VINACONEX – TOYOTA TSTUHO DISCUSS PLAN FOR STRATEGIC COOPERATION

Wed , 25/05/2022, 07:00:00 (GMT+7)

The Board of Directors of Vietnam Construction and Import-Export Corporation (Vinaconex) just had a working session with the delegation of Toyota Tsusho Company - a member of Toyota Group, to discuss the plan for strategic cooperation in the renewable energy field.

The high-level delegation of Toyota Tsusho Company was led by Mr. Mitsuhiro Tsubakimoto - CEO of the Asia Pacific Region, President of Toyota Tsusho Asia Pacific Pte. Ltd. Mr. Dao Ngoc Thanh - Chairman of the Board of Directors and the Corporation’s BOD were present on the Vinaconex side. Taking up the global trend of gradually switching to the use of renewable energy sources (hydroelectricity, wind power, solar power, etc.), Vinaconex aims to collaborate with experienced investors around the world to foster development in this field.

Vinaconex had the first international cooperation arrangement in the energy field in 2021 as successfully transferred 35% of ND2 shares, which were issued by Northern Electricity Development and Investment JSC No. 2 (NEDI2) owned by VINACONEX Corporation to Toyota Tsusho Company.

VINACONEX – TOYOTA TSTUHO DISCUSS PLAN FOR STRATEGIC COOPERATION — *Overview of the meeting*

During the meeting, Mr. Dao Ngoc Thanh - Chairman of the Corporation’s BOD stated that Toyota Tsusho and Vinaconex have many opportunities for cooperation, and Vinaconex would like to work, share, and maximize the resources of the two parties together in the renewable energy field in general. Doing so will lay the groundwork for a future strategic partnership in numerous other fields of production and business. Mr. Mitsuhiro Tsubakimoto - CEO for Asia Pacific Region, President of Toyota Tsusho Asia Pacific Pte. Ltd also expressed his gratitude for the opportunity to work with Vinaconex, his company's strategic partner, and his belief that the two parties would collaborate closely to develop future projects successfully.

Green energy also known as renewable energy development has gradually occupied an important position in the sustainable economic development of countries around the world. The switch to renewable energy is the switch in policy, structure, and technology from the production and consumption of conventional fossil fuels (such as coal, oil, and natural gas) to renewable, sustainable energy sources (such as wind, solar, geothermal energy, biomass, hydropower, biofuels, etc.) that helps to mitigate the greenhouse effect and climate change.

Here is some background information about Toyota Tsusho:

Founded in 1948, Toyota Tsusho is a member as well as the trading & investment arm of the Toyota Group

Toyota Tsusho is present in about 120 countries with main investment fields including Minerals; Automotive industry; Global Logistics; Machinery, Chemicals & Electronic Equipment; Food & Consumption. Especially, Toyota Tsusho is well-known as an experienced investor in the energy field.

The two biggest credit rating agencies in the world, S&P and Moody's, have affirmed Toyota Tsusho at the "A+" and "A3" credit ratings respectively, placing it at a good level.

Here is some background information about Vinaconex:

Founded in 1988, after more than 30 years of building and development, VINACONEX is aiming to become a leading economic corporation in the fields of construction, real estate, and financial investment.

VINACONEX has about VND20,000 billion in assets and over 12,000 employees at more than 30 member units across the country. VINACONEX has been involved in large-scale infrastructure projects, and national critical projects with high technical arts requirements, which have a substantial impact on the country's development and provide benefits to the community.

As for the renewable energy field, VINACONEX is the leading investor in the Ngoi hydropower plant (Lao Cai province) and the Dak Ba hydropower plant (Quang Ngai province).

VINACONEX is honored to receive noble titles such as The Hero of Labor, Third Class Labor Medal, National Brand, Vietnam Gold Star award, and so on.

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