Ex-Green SM CEO put $1.1M into AVES, a new Vietnamese EV startup he controls at 85%

AVES Technology & Green Energy is a Hanoi startup developing and manufacturing clean-energy products: electric bicycles, motorcycles and three-wheelers, renewable energy and smart devices.

That a Vietnamese startup led by the ex-Green SM chief can design, test and build its own clean-energy vehicles, starting with two-wheelers in summer 2027.

Thanh invested 25.5 billion dong ($1.1M) for 85%; Le Hoang Long put in 3 billion dong for 10% and Trieu Tuyen Hoang 1.5 billion dong for 5%, a 30-billion-dong ($1.14M) charter capital.

Nguyen Van Thanh joined the Vingroup ecosystem in 2019, holding management positions at VinBus and VinFast, and was involved with Green SM from its conceptual stage, spending more than three years building and running the electric ride-hailing company. He stepped down as its CEO in mid-2026. On September 9, 2026, AVES Technology & Green Energy JSC was incorporated in Hanoi with Thanh as 85% controlling shareholder.

Thanh invested 25.5 billion dong ($1.1 million) for his 85% stake, with cofounders Le Hoang Long — previously CEO of electric two-wheeler maker Pega and deputy CEO of electric motorcycle sales at VinFast — holding 10% and Trieu Tuyen Hoang 5%. 'We are a Vietnamese technology startup, focusing on the research, development and manufacturing of clean-energy products, from bicycles, electric motorcycles and electric three-wheelers to renewable energy solutions and smart technology devices,' Thanh said in his announcement.

The company is building toward its first commercial products: electric two-wheelers slated for summer 2027, with a research and development centre in Hung Yen province planned for vehicle research, design, testing and prototype development, and hiring under way across mechanical engineering roles.

It is a founder-market fit story on the record: the team that ran VinFast's two-wheeler sales, Pega and Green SM is rebuilding around the same vehicles.

The cap table and registration details are specific: $1.1M for 85%, incorporated September 9, 2026, with a dated product target.

It tests whether an operator's brand and supply-chain experience can bootstrap an EV maker outside Vingroup's shadow.

Operators who scaled someone else's EV ecosystem often restart with their own name on the cap table — and the first product list mirrors the fleet they just ran.

As of 2026-09-15 AVES was incorporated, capitalized at 30 billion dong, planning an R&D centre in Hung Yen province for vehicle research, design, testing and prototyping, hiring mechanical engineers, and targeting electric two-wheelers in summer 2027.