Business

Vinfast obtains 20.5-million-USD tax credit for operation in California

The California Governor's Office of Business and Economic Development (GO-Biz) has granted VinFast 20.5 million USD worth of tax credit, the Vietnamese automobile manufacturer said on November 5.
Vinfast obtains 20.5-million-USD tax credit for operation in California ảnh 1Illustrative photo (Source: Vinfast)
Hanoi (VNA) – The California Governor's Officeof Business and Economic Development (GO-Biz) has granted VinFast 20.5 millionUSD worth of tax credit, the Vietnamese automobile manufacturer said on November 5.

Vinfast has committed to investing more than 200 million USDin establishing its US subsidiary in the state and creating at least 1,065full-time jobs.

The granted sum comes from the California Competes TaxCredit (CCTC) – an income tax credit available to businesses that want tolocate or stay and grow in California. Accordingly, businesses of any industry,size, or location compete for over 180 million USD available in tax credits byapplying in one of the three application periods each year. Applicants will beanalysed based on 12 different factors of evaluation, including number offull-time jobs being created, amount of investment, and strategic importance tothe state or region.

Recently, Vinfast, established in 2017, has announced its plan for theglobal debut of VF e35 and VF e36 electric SUV models at the 2021 Los AngelesAuto Show, which runs from November 19 to 28. This global premiere marks theofficial introduction of the VinFast electric vehicle brand to the NorthAmerican market, with pre-order beginning in the first half of 2022./.
VNA
#GO-Biz #VinFast #tax credit #Vietnamese automobile manufacturer #California Competes Tax Credit #2021 Los Angeles Auto Show #vietnam #vietnam news agency #vietnamplus
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