VinFast Auto India, a subsidiary of the Vietnam-based electric vehicle (EV) brand VinFast, has signed a memorandum of understanding (MoU) with State Bank of India, the largest bank in India, to provide inventory financing for its exclusive dealer network.

VinFast said in a statement on Monday that under the dealer finance tie-up, State Bank of India will extend finance to the firm’s exclusive dealer network on favorable terms.

The finance agreement also brings a wide range of benefits for dealers, such as attractive interest rates, flexible repayment options, and other tailored suite of credit solutions.

The collaboration enables VinFast to leverage SBI’s extensive pan-India branch network and digital platforms to reach customers across both urban and emerging markets.

It also aligns with the company’s broader goal of accelerating the adoption of sustainable mobility solutions in India, one of the fastest-growing EV markets globally.

“At VinFast, we believe that a vibrant EV ecosystem can be built on two strong pillars, engaged customers and an empowered dealer network,

“This partnership with SBI marks a crucial step in strengthening our dealer network and empowering them with seamless access to credit solutions,” said Pham Sanh Chau, Chief Executive Officer of VinFast Asia.

“By working with one of India’s largest and most trusted banking institutions, we are creating a stronger financial backbone that supports our dealers in expanding operations and serving customers with confidence,

“Together, we are laying the foundation for a robust ecosystem that will accelerate the growth of electric mobility across India,” he added.

Meanwhile, Anindya Sunder Paul, Deputy Managing Director, State Bank of India, said as EV adoption accelerates, access to financing will play a vital role in driving this transition.

“Our collaboration with VinFast will offer customers convenient credit solutions tailored to its premium EV lineup, reflecting the bank’s broader commitment to sustainability,

“Such partnerships also help us empower our customers to achieve their green mobility aspirations with ease,” he added.

According to the statement, VinFast has recently launched its premium VF 6 and VF 7 models in India and this partnership highlights the company’s ongoing efforts to establish a strong and customer-focused footprint in the country.

VinFast India partners with Central Bank of India to expand EV financing