolimex gains a second revenue channel that does not depend on fuel volumes. The open-infrastructure design is the notable choice: by serving all brands rather than tying charging to one automaker, VGX avoids the single-partner risk that constrains proprietary networks and positions itself as neutral infrastructure. For TC Group, the MoU secures access to locations for the electrified models it distributes. The unresolved question is capital: an MoU without disclosed funding, station counts or timelines is a statement of intent, not a committed investment program.

What to Watch

• Any conversion of the MoU into a binding agreement with disclosed investment value and station targets.
• Petrolimex disclosures on VGX ownership, capital contributions or related-party transactions.
• Announcement of the first pilot charging or battery-swap site and its location.
• PLX quarterly results for non-fuel revenue commentary and any EV-infrastructure line item.
• National policy signals on EV charging standards, electricity pricing and grid connection rules.