Hanoi (VNA) – Vietnamese electric vehicle maker VinFast, a subsidiary of Vingroup, on July 24 signed a cooperation agreement with 12 financial institutions to promote the transition from petrol-powered vehicles to electric ones in Hanoi.

Under the agreement, a range of unprecedented incentives will be offered, including instalment loans covering 70–90% of the vehicle’s value with terms of up to eight years, and interest rates 3–4% lower than average during the first three years. VinFast will also offer a 10% discount on electric motorbike prices with full coverage of registration fees.

The 12 partner banks and institutions are Vietcombank, VietinBank, BIDV, MBBank, Techcombank, VPBank, HDBank, Sacombank, TPBank, MSB, Lotte Finance, and Shinhan Finance.

Specifically, Hanoi residents purchasing VinFast electric cars will be eligible for loans covering up to 80% of the vehicle’s value with preferential interest rates for the first three years.

Buyers registering vehicles for ride-hailing on the Xanh SM platform could receive support of up to 4% annually, along with a fixed 90% revenue share over three years. VinFast has rolled out a “zero upfront payment” policy targeting electric motorbike buyers in Hanoi who use the vehicles for operations on the Xanh SM platform. Under the scheme, customers receive a 10% discount, with the remaining amount financed through a three-year instalment loan backed by GSM.

For personal use, buyers pay just 10% of the vehicle’s cost upfront, with the rest financed through partner banks. Notably, from July 24 to October 24, 2025, VinFast will cover 100% of the registration fee for electric motorbikes purchased in Hanoi.

Speaking at the signing ceremony, Director of Retail Banking Division at VietinBank Le Viet Duc said this cooperation with VinFast demonstrates the financial sector’s commitment to sustainable development and the green transition through ESG-focused approaches.

He went on to say that it also represents a practical step toward achieving the Government’s net-zero emissions target.

Le Khac Hiep, Vice Chairman of Vingroup, highlighted that green transformation requires collective effort.

The partnership of the 12 banks and VinFast shows the shared vision of the business community for a greener, cleaner, and more modern Vietnam, he added.

♍ Alongside the financing offers, VinFast will host the Green Festival starting July 29, where people will sell their petrol-powered vehicles and switch to EVs./.