Central EZ seeks investment

Tuesday, Jan 21, 2014 08:30

Laguna Lang Co, Viet Nam's first and largest integrated resort in central Thua Thien - Hue Province. The Chan May-Lang Co Economic Zone is looking to attract US$71.4 million in investment this year. — VNA/VNS Photo Danh Lam

THUA THIEN - HUE (Biz Hub) — The Chan May-Lang Co Economic Zone (EZ) in the central province of Thua Thien - Hue aims to attract a total investment of over VND1.5 trillion (US$71.4 million) this year.

In order to reach this goal, local authorities said investments of up to VND1.95 trillion ($93 million) have been made in upgrading the infrastructure for transport, electricity, water and telecommunications in the province.

The authorities also plan to continue simplifying administrative procedures to encourage new investors, while creating a more favourable environment for investors already permitted to implement licensed projects.

The EZ has, so far, attracted 32 projects with a total registered capital of over VND35.47 trillion (more than $1.68 billion), including 10 projects with a total investment of $1 billion by foreign investors. Of these projects, 12 are already underway.

One of the largest projects is an $875 million tourism complex, being financed by the Banyan Tree Group of Singapore.

According to the provincial People's Committee, the EZ's location, near the national road 1A and the Lang Co Bay, make it highly attractive to investors, as the port is extremely convenient for transporting goods on both land and sea.

In addition, several financial incentives have been provided to attract investors, such as tax exemptions for the first four years of operation, a 50 per cent tax reduction for the next nine years, and a 50 per cent tax rate for high-income employees.

In an attempt to improve the province's investment climate, the EZ's management board has also revoked the licenses of five slow-moving projects that had a combined investment of VND4.56 trillion ($217.2 million).

Another four projects, valued at a total of VND2.68 trillion ($128 million), are under consideration. — VNS

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