VinFast Auto India, HDFC Bank partner for auto, inventory financing

VinFast Auto India on Monday said it has partnered with HDFC Bank to provide auto and inventory financing for its exclusive dealer network.

The two partners have signed a Memorandum of Understanding (MoU) for the same, the company, a subsidiary of Vietnam's EV maker VinFast, said in a statement.

"The partnership, VinFast's first with a banking institution in India, aims to offer a seamless suite of credit solutions ahead of the company's highly anticipated launch," it added.

VinFast Asia CEO Pham Sanh Chau said, "This MoU marks a significant milestone in our efforts to make electric mobility more inclusive, convenient, and future-ready for Indian consumers." 

  HDFC Bank Group Head - Retail Assets Arvind Vohra said 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 to 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," he added.

VinFast is eyeing a launch in India with its VF7 and VF6 models in India before the festival season this year.