Vingroup and Mitsubishi Corporation Sign a Memorandum of Understanding for Comprehensive Strategic Cooperation

NHA TRANG, VIETNAM - Media OutReach Newswire - 30 May 2024 - Vingroup and Mitsubishi Corporation have signed a Memorandum of Understanding (MoU) for comprehensive strategic cooperation. The partnership focuses on five key areas: urban development, data center development, renewable energy, used cooking oil recycling, and the automotive industry. Through this collaboration, both parties aim to achieve new milestones in business operations in Vietnam and internationally.

Leaders of Mitsubishi Corporation, Vingroup and its member companies at the signing ceremony.

Specifically, in the field of urban development, Mitsubishi Corporation will make large-scale investments in Vinhomes to develop world-class smart city projects in Vietnam. This collaboration will enhance the quality of real estate offerings. The two sides will also collaborate on developing interior design platforms and applying digital technologies to improve the management of real estate projects. Additionally, a focus will be placed on using green materials to achieve net-zero emissions, thereby reducing carbon emissions nationwide.

In the field of data center business, the two parties will conduct a feasibility study to establish a joint venture for data center operations in Vietnam. This initiative aims to provide critical digital infrastructure for Vietnamese society, contributing to Vietnam's digital transformation and social development.

Regarding renewable energy, the two sides will conduct a feasibility study on implementing wind power projects in Vietnam. These projects aim to supply clean and reliable energy to urban development projects developed by Vinhomes.

Regarding used cooking oil recycling, Mitsubishi Corporation will establish a working group to collect used cooking oil from Vinhomes and Vinpearl projects, recycling it into biofuel to protect the environment. Additionally, they will promote community activities to foster a green lifestyle in urban areas.

In the automotive industry, Mitsubishi Corporation will explore providing after-sales services for VinFast in international markets, thereby enhancing the competitiveness of the VinFast electric car brand.

Leveraging their extensive experience in Japan, Vietnam, and the global market, the collaboration between Mitsubishi Corporation and Vingroup, through the establishment of working groups, will swiftly execute the MoU's objectives. This partnership aims to bring international-standard products and services to the market, advancing sustainable development.

Mr. Takuya Kuga, CEO of Urban Development and Infrastructure, Mitsubishi Corporation, shared: "Mitsubishi Corporation is actively pursuing a wide range of business ventures driven by the mission of enhancing the quality of life for the people of Vietnam. With the establishment of a comprehensive strategic partnership between Vingroup and Mitsubishi Corporation, I am confident that the two groups will embark on a path of robust growth, scaling new heights in the years ahead".

Vingroup, Vietnam's leading private multi-industry economic group, operates primarily in three core sectors: Technology and Industry, Commerce and Services, and Social Charity. Vingroup and its subsidiaries have established a production and business system across Vietnam and in several countries (North America, Europe, Southeast Asia). Seizing potential investment and business opportunities with a global approach, Vingroup has cooperated and will continue to cooperate with leading global corporations and companies to continuously innovate and create an ecosystem of high-class products and services, enhancing the quality of life for everyone and elevating the status of the Vietnamese brand in the international market.

Mitsubishi Corporation, a global business conglomerate, conducts business activities through a global network comprising approximately 1,800 group companies. The three corporate principles – Corporate Responsibility to Society; Integrity and Fairness; and Global Understanding through Business – have been Mitsubishi Corporation's core philosophy since its inception, guiding its commitment to continuously improve and enhance economic, environmental, and social responsibilities worldwide.

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