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.
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./.
Automaker VinFast, a subsidiary of conglomerate Vingroup, sold 3,497 vehicles in September, posting a month-on-month surge of 51.4 percent despite the COVID-19 pandemic.
VinFast, a Vietnamese automotive manufacturer established in 2017, has announced the global debut of its new electric vehicles (EVs) at the 2021 Los Angeles Auto Show this November.
Vietnamese automaker VinFast will start recalling 2,853 units of Chevrolet Spark Van model in Vietnam from October 25 for checking and replacing details floor mats that may be corroded (oxidized) due to high Bromine content in the mats.
Vietnamese electric automobile manufacturer VinFast and French state-controlled power group Électricité de France (EDF) signed a Memorandum of Understanding (MoU) on cooperation to install vehicle charging stations in France at the presence of Prime Minister Pham Minh Chinh.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Illustrative photo (Source: Vinfast) 
