Mumbai — Electric mobility player VinFast India has signed a Memorandum of Understanding (MoU) with Bank of Baroda to roll out structured dealer invoice financing solutions, giving its growing dealer network something almost as important as battery range: working capital range.
Under the agreement, Bank of Baroda will extend up to ₹200 crore in dealer financing on flexible terms, aimed at strengthening VinFast’s exclusive dealer ecosystem and accelerating its expansion across India. In simple terms — dealers can now keep more EVs in stock without their accountants developing trust issues.
The financing program is designed to streamline credit access, improve inventory management, and reduce turnaround cycles for dealers, while supporting VinFast’s broader India growth strategy in what is rapidly becoming one of the world’s most competitive EV markets.
The MoU was signed at Bank of Baroda’s Corporate Centre in Mumbai by Pham Sanh Chau, CEO of VinFast Asia, along with Madhur Kumar, Chief General Manager – MSME Banking, Co-Lending & Supply Chain Finance, and D. Ananda Kumar, General Manager – Supply Chain Finance at Bank of Baroda.
Speaking on the partnership, Pham Sanh Chau said the EV transition is not just about vehicles and chargers, but about building a dependable ecosystem behind the scenes.
“The shift to electric mobility succeeds when customers and dealers have the right tools and support. Our partnership with Bank of Baroda is a step towards building that ecosystem, providing hassle-free financing solutions that make it easier for dealers to manage inventory. It ensures a smoother ownership journey and makes EV adoption more reassuring for customers.”
Bank of Baroda emphasized that EV growth and green financing are becoming increasingly interconnected lanes on the same highway.
Madhur Kumar noted:
“As EV adoption accelerates, access to financing plays a vital role in driving this transition. Our collaboration with VinFast will offer dealers convenient credit solutions tailored to its premium EV lineup, while reinforcing the Bank’s broader sustainability commitments.”
VinFast, which entered the Indian market just about a year ago, has been building its footprint through a premium EV portfolio and a vertically integrated ecosystem covering manufacturing, retail, charging infrastructure, and after-sales services. The brand’s India strategy focuses on long-term ecosystem development rather than just product launches — a bit like planting a forest instead of selling individual trees.
With dealer financing now plugged in, VinFast’s India journey shifts from “ready to launch” to “ready to scale” — and this time, the charge is backed by a public sector balance sheet.
