Japanese conglomerate Marubeni Corporation and VinFast, Vietnam’s first automobile manufacturer established by Vingroup JSC, signed a memorandum of understanding (MoU) in December 2023 for cooperation in the secondary use of electric vehicle (EV) batteries.
Under the MoU, the two companies will conduct a demonstration of the secondary use of EV batteries manufactured by VinFast as battery energy storage systems (BESS) and collaborate for the promotion of the utilization of used EV batteries and the establishment of a circular economy model.
Back in May 2023, Marubeni Green Power Vietnam Co., Ltd, a wholly owned subsidiary of Marubeni Corporation, entered into an agreement with VinES Energy Solutions Joint Stock Company (VinES), a EV battery and BESS manufacturer of Vingroup, marking a significant step in the expansion of their collaboration to the field of building a circular economy system.
Through this MoU, Marubeni aims to strengthen its strategic partnership with Vingroup and contribute to Vietnam’s goal of achieving virtually zero greenhouse gas emissions by 2050. Marubeni is working towards the “creation of new green businesses” envisioned under its Mid-Term Management Strategy “GC2024” by supporting innovative start-ups building a decarbonized society not only through investments but also by providing various assistance in business development and leveraging its existing business platforms and networks.