Hue targets $56mil in investment this year

Tuesday, Aug 14, 2018 17:58

Chan May Port in Chan May-Lang Co Economic Zone in Thua Thien-Hue Province. — Photo

The central province of Thua Thien-Hue is targeting total investment of VND13 trillion (US$56 million) from enterprises this year, an increase of 20 per cent over last year’s figure.

Phan Ngoc Tho, chairman of the provincial People’s Committee, said the province was offering businesses incentive policies, including land lease tax cuts and quicker administrative procedure.

During a meeting between local authorities and businesses operating in the province held on Monday afternoon, many businesses pointed out the difficulties they face complying with policies as well as administrative hurdles that were making them reluctant to invest in the province.

A businesswoman from Ha Noi who is investing in a private hospital in Hue City complained that she had encountered problems with the local tax department which wanted her to file petitions every single year to be eligible for land lease tax breaks.

Local authorities had agreed to lease her land with a tax break over 50 years, she said.

Hospitality businesses, including those running the Pilgrimage Village Boutique Resort and Spa and Imperial Hotel, said the number of inspection teams visiting each year was having a negative impact on their operations.

A Pilgrimage representative said it had been inspected 27 times last year, while the Imperial Hotel said it was visited six times by inspectors last month.

Chairman Tho pledged to double check why regulations were not being followed by inspection teams. He said the province would work harder to ensure transparency in administration and equal policies for all businesses.

The province expected to have 6,800 businesses operating in the locality this year, so the committee was open for dialogue to deal with any hurdles businesses encountered, he said.

Thua Thien-Hue has a low annual economic growth rate. The Chan May-Lang Co EZ was opened there in 2006, but remains half empty. — VNS

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