Photo: Vinfast
The MOU was signed in the presence of Vietnam’s Prime Minister, Mr. Pham Minh Chinh, during The Vietnam – Japan Economic Forum and The Commemorative Summit for the 50th Year of ASEAN – Japan Friendship and Cooperation, which will be held in Tokyo from December 16 to 18, 2023.
VinFast will supply the discarded batteries, which Marubeni will recycle into what it calls “affordable Battery Energy Storage Systems (BESS) that are simple to manufacture,” according to a statement from the Vietnamese company.
According to the agreement, which was inked over the weekend during a regional leaders summit in Japan, the process would not include battery disassembly, processing, or repackaging.
Marubeni Green Power Vietnam Co., Ltd., a subsidiary of the Marubeni Corporation, inked a contract with VinES Energy Solution Joint Stock Company, a subsidiary of VinFast and a manufacturer of electric vehicle batteries and BESS products, in May 2023.
VinFast plans to generate significant value in the circular economy model by recycling electric vehicle batteries, as well as promoting an innovative method to enable sustainable transportation development and emissions-free economic growth in Vietnam and abroad.
The deal is part of the companies’ efforts to “establish a circular economic model,” according to the statement.
VinFast, which was launched in 2017 and is backed by Vietnam’s largest company Vingroup, debuted on the Nasdaq in late August.
