Chu Lai Open Economic Zone (EZ) in central Quang Nam province, Vietnam’s first EZ, has to date attracted 130 domestic and foreign-invested projects capitalized at over US$1.4 billion, mainly in the fields of industry and tourism, said a provincial official.
In last April alone, the provincial People’s Committee licensed three Vietnamese companies which will pour a total of US$102 million into building five-star seaside resorts slated for construction in this July, said the committee chairman Nguyen Xuan Phuc.
We will try our utmost to bring more favorable conditions for investors in Chu Lai, Phuc said, adding that this will play a vital role in luring more investment into the central region, which is targeted to be a strategic economic hub of Vietnam in the near future.
Both foreign and local investors in the zone will be given exemption of corporate income tax of 10 per cent in the first four years, and 50 per cent reduction in the tax in the nine following years, and exemption of import tariffs on materials and components for production in the first five years.
General Director of the zone-based Hoa Chen Feed Company, Yang Shubin noted he is very satisfied with investment procedures in Chu Lai EZ and also explained why his mother company in Shanghai, China, wanted to establish another firm specializing in construction, trading and tourism in the zone.
Vietnam now has seven other economic zones including Dung Quat, Chan May-Lang Co, Nghi Son, Vung Ang, Van Phong, Nhon Hoi and Phu Quoc, which are all offering many incentives to investors, hopefully becoming key drivers for the country’s economic development in the international integration.
Vietnam will needs at least around VND16,000-24,000 billion (US$1-1.5 billion) for infrastructure construction at these EZs in the 2006-2010 period, state media said.
The Southeast-Asian country also plans to some four new economic zones in localities having deepwater seaports from by 2010, revealed Tran Ngoc Hung, deputy head of the Industrial Park (IP) and Export Processing Zone (EPZ) Management Department under the Ministry of Planning and Investment.
Vietnam currently has 148 IPs and EPZs with total area of 32,000 hectares, which have so far attracted over 2,500 foreign-invested projects totaling US$21.8 billion, and over 2,600 domestic projects with valued at approximately US$10 billion dollars. (
www.chinaview.cn))
Vietnamese
