Vinh Phuc to Renew Investment Incentives in August

Vinh Phuc to Renew Investment Incentives in August

From this August, Vinh Phuc province will apply its new investment incentives to encourage business and production activities in sectors that benefit most the province’s socio-economic development and the local people’s welfare. Accordingly, projects developed in more disadvantageous areas will be offered more incentives.

Vinh Phuc province has decided to terminate its flat investment incentives. Accordingly, incentives in land rent, interest rates and training support will be maintained as in the past but incentives such as land rent exemption and site clearance cost support will be reviewed according to the fields and places in which projects are developed.

Incentives for industrial parks and complexes, including Quang Minh in Me Linh district, Binh Xuyen in Binh Xuyen district and National Highway 2, which are all particularly attractive for investors, will be reduced.

Meanwhile, the Chan Hung and Tan Tien industrial parks in Vinh Tuong district, which are located farther from Hanoi, have consequently attracted fewer projects, and mountainous communes and districts which have yet to attract any projects will offer the top incentives. Enterprises investing in projects in the mountainous districts of Tam Dao, Lap Thach, Tam Duong and Binh Xuyen will enjoy eight years’ land rent exemption.

Furthermore, projects involved in developing local craft villages and vocational training centres will be exempted from land rent for five years. Meanwhile, enterprises that build blocks of flats with a height of at least three storeys for rent in industrial parks and complexes, sports and entertainment facilities will be completely exempted from land rent.

Vinh Phuc province will also cover 100 per cent of the cost for site clearance for blocks of flats for rent. Projects on building cultural, sports and entertainment areas and developing public health and education in Vinh Tuong, Yen Lac, Lap Thach, Tam Duong, Binh Xuyen and Tam Dao districts will receive a support equal to 20 per cent of the site clearance cost.

Projects investing in production in mountainous districts, such as Tam Dao, Lap Thach, Binh Xuyen and Tam Duong will receive 100 per cent support for site clearance costs.