Sumitomo Corporation is working with Green and Smart Mobility Joint Stock Company (Headquarters: Hanoi, Vietnam, President: Nguyen Van Thanh, hereinafter 'GSM'), owned by Mr. Pham Nhat Vuong, Chairman and Founder of Vin Group, Vietnam's largest corporate group, and We have signed a memorandum of understanding for the purpose of considering collaboration in the mobility business.
Vietnam has a population of approximately 100 million people and continues to grow economically, with a GDP growth rate of around 6%. Along with economic growth, the automobile market is expanding, with approximately 5 million vehicles in operation in Vietnam, and new vehicle sales are expected to continue to grow at an annual growth rate of over 10%. As the automobile market expands, not only sales, but also the ways in which automobiles are used are diversifying, and growth is expected in the future as various demands are created for individuals and corporations.
Furthermore, Vietnam has announced that it aims to achieve net zero greenhouse gas emissions by 2050, and business activities that contribute to carbon neutrality are becoming more active.
Founded in 2023, GSM operates an EV taxi/EV rental business throughout Vietnam, and aims to popularize electric mobility while advocating a lifestyle with a low environmental impact, becoming an EV pioneer in the Vietnamese automobile market. I am.
Sumitomo Corporation is involved in a wide range of areas in the automobile industry both domestically and internationally, from automobile engineering and manufacturing to sales and after-sales service and energy management. In the mobility services field, we are engaged in auto lease business, auto finance business, EV-related business, personal subscription business, parking lot business, etc. We have contributed to the growth of the automobile industry in Vietnam as well.
In addition, Sumitomo Corporation has set a goal of making its business activities carbon neutral by 2050. In terms of initiatives in Asia, we support the aims of the Asian Zero Emission Community (AZEC), which was launched by the Japanese government and Asian countries to promote decarbonization and energy transition, and are working towards energy transition in Asia, including Vietnam. We are promoting.
Sumitomo Corporation and GSM are considering the possibility of collaboration in the mobility field that will lead to carbon neutrality in Vietnam by combining GSM's customer base, EV maintenance and charging infrastructure network, and Sumitomo Corporation's mobility business knowledge. To go.
Sumitomo Corporation continues to actively collaborate with partners to create businesses that respond to the new era. In addition, we will utilize the experience and know-how we have cultivated in the mobility business to conduct business that can contribute not only to the automobile industry but also to society.
SUMITOMO CORPORATION 
