Vietnam EV maker VinFast picks U.S. Bank as partner in America

Vietnamese electric vehicle startup VinFast has selected U.S. Bank as its preferred provider of retail financing and leasing of VinFast vehicles in the U.S.

The bank, listed on the New York Stock Exchange as USB, is a trusted lender for vehicle finance and leasing, serving millions of customers through consumer and business banking, payment services, corporate and commercial banking, as well as wealth management and investment services.

Under the new partnership with VinFast, U.S. Bank will officially provide financing and leasing solutions for VinFast vehicles at its showrooms and via the VinFast website, the Vietnamese EV manufacturer said Tuesday.

“Thanks to this agreement, VinFast customers will have access to competitive finance and lease rates and world-class customer service from U.S. Bank,” said Le Thi Thu Thuy, CEO of VinFast Holdings.

John Hyatt, executive vice president, U.S. Bank, said: “Many Americans will purchase their first electric vehicles this year and we are excited to expand our presence in making EV ownership a reality through our relationship with VinFast.”

He added, “Through financing and leasing with U.S. Bank, VinFast customers will enjoy a secure, digital-first experience that takes just minutes.”

VinFast, a member of Vietnam’s largest conglomerate Vingroup, was established in 2017 as a producer of fossil fuel-powered cars and has shifted to total EV manufacturing.

The firm announced in June 2022 that it had signed a deal to initially invest $2 billion to build a factory in North Carolina in the U.S. to make electric cars and buses, along with batteries for EVs.

VinFast said it plans to have a total investment of $4 billion in the factory complex, which is expected to start operations in July 2024. Prior to that, VinFast signed agreements with Credit Suisse and Citigroup on underwriting advisory for global capital-raising transactions to fund its U.S. plant.