The head of a large U.S. business lobby for Southeast Asia believes that U.S. electric vehicle tax credits should be extended to Vietnam following VinFast’s move to construct a $4 billion EV plant in the United States.
Currently, tax credits only benefit EVs manufactured in the U.S. or in countries that have free trade agreements with the U.S. Vietnam is not one of these countries but the head of U.S.-ASEAN Business Council and former U.S. ambassador to Vietnam, Ted Osius, believes that companies like VinFast may have a hard time competing without tax breaks.
Speaking with Reuters, Osius explained that VinFast responded to President Joe Biden’s call for EVs to be manufactured in the U.S. and wants something in return.