VinFast Signs Strategic Partnership Agreement with Renesas Electronics

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Stock Markets 37 minutes ago (Sep 26, 2022 10:54AM ET)

VinFast Signs Strategic Partnership Agreement with Renesas Electronics © Reuters VinFast Signs Strategic Partnership Agreement with Renesas Electronics

By Michael Elkins

Vietnam-based electric vehicle company, VinFast announced on Monday that they have signed a strategic partnership with Renesas Electronics Corp (OTC:). The new agreement aims to expand collaboration between the two companies to include automotive technology development of electric vehicles as well as delivery of system components.

The signing ceremony of the strategic collaboration was held at VinFast’s factory in Haiphong City, Vietnam earlier this month, which was attended by VinFast’s CEO, Le Thi Thu Thuy and Renesas’ CEO, Hidetoshi Shibata.

“VinFast is on a course of market expansion worldwide and mass production to ensure the highest vehicle performance and timely delivery to customers,” said Le Thi Thu Thuy, Vice Chairwoman of Vingroup and Global CEO of VinFast. “This new partnership with Renesas will give VinFast access to both advanced in-vehicle semiconductor technology as well as high-level system expertise, with the aim to accelerate the development of safe and sophisticated EVs for global markets.”

“We are committed to supporting the local industry in Vietnam through talent development and business expansion. Since founding our design center in Ho Chi Minh City in 2004, we have continued to expand our presence in Vietnam. We also established a second design center in Da Nang this April,” said Hidetoshi Shibata, President and CEO of Renesas. “The collaboration with VinFast reinforces our commitment. We are thrilled to join VinFast’s journey for their global growth beyond Vietnam. By making EVs more widely available, I am convinced we can lead a greener, safer, and more sustainable way of living.”

VinFast and Renesas have previously collaborated on automotive infotainment systems, and Renesas’ SoCs (System-on-Chips), R-Car, and analog products have already been implemented in VinFast’s new VF8 and VF9 EV models.

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