On her visit to South Korea, US vice president Kamala Harris vowed to work with the country to resolve the disputes surrounding the US Inflation Reduction Act (IRA). Signed into law last month, IRA lays out tax credits of up to US$7,500 for electric vehicles (EV) assembled in the US, Canada and Mexico, but threatens to damage South Korea automaker Hyundai and its affiliate Kia. Hyundai, the second largest EV player in the US in terms of market share, announced in May 2022 to invest US$5.5 billion in constructing its first EV and battery plant in the US state of Georgia. Production, however, will only begin in 2025, making the project ineligible for state subsidies until then, and triggers skepticism toward the US within South Korean industry. Repercussions from the IRA are now further complicating the ongoing US efforts to secure South Korean commitments to join the US-led, so-called “Chip 4” alliance that also includes Taiwan and Japan.

Vietnam’s economy posted a double-digit growth in the third quarter, helped by a rebound in manufacturing and a lower base in the year-ago period.

VinFast has expanded its tie-up with Renesas Electronics under which Renesas will provide a broader range of products including SoCs, microcontrollers, analog and power semiconductors, as well as technical support, for VinFast’s electric vehicles (EV).