Vietnam electric vehicle manufacturer VinFast, and Marubeni Corporation, Japanese trading and investment conglomerate, officially announced a Memorandum of Understanding (MOU) to explore opportunities in the secondary use of electric vehicle (EV) batteries and the potential to establish a circular economy model.
The companies say the MOU marks a significant milestone in the strategic partnership between them and represents a meaningful effort to reduce greenhouse gas emissions in Vietnam and globally.
The MOU announcement between VinFast and Marubeni took place in the presence of the Prime Minister of Vietnam, Mr. Pham Minh Chinh, during The Vietnam – Japan Economic Forum and The Commemorative Summit for the 50th Year of ASEAN – Japan Friendship and Cooperation, held in Tokyo from Dec. 16 to 18, 2023.
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, according to the companies. They 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.
