Son of Vietnam's wealthiest man inks VinFast collaboration with Japanese firm

The memorandum of understanding (MOU) was finalized on Dec. 5 but the public announcement occurred on Monday in Tokyo, with Vietnamese Prime Minister Pham Minh Chinh present. Prime Minister Chinh was in Japan from Dec. 15-18 for the 50th Year Commemorative Summit of ASEAN-Japan Friendship and Cooperation, alongside other bilateral engagements.

Under the MOU, VinFast and Marubeni will collaborate on researching and producing battery energy storage systems (BESS) utilizing recycled electric vehicle batteries.

While VinFast will provide the batteries, Marubeni’s role encompasses conducting feasibility assessments, offering technical consultation, and managing the BESS installation.

The MOU marks Pham Nhat Quan Anh's inaugural appearance in public as the Deputy General Director of VinFast's manufacturing department.

"Optimizing the lifecycle value of electric vehicle batteries not only makes smart electrified mobility more accessible, but also advances the goal of a green future for everyone." Anh said in a press release.

Anh is one of three children of Vuong, who is the richest man in Vietnam with a net worth of $4.6 billion according to U.S. magazine Forbes.

Anh owned a 0.5% stake of VinFast in 2021. This business was restructured to list on the Nasdaq exchange in August this year.

In Vingroup's upcoming employee stock issuance (ESOP), Anh is expected to buy 150,000 VIC sharers on Dec. 21. This will be the first time Anh owns Vingroup shares.