VinFast will partner with SBI to provide automotive financing, and new models and an assembly plant in Tamil Nadu will be supporting EV penetration in India.

VinFast Auto India has announced a partnership with the State Bank of India (SBI) on financing that will be used on its forthcoming line of electric vehicles. The MoU, formalizing the collaboration, was inked by Pham Sanh Chau, CEO of VinFast Asia, and Ajay Kumar Jha, General Manager of Retail Loans, SBI.

Customers will be able to avail SBI automobile financing service through the large number of branches it has in India. The executives of the bank will attend for consultation at the VinFast showrooms to advise on EV buying on credit.

VinFast has opened their first overseas automotive assembly factory, located in SIPCOT Industrial Park, Thoothukudi, Tamil Nadu. This greenfield facility is 400 acres with an initial annual capacity of 50,000 units, expandable to 150,000 units depending on the demand. The first two models that will be produced out of this deal are the VF 6 and VF 7, which will focus on India's mid-to-premium sector.

As SBI Deputy Managing Director G.S. Rana points out, the joint venture with Greenko Engineering is in line with the sustainable mobility strategy of the bank and the target of the bank to achieve a green portfolio of 7.5 percent by 2030. With Rs. 128 crore of green deposits already collected in FY25 to fund EV loans, this campaign adds even greater momentum to India, where lenders are increasingly making the shift to invest in cleaner automobile technologies.

Sale of the VinFast models is likely to commence later this month to mark the official arrival of the automaker in India