HANOI — Vietnamese electric vehicles (EV) maker VinFast said on Monday it had signed a memorandum of understanding with Japan's Marubeni Corp to recycle used EV batteries.
VinFast will supply the used batteries and Marubeni will repurpose into what it said would be affordable Battery Energy Storage Systems (BESS) that were easy to manufacture, the Vietnamese firm said in a statement.
The process would not require disassembly, processing and repackaging of the batteries, according to the deal, which it said was signed at the weekend during a regional leaders summit in Japan.
"This signing marks a significant step in VinFast's strategy to establish a circular economy model and further reduce the environmental footprint of our manufacturing activities," Pham Nhat Quan Anh, Deputy CEO of VinFast Manufacturing Division, said.
VinFast, founded in 2017 and backed by Vietnam's largest conglomerate Vingroup, made its Nasdaq debut late August.
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