Representatives of both companies exchanged documents under the witness of Prime Minister Phạm Minh Chính, during the Vietnam – Japan economic forum. — Photo courtesy of VinFast

Việt Nam’s leading electric vehicle manufacturer (VinFast) and Marubeni Corporation, a major Japanese trading and investment conglomerate, officially announced today 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 MOU marks a significant milestone in the strategic partnership between these two companies, and represents a meaningful effort to reduce greenhouse gas emissions in Việt Nam and globally.

The MOU announcement between VinFast and Marubeni took place in the presence of the prime minister of Viêt Nam, Phạm Minh Chính, during the Viêt Nam – Japan economic forum and the commemorative summit for the 50th year of ASEAN– Japan friendship and cooperation, being held in Tokyo from December 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. 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 VinFast's electric vehicle batteries, repurposing them into affordable and easily manufacturable BESS without the need for disassembly, processing or repackaging of the batteries. — VNS