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Feb 08, 2023 / 17:22

VinFast selects U.S.Bank as preferred provider of retail financing and leasing

VinFast is building an electric vehicle plant as an investment strategy to expand the company's US operations.

VinFast has chosen U.S. Bank as it preferred provider of retail financing and leasing of VinFast's electric vehicles (EV) in the US. 

 VinFast's cars are available in the US. Photo: VinFast

The announcement was made by VinFast, a subsidiary of Vingroup - Vietnam conglomerate, when the electric maker is preparing to open more showrooms in California, with plans for more locations around the country soon. 

Under the partnership, U.S. Bank, a trusted lender for vehicle finance and leasing, will officially provide financing and leasing solutions for VinFast vehicles at VinFast showrooms and via the VinFast website.

Le Thi Thu Thuy, Vingroup Vice Chair and CEO of VinFast Holdings, said: “With the goal to make electric vehicles accessible to everyone, VinFast is constantly looking for optimal solutions for customers. Thanks to this agreement, our customers will have access to competitive finance and lease rates and world-class customer service from U.S. Bank."

John Hyatt, Executive Vice President, U.S. Bank, Dealer Services, said: “Many Americans will purchase their first electric vehicle this year and we are excited to expand our presence in making EV ownership a reality through our relationship with VinFast.”

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

Last November, VinFast shipped the first batch of 999 VF 8 electric cars to the US.

Earlier, in July 2022, the Vietnamese firm also opened six stores in California, and continue to open 30 more units in this US state, while exploring expansion to other states across the US.

The EV maker is in the process of building a North Carolina EV plant, which is expected to reach an annual production capacity of 150,000 units when it becomes operational in 2024.