The California Governor's Office of Business and Economic Development (GO-Biz) has granted VinFast US$20.5 million worth of tax credit, the Vietnamese automobile manufacturer said on November 5.
Vinfast has committed to investing more than US$200 million in establishing its US subsidiary in the state and creating at least 1,065 full-time jobs.
The granted sum comes from the California Competes Tax Credit (CCTC) – an income tax credit available to businesses that want to locate or stay and grow in California. Accordingly, businesses of any industry, size, or location compete for over US$180 million available in tax credits by applying in one of the three application periods each year. Applicants will be analysed based on 12 different factors of evaluation, including number of full-time jobs being created, amount of investment, and strategic importance to the state or region.
Recently, Vinfast, established in 2017, has announced its plan for the global debut of VF e35 and VF e36 electric SUV models at the 2021 Los Angeles Auto Show, which runs from November 19 to 28. This global premiere marks the official introduction of the VinFast electric vehicle brand to the North American market, with pre-order beginning in the first half of 2022.