VinFast, Vietnam’s first electric vehicle (EV) manufacturer and a subsidiary of local conglomerate Vingroup, announced on February 6 (US time) that U.S. Bank (NYSE: USB) has been selected as its preferred provider of retail financing and leasing for VinFast vehicles in the US.

The bank is a trusted lender in 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, it will provide financing and leasing solutions for VinFast vehicles at VinFast showrooms and via VinFast’s website.

“With the goal of making electric vehicles accessible to everyone, VinFast is constantly seeking optimal solutions for customers,” said Ms. Le Thi Thu Thuy, Vingroup Vice Chair and CEO of VinFast Holdings. “Thanks to this agreement, VinFast customers will have access to competitive financing and leasing rates and world-class customer services from U.S. Bank.”

“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 Mr. 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.

In another development, VinFast is cutting its workforce in the US amid restructuring in its major overseas market, as it grapples with a stalled shipment of vehicles and prepares for a potential stock listing, the company said on February 6.

It has been moving to expand in the US, where it hopes to compete with existing automakers.

A VinFast spokesperson said headcounts will not shrink in Vietnam, where most of the company’s staff, including its factory and engineering operations, are located.

It was not immediately clear how many jobs would be affected by the US restructuring. VinFast said it had hired about 150 people in the country, many in sales, support, and distribution roles as part of a model that bypasses traditional dealerships.