VinFast Auto India, a subsidiary of the Vietnamese electric vehicle manufacturer VinFast, has entered into a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to facilitate retail financing for VinFast electric vehicles in India. The partnership aims to support customer access to EVs through credit solutions offered via SBI’s network and VinFast’s authorized dealerships.
Under the agreement, SBI will provide financing options for VinFast’s full range of vehicles, including competitive interest rates, flexible repayment terms, and up to 100% on-road funding. Special offers and priority processing are also included. SBI representatives will be stationed at VinFast showrooms across the country to assist customers with loan applications and related services.
The collaboration leverages SBI’s extensive presence, with approximately 23,000 branches nationwide, to expand access to EV financing in both urban and emerging markets. The move aligns with broader efforts to promote sustainable transportation in India, which is witnessing growing adoption of electric vehicles.
The MoU was signed by Pham Sanh Chau, CEO of VinFast Asia, and Ajay Kumar Jha, General Manager – Retail Loans at State Bank of India.
Commenting on the partnership, Pham Sanh Chau stated that the collaboration with SBI supports VinFast’s objective of establishing a strong market presence in India. He noted that the bank’s wide reach and reputation, combined with VinFast’s product offerings, are expected to enhance accessibility for potential EV buyers.
Ajay Kumar Jha, representing SBI, emphasized the role of financial institutions in supporting the transition to electric mobility. He highlighted that the bank has raised ₹128 crore through Green Deposits in the fiscal year 2024–25, with funds directed toward EV financing. The partnership with VinFast, he added, supports SBI’s goal of achieving a 7.5% green portfolio by 2030.
This development comes as VinFast prepares for the launch of its VF 6 and VF 7 models in the Indian market. The company has also recently opened an EV assembly facility in Tamil Nadu, marking a key step in its local manufacturing and long-term expansion strategy.