VinFast and Japan’s Marubeni Corporation officially announced the signing of an MoU on December 18 on cooperation in reusing electric vehicle (EV) batteries towards the goal of developing a circular economy.

The announcement of the MoU was witnessed by Prime Minister Pham Minh Chinh at the Vietnam-Japan Economic Forum held as part of his trip to Japan to attend the Commemorative Summit for the 50th Year of ASEAN-Japan Friendship and Cooperation and other bilateral activities in Tokyo from December 16 to 18.

Under the MoU, VinFast and Marubeni will cooperate in the research and production of battery energy storage systems (BESS) from used EV batteries. In particular, VinFast will be the supplier of EV batteries, and Marubeni will undertake feasibility assessments, technical consultations, and the implementation of BESS installation. The two sides will also cooperate to promote business opportunities in the field of used EV batteries, aiming to establish a circular economy model.

It is expected that Marubeni will apply exclusive technology from strategic partners to reuse VinFast EV batteries, developing them into BESS with affordable prices and easy production without dismantling, processing, and packaging the EV battery again.

Mr. Pham Nhat Quan Anh, Deputy General Director of the VinFast Production Division, said the car-maker is very pleased to cooperate with Marubeni to jointly research and deploy clean energy and smart energy storage solutions. “The signing of the MoU marks an important step forward in VinFast’s strategy of establishing a circular economy,” he added. “Optimizing the lifecycle value of EV batteries not only makes smart electrified mobility more accessible, but also advances the goal of a green future for everyone.”

Similarly, Mr. Satoru Harada, Executive Officer and Chief Operating Officer of the Power Division at the Marubeni Corporation, noted that in focusing on the values of justice, creativity, and harmony, Marubeni shares VinFast’s groundbreaking direction and approach towards reducing emissions and building a green future. The Marubeni Group expects to further strengthen its strategic cooperative relationship with VinFast to develop solutions that help build a circular economy and promote policies to combat climate change.

Previously, in May 2023, the Marubeni Green Power Vietnam Co., Ltd., a subsidiary of the Marubeni Corporation, signed an agreement with the VinES Energy Solutions JSC, a manufacturer of EV batteries and BESS products, owned by VinFast.

Through reusing EV batteries, VinFast not only creates significant values in the circular economy model but also contributes innovative approaches to promoting sustainable transport development and a zero-emissions economy in Vietnam and the region.