VINFAST CHOOSES U.S. BANK AS PREFERRED PROVIDER OF VEHICLE FINANCING AND LEASING IN THE UNITED STATES

VinFast has appointed U.S. Bank (NYSE: USB) as its preferred provider for retail financing and leasing of its vehicles in the United States.

Rhea-AI Summary

VinFast has appointed U.S. Bank (NYSE: USB) as its preferred provider for retail financing and leasing of its vehicles in the United States. This partnership aims to provide customers with competitive financing options and enhanced customer service at VinFast showrooms and online. U.S. Bank will facilitate a seamless, secure digital financing experience for VinFast customers. The announcement coincides with VinFast's plans to open new showrooms in California and expand its presence across the country. As of December 31, 2022, U.S. Bancorp, the parent company of U.S. Bank, reported $675 billion in assets.

Positive

• U.S. Bank partnership enhances financing options for VinFast customers.
• Competitive finance and lease rates expected to attract new customers.
• VinFast plans to expand showroom presence in the U.S.

Negative

• None.

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LOS ANGELES, Feb. 6, 2023 /PRNewswire/ -- VinFast today announced U.S. Bank (NYSE: USB) has been chosen as its preferred provider of retail financing and leasing of VinFast vehicles in the United States.

U.S. Bank is a trusted lender for vehicle finance and leasing, serving millions of customers through consumer and business banking, payment services, corporate and commercial banking and wealth management and investment services. 

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

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

"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," said John Hyatt, Executive Vice President, U.S. Bank, Dealer Services. "Through financing and leasing with U.S. Bank, VinFast customers will enjoy a secure, digital-first experience that takes just minutes."

The announcement comes as VinFast is preparing to open more showrooms in California, with plans for more locations around the country soon.

About U.S. Bank:
U.S. Bancorp, with approximately 77,000 employees and $675 billion in assets as of December 31, 2022, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services. MUFG Union Bank, consisting primarily of retail banking branches on the West Coast, joined U.S. Bancorp in 2022. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2022 World's Most Ethical Companies and Fortune's most admired superregional bank. Learn more at usbank.com/about.

About VinFast
VinFast - a member of Vingroup – envisioned to drive the movement of global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90% automation in Hai Phong, Vietnam.

Strongly committed to the mission for a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at: https://vinfastauto.us/.

About Vingroup
Established in 1993, Vingroup is one of the leading private conglomerates in the region, currently focuses on three main areas: Technology and Industry, Services and Social Enterprise. Find out more at: https://www.vingroup.net/en.

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SOURCE VinFast Automotive

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the partnership between VinFast and U.S. Bank about?

VinFast has selected U.S. Bank as its preferred provider for retail financing and leasing of its vehicles in the U.S.

When was the VinFast and U.S. Bank partnership announced?

The partnership was announced on February 6, 2023.

How will U.S. Bank benefit VinFast customers?

U.S. Bank will provide competitive financing options and a secure digital-first experience for VinFast customers.

What are VinFast's expansion plans in the U.S.?

VinFast is preparing to open more showrooms, starting in California, with further expansion planned across the country.

What assets does U.S. Bancorp have?

As of December 31, 2022, U.S. Bancorp reported approximately $675 billion in assets.