VinFast Auto Ltd. has partnered with Bank of the Philippine Islands (BPI) to provide vehicle financing for its electric vehicle (EV) buyers, aiming to address affordability barriers that continue to slow EV adoption in the Philippines, according to a report by BusinessWorld.
Under the agreement, BPI will extend financing through its auto loan product to qualified VinFast customers. The partnership is expected to make EVs more accessible to Filipino consumers by offering competitive loan terms, though specific interest rates and down payment requirements were not disclosed.
The collaboration comes as the Philippine government pushes for greater EV adoption through incentives under the Electric Vehicle Industry Development Act (EVIDA). However, high upfront costs remain a key hurdle. VinFast, which entered the Philippine market last year, sees the financing tie-up as a way to grow its customer base in the country’s emerging EV segment.