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US exempts Vietnam’s solar panels from tax for 24 months

On June 6, US President Joe Biden announced that he would exempt from tax for 2 years for solar panels from Cambodia, Malaysia, Thailand and Vietnam. China no tax incentives on this item, according to the White House.

The US exempts Vietnam's solar panels from tax for 24 months - Photo 1

Vietnamese-made solar cells are being opened to the US market


The above move of the US is to increase domestic clean energy production according to the plan of the US President Bidenreported by AFP and Reuters.

Previously, the US Department of Commerce opened an investigation to trace the origin of solar panels imported from four Southeast Asian countries, including Vietnam. The US side wants to find out whether exports from the group of 4 countries ASEAN whether it comes from China, in order to enjoy the US’s preferential advantage over these countries.

The investigation dragged on for months, causing supply freezes and halting projects in the US, according to sources familiar with the matter.

President Biden’s decision is said to address the anxiety of US companies about having to set aside billions of dollars to pay for tariffs, thereby giving the green light to projects on the US economy. clean energy.

A total of 19 state governors, 22 senators, dozens of representatives, industry officials and environmental campaigners have voiced concerns about the Commerce Department’s investigation into tax arrears. can increase up to 250%.

The solar panel tax exemption applies to only four countries while the investigation is still underway. Depending on the outcome of the investigation, the US will decide whether to reimpose the tariffs after 24 months.

Before President Biden announced the tax exemption, the investigation hindered the number of solar panels that accounted for more than 50% of the US supply and 80% of the imports of this item.

Increasing renewable energy sources such as solar power is key to President Biden’s goal of cutting greenhouse gas emissions by 50% to 52% by 2030 relative to annual emissions. 2005, as well as removing carbon emissions from the US national electricity grid by 2035.

In addition, the White House owner also activated the Defense Production Act to increase domestic production of solar cells to meet increased demand in the near future.

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