Vietnamese electric vehicle manufacturer secures first banking partnership in India to provide auto loans and dealer financing solutions.
11 Aug 2025 | 5559 Views | By Angitha Suresh
VinFast Auto India signed a memorandum of understanding with HDFC Bank on August 11, 2025, to provide financing solutions for its upcoming electric vehicle launch in the Indian market. The partnership marks the Vietnamese company's first collaboration with a banking institution in India.
The agreement allows HDFC Bank to ...
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VinFast Auto India signed a memorandum of understanding with HDFC Bank on August 11, 2025, to provide financing solutions for its upcoming electric vehicle launch in the Indian market. The partnership marks the Vietnamese company's first collaboration with a banking institution in India.
The agreement allows HDFC Bank to offer auto loans to customers and inventory financing to VinFast's dealer network. The financing arrangement will support the anticipated launch of VinFast's VF 6 and VF 7 electric SUV models in India.
Pham Sanh Chau, CEO of VinFast Asia, and Akhilesh Kumar Roy, Business Head for Auto Loans at HDFC Bank, signed the agreement in Gurugram. The partnership enables VinFast to access HDFC Bank's branch network and digital platforms across urban and rural markets in India.
VinFast, a subsidiary of Vietnamese conglomerate Vingroup JSC, trades on NASDAQ under the ticker VFS. The company manufactures electric SUVs, e-scooters, and e-buses, positioning itself as a pure-play electric vehicle manufacturer. The company is expanding its global distribution network with focus on North America, Europe, and Asia.
HDFC Bank ranks among India's largest private sector banks. Arvind Vohra, Group Head for Retail Assets at HDFC Bank, stated that the partnership aligns with increasing electric vehicle adoption and the bank's strategy to support customer financing needs.
India represents one of the fastest-growing electric vehicle markets globally. The VinFast-HDFC partnership aims to accelerate electric vehicle adoption by making financing more accessible to Indian consumers and supporting the development of charging infrastructure through dealer network financing.
The collaboration comes as international electric vehicle manufacturers seek to establish operations in India's expanding automotive market. VinFast's entry follows similar moves by other global EV companies targeting the Indian market for manufacturing and sales operations.