In a landmark move to boost electric vehicle (EV) adoption across India, VinFast Auto India has forged a strategic partnership with ICICI Bank, one of the country’s leading private sector banks. Formalized through a Memorandum of Understanding (MoU) on September 17, 2025, this collaboration aims to deliver seamless and flexible financing solutions for VinFast’s exclusive dealer network and customers, making EV ownership more accessible and affordable. This partnership marks a significant step for VinFast as it strengthens its foothold in India’s rapidly growing EV market, following the launch of its VF 6 and VF 7 electric SUVs.
The MoU, signed by Pham Sanh Chau, CEO of VinFast Asia, and Munish Gaur, Product Head – Vehicles at ICICI Bank, comes on the heels of VinFast’s inauguration of its EV assembly plant in Tamil Nadu, signaling the company’s long-term commitment to India. By tapping into ICICI Bank’s extensive network of over 6,000 branches and robust digital banking platform, the partnership ensures that VinFast’s premium EVs reach a broad spectrum of Indian consumers, from metro cities to Tier-II towns.
Making EV Ownership Accessible and Affordable
The core focus of this alliance is to remove financial barriers to EV ownership, catering to India’s price-sensitive yet aspirational market. Customers purchasing VinFast’s VF 6, a compact electric crossover, or the VF 7, a midsize electric SUV, will benefit from a tailored suite of financing options designed to enhance affordability and convenience. Key offerings include:
- 100% on-road funding: Covering the entire on-road price of the vehicle, this eliminates the need for hefty upfront payments, making VinFast EVs more attainable for first-time buyers.
- Attractive interest rates: Competitive rates ensure that the total cost of ownership remains low, complementing the inherent savings of EVs, which cost as little as Rs 1-2 per km to run.
- Flexible repayment options: Buyers can choose from a range of repayment plans, from short-term loans to extended tenures of up to 7 years, tailored to their financial needs.
- Priority services: Dedicated ICICI Bank representatives stationed at VinFast showrooms will offer on-site support, streamlining loan applications and approvals for a hassle-free purchase experience.
In addition to customer-focused financing, the partnership provides inventory funding for VinFast’s dealer network. This support ensures dealers can maintain optimal stock levels of the VF 6 and VF 7, enabling faster deliveries and scalability across VinFast’s planned 100+ touchpoints in India by 2026.
Empowering India’s EV Revolution
India’s EV market is on a steep growth trajectory, with over 2 lakh electric cars sold in FY 2024-25, driven by government subsidies under FAME-III and increasing charger availability. VinFast, a Vietnamese automaker listed on NASDAQ (VFS), entered India in 2024 with a $2 billion investment, including a state-of-the-art plant in Thoothukudi, Tamil Nadu, capable of producing 1.5 lakh vehicles annually. The VF 6 (approx. Rs 25 lakh) offers a 400 km range, while the VF 7 (approx. Rs 35 lakh) boasts over 500 km, both equipped with Level 2 ADAS, fast charging (up to 150 kW), and premium interiors tailored for Indian buyers.Pham Sanh Chau, CEO of VinFast Asia, highlighted the partnership’s significance: “Our collaboration with ICICI Bank is a pivotal step toward making electric mobility accessible to every Indian. By offering tailored financing solutions, we’re ensuring that customers and dealers alike can embrace our cutting-edge EVs with confidence.”Munish Gaur of ICICI Bank added, “As India accelerates toward a sustainable future, ICICI Bank is committed to supporting the EV ecosystem. Our partnership with VinFast provides customers with seamless financing options, making the transition to electric vehicles smoother and more affordable.”
A Win for Consumers and the Environment
This partnership aligns with India’s ambitious goal of achieving 30% EV penetration by 2030, supported by policies like reduced GST on EVs (5% vs. 28% for ICE vehicles) and state-level incentives. For ICICI Bank, with assets surpassing Rs 21 lakh crore, the collaboration strengthens its portfolio of green financing solutions, building on its existing EV loan products. For VinFast, it ensures its premium EVs compete effectively against rivals like the Tata Curvv EV, Hyundai Creta Electric, and MG ZS EV in the Rs 20-40 lakh segment.
By combining VinFast’s innovative EVs with ICICI Bank’s financial expertise, this alliance is poised to redefine affordability in India’s EV landscape, driving the nation closer to a cleaner, greener future.Sources: Economic Times, TNGlobal, The Tribune, Autocar Professional, VinFast official release, and industry reports as of September 2025. Prices and terms are indicative and subject to official confirmation.
