VinFast India inks MoU with HDFC Bank for financing solutions

The tie-up will allow the carmaker to use HDFC Bank’s pan-India reach and digital customers to access urban and emerging markets, the statement said.

Global EV maker VinFast’s India unit has signed a memorandum of understanding (MoU) with HDFC Bank to provide auto and inventory financing for its exclusive dealer network, a statement said in August 11. The partnership is Vietnam-based firm’s first with a lender in India and aims to provide financing solutions ahead of the company’s launch in the country.

The tie-up will allow the carmaker to use HDFC Bank’s pan-India reach and digital customers to access urban and emerging markets, the statement said.

The MoU was signed by Pham Sanh Chau, CEO of VinFast Asia, and Akhilesh Kumar Roy, business head – auto loans, inventory finance, and TwoWheeler loans, HDFC Bank.

“This MoU marks a significant milestone in our efforts to make electric mobility more inclusive, convenient, and future-ready for Indian consumers. Partnering with a trusted banking institution like HDFC Bank ensures that we are not only delivering exceptional products and services, but also building the financial ecosystem necessary to support our customers and dealer partners at every step of the journey,” said Pham Sanh Chau, CEO of VinFast Asia.

The company said this partnership shows its efforts to establish a strong footprint in the country, with launch of VF6 and VF 7 models expected soon.

“EV adoption is increasing and financing will play a large role in driving this. The MoU with VinFast is a step in this direction and will enable customers access VinFast’s well known product line through financing options. This is part of the Bank’s larger effort to support customers in meeting their aspirations in a convenient way,” said Arvind Vohra, group head – retail assets, HDFC Bank.