Several Vietnamese banks agree to finance EV purchases

VPBank agreed to the partnership with electric vehicle (EV) manufacturer BYD on July 18 and will see the bank, alongside BIDV and VietinBank, offer loans covering up to 85 per cent of the vehicle's value to BYD buyers.

Under the agreement, VPBank and BYD will deliver a flexible and customised credit package for customers. Specifically, buyers can finance up to 80 per cent of the vehicle’s value, with interest rates starting at 7.9 per cent per year. VPBank ensures a swift approval process, with loan disbursement within two hours after customers complete the necessary documentation.

For dealer clients, financing extends up to 85 per cent of the vehicle’s value with interest rates as low as 4.8 per cent, depending on the loan term. The partnership between VPBank and BYD aims to enhance service quality through improved human resources and technology, facilitating quick and efficient credit approval processes.

BYD announced plans to open approximately 10 showrooms in major cities by July, with an ambitious target of 100 showrooms nationwide within three years.

BYD entered the Vietnamese market on July 18 with three flagship models: the BYD Seal, BYD Dolphin, and BYD Atto 3. These vehicles feature BYD’s proprietary e-Platform 3.0, Blade Battery, and fast DC charging systems, with a range of over 400km on a full charge.

Chinese electric vehicle giant BYD intends to open 100 dealerships in Vietnam within the next three years as part of its aggressive expansion efforts in the country.