Vinfast, Marubeni collaborate to repurpose EV batteries

VinFast, a Vietnamese electric vehicle manufacturer, and Marubeni Corporation, a Japanese trading and investment conglomerate, 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 MOU marks a significant milestone in the strategic partnership between these two companies, 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, 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.

By repurposing electric vehicle batteries, VinFast expects to not only generate significant value in the circular economy model but also promote an innovative approach to enable sustainable transportation development and emissions-free economic growth in Vietnam and globally.