The US has announced a 24-month tariff exemption for solar panels manufactured in four Southeast Asian countries including Vietnam.
On June 6, US President Joe Biden made such an announcement in order to promote clean energy production in the country.
Issuing a statement, it was informed that the tax waiving scheme will be effective to solar panels imported from Vietnam, Cambodia, Malaysia and Thailand.
It has been reported that the latest development is "to ensure the US has access to a sufficient supply of solar modules to meet electricity generation needs while domestic manufacturing scales up."
According to the statement, "clean energy technologies now play an important part in reducing energy costs for homes, thus minimising risks to the electricity supply in the country."
As per the authorities, the US has set the target of increasing its domestic solar manufacturing capacity from 7.5 gigawatts to 22.5 gigawatts by 2024.
It has been reported that this generated power will be sufficient to enable 3.3 million households to switch to solar annually.