Sumitomo Corporation Pursues Collaborative Opportunities in...

Sumitomo Corporation Pursues Collaborative Opportunities in Vietnam’s Mobility Business:



"Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) has signed an MOU with Green and Smart Mobility Joint Stock Company (GSM) (Head office: Hanoi, Vietnam; CEO: Nguyen Van Thanh) for the purpose of exploring collaborative opportunities in Vietnam’s mobility business. GSM is owned by Pham Nhat Vuong, Chairman and Founder of Vingroup, the largest business conglomerate in Vietnam


Vietnam's economy is on a robust growth trajectory, with a population nearing 100 million and a GDP growth rate of approximately 6%. Its automotive market is expanding in lockstep, with approximately five million vehicles in operation in the country and new vehicle sales expected to continue over 10% growth year-on-year. This expansion is paralleled by a diversification in the sales and usage patterns of automobiles, fueled by the increasing demand from both individual and corporate customers.In line with Vietnam's commitment to achieving virtually zero greenhouse gas emissions by 2050, the market is witnessing a surge in initiatives aimed at promoting carbon neutrality.GSM, established in 2023, is pioneering the EV taxi and rental business across Vietnam, promoting electric mobility and a low environmental impact lifestyle. This positions GSM as a key player in the transition towards electric vehicles in the Vietnamese automotive market.Sumitomo Corporation is engaged in a broad range of automotive industry fields, in Japan and overseas, from vehicle engineering and manufacturing to sales, after-sales service, and energy management. In the mobility business, Sumitomo Corporation works in auto leasing, auto financing, EVs, individual subscriptions, and parking lots, among other areas. Our efforts have significantly supported the development of Vietnam's automobile industry to date.Sumitomo Corporation has set a goal of becoming carbon neutral across all its business activities by 2050. Supporting the Asia Zero Emission Community (AZEC), launched by the Japanese government and other Asian countries, Sumitomo Corporation is actively engaged in promoting decarbonization and energy transition across Asia, including Vietnam.Through this collaboration with GSM, Sumitomo Corporation aims to explore ways to foster carbon neutrality in Vietnam, leveraging GSM's customer base, EV maintenance, and charging infrastructure, along with expertise in mobility business. Sumitomo Corporation will continue to collaborate with partners to develop businesses that respond to the evolving demands of the modern era, leveraging experience and expertise to contribute to the automotive industry and society at large.



https://www.sumitomocorp.com/en/asia-oceania/news/topics/2024/group/20240313