AVES Technology & Green Energy JSC, an electric vehicle (EV) startup in Vietnam, has raised its registered charter capital VND59.1 billion ($2.2 million), nearly double its initial figure of VND30 billion.
AVES announced its change in a filing with the National Business Registration Portal, dated October 16. At establishment, AVES’ capital was VND30 billion, then increased to VND42 billion in early October.
Besides, the filing updated AVES’ business lines, including the manufacturing of two- and three-wheel vehicles, along with wholesale of motor vehicles, motorcycles, and parts.
AVES aims to debut its products in mid-2027. Founder Nguyen Van Thanh established AVES about three months after his resignation as CEO of GSM, the ride-hailing services utilizing only VinFast EVs and under the ecosystem of conglomerate Vingroup.
Three-wheel vehicle is a small part of the EV market. According to the “Global EV Outlook 2026” report of the International Energy Agency (IEA), the electric car market reached new highs in 2025, growing by 20 percent from 2024 to exceed 20 million sales.
Sales of electric two-wheel and three-wheel vehicles increased almost 15 percent to reach 11 million globally in 2025, representing around 15 percent of total sales of two-wheel and three-wheel vehicles.