Hau Giang eyes Japan investment

Monday, Aug 22, 2016 09:36

Drug production line at Hau Giang Pharmaceutical Company in Hau Giang Province. The Cuu Long (Mekong) Delta province hopes to attract Japanese investments in all sectors. — Photo doanhnghiepvathuonghieu.vn
HCM CITY (Biz Hub) — The Cuu Long (Mekong) Delta province of Hau Giang hopes to attract Japanese investments in all sectors, a provincial leader told a meeting with the Japan External Trade Organisation (JETRO) in the province on Thursday.

"The province will create the most favourable conditions and preferential policies for Japanese investors," Truong Canh Tuyen, People's Committee vice chairman, said.

Hau Giang has attracted two Japanese projects with a combined investment of more than US$1.36 million, according to the local Department of Planning and Investment.

It also has six official development assistance projects from Japan worth VND219.5 billion ($9.84 million) and three projects by Japanese NGOs.

The latter include one to research aquaculture in the Xa No River in Vi Thanh city in 2009 and another to build 10 houses at a cost of VND350 million ($15,694) for poor people in Chau Thanh District in 2010, sponsored by the Japan Tobacco International company.

Shinnyo-en, a charity organisation, built a bridge to access Tan Phu elementary in 2013 and provided scholarships to 38 of the school's students the next year.

JETRO executives also visited the Can Tho Sugar Joint Stock Company to explore business opportunities, according to media reports.

Hau Giang is currently looking for investments of $330 million in 33 projects, especially in agricultural and food products, agricultural technologies and trade and tourism development, according to its People's Committee.

The province is offering incentives to investors such as income tax waiver for the first four years and a 50 per cent waiver in for the next nine.

They will also enjoy subsidised land and water and lower import and export taxes.

Since 2004 more than 3,700 companies have registered to set up businesses in the province with a combined investment of VND43 trillion ($1.93 billion), mostly in trade, services and construction.

Hau Giang is home to nearly 500 domestic projects worth VND120 trillion ($5.38 billion).

There are also 15 foreign businesses with total investment of nearly $650 million, and 12 joint venture businesses worth more than $165 million. — VNS

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