Why EV maker VinFast, HDFC Bank have partnered in India
What's the story
Vietnamese electric vehicle (EV) maker VinFast has partnered with HDFC Bank, a leading private sector lender in India. The collaboration is the first of its kind for VinFast in the Indian market and comes as part of its preparations to launch operations here. Under this partnership, HDFC Bank will offer auto and inventory financing solutions for customers and dealers of VinFast Auto India.
Financing details
HDFC Bank will provide customized financing options
The MoU will see HDFC Bank providing customized financing options to make VinFast's electric cars more accessible to Indian buyers. The bank will also extend working capital support for the dealer network of VinFast. The partnership will utilize HDFC Bank's extensive branch network and digital platforms, reaching the customers in both metropolitan and emerging markets across India.
Product coverage
Financing benefits will cover entire product range
The financing benefits under the HDFC Bank-VinFast partnership will cover the entire product range of the latter. This comes ahead of VinFast's planned launch of its VF 6 and VF 7 models in India. Both companies see this collaboration as a major step toward accelerating EV adoption in one of the world's fastest-growing electric mobility markets.
Financial support
VinFast emphasizes need for strong financial ecosystem
Pham Sanh Chau, CEO of VinFast Asia, emphasized the importance of a strong financial ecosystem in their partnership with HDFC Bank. He said, "This MoU marks a significant milestone in our efforts to make electric mobility more inclusive, convenient, and future-ready for Indian consumers." The agreement highlights VinFast's commitment to establishing a strong presence in India while aligning with HDFC Bank's strategy to support sustainable transportation.