Vingroup, Mitsubishi partner up in data center, renewable energy, automotive industries
Vietnam's conglomerate Vingroup and Mitsubishi Corporation, the trading arm under Japanese keiretsu Mitsubishi, will further cooperate in urban development, data center development, renewable energy, used cooking oil recycling, and the automotive industry.
The two sides signed a memorandum of understanding (MoU) for comprehensive strategic cooperation on Thursday, the Vietnamese giant said. Billionaire Pham Nhat Vuong, founder and chairman of Vingroup, and also CEO of VinFast — the electric vehicle (EV) arm of Vingroup, attended the event.
Pham Nhat Vuong (red tie), chairman of Vingroup, attends an MoU signing ceremony between Vingroup and Mitsubishi Corporation in Khanh Hoa province, central Vietnam, May 30, 2024. Photo courtesy of Vingroup.
In urban development, Mitsubishi Corporation will make large-scale investments in Vinhomes, a major housing developer in Vietnam under Vingroup, to develop world-class smart city projects in the Southeast Asian nation.
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 put on using green materials to achieve net-zero emissions, thereby reducing carbon emissions nationwide.
Regarding renewable energy, Vingroup and Mitsubishi will conduct a feasibility study on implementing wind power projects in Vietnam, aiming to supply clean and reliable energy to urban projects developed by Vinhomes.
Mitsubishi Corporation will also 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.
For data centers, the two sides will conduct a feasibility study to establish a joint venture for data center operations in Vietnam. The target is to provide critical digital infrastructure for Vietnamese society, contributing to Vietnam's digital transformation and social development.
In the automotive industry, Mitsubishi Corporation will explore providing after-sales services for VinFast in international markets, thereby enhancing the competitiveness of the VinFast brand.
“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,” said Takuya Kuga, CEO of Urban Development and Infrastructure, Mitsubishi Corporation.
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