VinFast, Vietnam’s leading electric vehicles manufacturer, and Marubeni Corporation, a major Japanese trading and investment conglomerate, have partnered to explore opportunities in the secondary use of electric vehicle (EV) batteries and the potential to establish a circular economy model.

The duo said in a statement on Monday that the duo have officially announced a memorandum of understanding (MOU), and the MOU marks a significant milestone in the strategic partnership between these two companies, and represents a meaningful effort to reduce greenhouse gas emissions in Vietnam and globally.

Under the MOU, VinFast and Marubeni will collaborate on researching and manufacturing battery energy storage systems (BESS) using recycled electric vehicle batteries, with VinFast supplying used electric vehicle batteries and Marubeni conducting feasibility assessments, technical consulting, and BESS deployment.

Both companies will also work closely together to promote business opportunities in the field of recycled electric vehicle batteries, with the aim to establish a circular economic model.

Marubeni is expected to leverage exclusive technology from its strategic partner to recycle VinFasts electric vehicle batteries, repurposing them into affordable and easily manufacturable BESS without the need for disassembly, processing and repackaging of the batteries.

“We are delighted to collaborate with Marubeni to jointly research and implement clean energy and innovative energy storage solutions,” said Pham Nhat Quan Anh, Deputy Chief Executive Officer of VinFast Manufacturing Division.

According to him, this signing marks a significant step in VinFasts strategy to establish a circular economy model and further reduce the environmental footprint of its manufacturing activities.

“Optimizing the lifecycle of electric vehicle batteries not only enhances access to smart electric mobility but also fosters a green and sustainable future for all,” he added.

Satoru Harada, Executive Officer, Chief Operating Officer of Power Division of Marubeni, said Marubeni’s values of ‘Fairness, Innovation, and Harmony’ align with VinFasts innovative direction towards reducing emissions and building a green future.

“Leveraging our strengths and extensive experience in implementing large-scale energy projects across the global value chain, including battery recycling technologies, Marubeni expects to further enhance the strategic cooperation with VinFast to develop solutions that contribute to building a circular economy and promoting climate change mitigation policies,” he added.

It is noted that in May, Marubeni Green Power Vietnam Co., Ltd., a subsidiary of the Marubeni Corporation, signed an agreement with VinES Energy Solution Joint Stock Company, a subsidiary of VinFast and a manufacturer of electric vehicle batteries and BESS products.

By repurposing electric vehicle batteries, VinFast expects to not only generate significant value in the circular economy model but also promote an innovative approach to enable sustainable transportation development and emissions-free economic growth in Vietnam and globally.

Marubeni and its consolidated subsidiaries involved in diverse range of business activities across wide-ranging fields including lifestyle, information and communications technology (ICT) business and logistics, food, agri business, forest products, chemicals, metals and mineral resources, energy, power, infrastructure project, aerospace and ship, finance, leasing and real estate business, construction, industrial machinery & mobility, next generation business development and next generation corporate development.

Additionally, Marubeni offers a variety of services, makes internal and external investments, and is involved in resource development throughout all of the above industries.

VinFast – a member of Vingroup – envisions driving the advancement of the global smart electric vehicle revolution.

Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90 percent automation in Hai Phong, Vietnam.

Established in 1993, Vingroup is one of the leading private conglomerates in the region and currently focuses on three main areas: technology and industry, services and social enterprise.

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