Banks aligning with VinFast to accelerate electric vehicle adoption in Hanoi
In a significant move towards sustainable development, VinFast, a leading electric vehicle manufacturer under Vingroup, has partnered with 12 major banks and financial institutions to promote electric vehicle adoption in Hanoi[1][2][3][4]. This alliance demonstrates a collective will to create a cleaner future and aligns with the government's policies on green transformation.
Key Participants
The partnership includes some of Vietnam's key players in advancing green finance, such as Vietcombank, VietinBank, BIDV, MBBank, Techcombank, VPBank, HDBank, Sacombank, TPBank, MSB, Lotte Finance, and Shinhan Finance[1][2][3][4].
Financing Options
The partnership offers attractive financing options to those looking to purchase electric vehicles. Installment loans covering 70–90% of the electric vehicle’s value are available, with loan durations extending up to eight years, depending on the bank's policies[1][2][3][4]. For electric cars registered in Hanoi, loans can cover up to 80% of the vehicle’s value, and interest rates for the first three years are 3–4% below the market average[1][2][3].
Additional Incentives
VinFast is offering additional incentives to make electric vehicles more accessible and affordable. A 10% discount on electric motorbike prices is available, and registration fees for electric motorbikes purchased in Hanoi from July 24 to October 24, 2025, are fully covered[1][2]. Under a “zero upfront payment” policy, VinFast offers a 10% discount to electric motorbike buyers using vehicles for the Xanh SM platform, with the remaining amount financed via a three-year installment loan backed by GSM[2].
Ride-hailing Benefits
Buyers who register their vehicles on the Xanh SM ride-hailing platform receive a fixed 90% revenue share over three years alongside loan support incentives[1][2][3].
Alignment with Green Finance
The banks involved are pioneers in green transformation, promoting sustainable development and green growth in line with government policies[3]. This partnership is a strategic milestone reflecting business solidarity with Hanoi’s green transport policies, making electric vehicles more accessible and affordable through substantial financial support and incentives[3][4].
Supporting Vietnam's Green Goals
This initiative supports Vietnam's national green goals by encouraging residents to switch from petrol to electric vehicles. Lê Việt Đức of Vietinbank prioritizes projects with environmental and community benefits, and Lê Khắc Hiệp of Vingroup emphasizes that green transformation is a shared responsibility[1][2][3][4].
[1] VinFast Press Release, July 24, 2025. [2] Vietinbank Press Release, July 24, 2025. [3] Vietnamese Government Green Transport Policy Statement, 2025. [4] Hanoi City Government Green Transport Initiative, 2025.
- The partnership, which includes key players like Vietcombank, VietinBank, BIDV, MBBank, Techcombank, VPBank, HDBank, Sacombank, TPBank, MSB, Lotte Finance, and Shinhan Finance, demonstrates a collective effort in advancing green finance.
- The financing options provided by this alliance offer attractive deals, including installment loans that cover up to 90% of the electric vehicle’s value, with extended loan durations up to eight years.
- VinFast is offering additional incentives, such as a 10% discount on electric motorbikes and full coverage of registration fees for electric motorbikes purchased in Hanoi during a specific period.
- The banks involved, being pioneers in green transformation, align with the government's policies on green growth and sustainable development, supporting Vietnam's national green goals by encouraging the switch from petrol to electric vehicles.
