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VietNamNews

Investment doubles for Central Highlands

Update: December, 26/2017 - 09:40
Part of a coffee processing factory, which Thái Hòa Lâm Đồng Co. has invested in, in the Central Highlands province of Lâm Đồng. - VNA/VNS Photo Trần Việt
Viet Nam News

HÀ NỘI — The Central Highlands provinces have attracted 235 investment projects from domestic investors with total registered capital of nearly VNĐ103.36 trillion (US$4.53 billion) so far this year, up nearly 203 per cent against 2016 and nine foreign direct investment (FDI) projects with a total capital of nearly $110 million.

According to the Central Highlands Steering Committee’s Standing Board, at present, the Central Highlands region,  which comprises Lâm Đồng, Đắk Lắk, Đắk Nông, Gia Lai and Kon Tum,  are attracting more and more investors to construct production and business facilities, boosting socio-economic development. Lâm Đồng, Đắk Lắk and Gia Lai provinces are attracting the most domestic and foreign investors to set up manufacturing and business establishments in the region.

Đắk Lắk alone granted investment licences to 75 projects this year, with a total registered capital of nearly VNĐ4 trillion. This marked a 17.19 per cent increase in the total number of projects and an increase in total registered capital of 2.46 times. A number of big projects using funds from investors instead of the provincial budget have been completed and put into operation.

 The Central Highlands provinces have recently redoubled their investment promotion efforts. Besides organising conferences, editing investment promotion materials and publicising the projects on the provincial website, the provincial Department of Planning and Investment also strives to improve the investment and business environment. In particular, it works to improve the training of provincial officials who interact with enterprises and potential investors and to reform the administrative procedures in order to strengthen investors’ trust.

The Central Highlands provinces have also publicly disclosed the preferential investment policies regarding land rent, water surface lease, corporate income tax and incentives for the agricultural sector.

Specifically, Đắk Lắk offers the policy of land rent exemption for investors during the period of basic construction and an exemption for 11 years or more in the next period.

In Buôn Ma Thuột City, land rent is exempted in the basic-construction period and exempted for seven years or more in the next period, with the timing depending on the investment field.

In districts and towns, the corporate income taxes are exempted for four years and reduced by 50 per cent for the following nine years after the taxable income is generated.

Besides, the Central Highlands provinces have also strived to plan transport infrastructure, industrial parks, telecommunication information, electricity, water and available land funds so as to create favourable conditions for investors and businesses.

The Central Highlands provinces continue to call for investment in such sectors including high-tech agriculture, organic agriculture, tourism, high-end convalescence, the agricultural processing industry and regenerative energy. — VNS

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