return icon Vietnamnet.vn

HCM City hi-tech park to speed up investment procedures

HCM City will focus on helping businesses invest in the Saigon Hi-tech Park in Thu Duc City by addressing slow administrative procedures, a conference on facilitating investment heard on June 27.
Saigon Hi-tech Park in HCM City’s Thu Duc City. HCM City will focus on speeding up investment procedures to attract more investors. — Photo baodautu.vn

Vo Sy Nhan, general director of office space provider Onehub Saigon Bund, said though the park has been making efforts to help, his company’s project there has been slow to make a start.

It was approved in 2014, but has been stymied by administrative bottlenecks, he said.

For instance, approval for its land planning adjustment has been slow, and since the park itself is also going through a similar process, it could take long, he said.

It is also having difficulty extending its land lease contract, which requires the city’s approval, he said.

Nhan has asked relevant authorities to quickly approve both so that work on the project could begin soon.

Other businesses at the conference also complained about slow administrative procedures.

Pham Tan Dat, founder of e-commerce platform FADO, said he is looking at investment in the hi-tech park, but needs assurance about administrative deadlines.

Phan Van Mai, chairman of the HCM City People’s Committee, admitted there have been numerous cases of tardy processing, hindering investment activities.

He said the city would focus on assisting investors, such as quickly approving land planning faster, and urged businesses to work with authorities to resolve administrative problems.

Nguyen Anh Thi, head of the park management, also promised it would strive to reduce the time and expenses taken to complete administrative procedures.

It is soliciting investments in business incubation and training, high-technology manufacturing, hi-tech services, and smart factories.

A 10 percentage point cut in corporate income tax is offered to hi-tech investors for the first 15 years of a new project.

Large investors are also offered tax breaks.

Depending on new projects’ scale and industry, they are also exempt from paying land rent for 18 to 22 years or the entire duration of a project, or get rent waivers of up to 75 per cent. 

The certificates to increase investment are granted to three project investors at the event. — VNA/VNS Photo

Also at the conference, the management board of the Saigon Hi-Tech Park (SHTP) in HCM City granted certificates to three projects to increase their investment by more than US$848.74 million in total.

The lion’s share of the financial comes from $841 million at Samsung Electronics HCMC CE Complex Co., Ltd. The new funding increases the total investment in the factory to over $2.84 billion.

The other two projects are Hoa Binh innovation centre and a Vietnamese pharmaceuticals factory, which saw their capital rising by VND130 billion ($5.59 million) and VND30 billion, respectively.

Founded in 2002, the 913ha Saigon Hi-tech Park has issued licences to 163 domestic and foreign projects worth over $12 billion. 

Source: Vietnam News

MORE NEWS

Credit package for social housing not as productive as hoped

Few have benefited from the VND15 trillion credit package for social housing as there is a limited supply of low-cost homes.

VIETNAM BUSINESS NEWS AUGUST 17

More effective tax collection of e-commerce necessary

VIETNAM NEWS HEADLINES AUGUST 17

Cultural industry to contribute 10% of Hanoi’s GRDP by 2045

Authority warns of scam South Korea labour export programmes

The Department of Overseas Labour under the Ministry of Labour, Invalids and Social Affairs have warned about scams targeting people who want to work in technical occupations in South Korea.

Textile firms call for favourable policies amid pessimistic prospects

With a pessimistic outlook for the second half of 2022, textile firms are calling for favourable governmental policies to turn their situation around.

Enterprises ignoring waste management to face penalty

Enterprises that are required to manage their waste and have yet to fulfill their payment obligations will be inspected, with a possible fine of up to VND2 billion for violations.

Favorable conditions pledged for Qatar’s funds, enterprises

Competent Vietnamese agencies are willing to create favorable conditions for Qatar’s investment funds and enterprises to seek investment opportunities in the country.

Woman posing for Tiktok video at Phu Quoc airport banned from flying for six months

The head of the Civil Aviation Authority of Vietnam Dinh Viet Thang has decided to issue a flight ban on a woman posing for a TikTok video at the Phu Quoc Airport tarmac for six months.

“1,000 public employees quitting jobs each month is inaccurate data”: HCM City

The Ho Chi Minh City Department of Home Affairs says the information that 6,177 public employees quit their jobs in the first half of 2022 is incorrect. These are actually statistics from January 1, 2020 to June 30, 2022.

Gov't sets up six working groups to inspect disbursement of public investment capital

Prime Minister Pham Minh Chinh has tasked six working groups to inspect disbursement of public investment capital in 41 ministries, state agencies and 18 localities where disbursement is below the national average rate of 34.47 percent as of July 31.

Vietnam to mobilise $360 billion for sustainable development targets

Vietnam needs to mobilise $360 billion for implementing its green and sustainable development targets by 2030.

Vietnam to make Apple Watch, MacBook for first time

Apple is in talks to make Apple Watches and MacBooks in Vietnam for the first time as the US tech giant looks to diversify production away from China, Nikkei Asia reported.

Japanese firm buys 35.1% stake at Vietnam’s power company

JERA Inc., a power generation company of Japan, has signed a deal to buy a 35.1% stake at Vietnam’s Gia Lai Electricity JSC (GEC) to tap the Southeast Asian nation's growing demand for electricity and further its own decarbonisation efforts.

Goalkeeper Dang Van Lam officially signs contract with Binh Dinh

Goalkeeper Dang Van Lam has signed a three-year contract with Binh Dinh FC and is expected to play his first match for his new team in the V.League 1 this weekend.

Vietnam faces shortage of Protamine sulfate

The Drug Administration of Vietnam (DAV) has sent a letter to provincial and municipal departments of health, hospitals and drug importers, asking them to supply information on stocks of Protamine sulfate.
back_to_top