HCM City to give tax incentives to Samsung

tohang

The municipal People's Council has decided to provide an additional tax incentive for an expansion plan of the Samsung Electronics HCM City CE Complex at the Sai Gon Hi-Tech Park.

The municipal People's Council has decided to provide an additional tax incentive for an expansion plan of the Samsung Electronics HCM City CE Complex at the Sai Gon Hi-Tech Park. — VNS Photo
HCM CITY (Biz Hub) — The municipal People's Council has decided to provide an additional tax incentive for an expansion plan of the Samsung Electronics HCM City CE Complex at the Sai Gon Hi-Tech Park.

The city's budget will cover 50 per cent of the corporate income tax for Samsung after the South Korean firm makes full tax payments to the city. This tax incentive will be valid for three consecutive years, probably starting from 2030, after the company pays the tax for nine years.

The Sai Gon Hi-Tech Park's management board on Monday said the group in turn would commit to increase technology and localisation rate to enjoy the incentives.

Le Thanh Dai, deputy director of the Sai Gon Hi-tech Park, said the project was being quickly implemented, as per the progress. In just nine months, the group has built a complex of several warehouses and equipment. By the end of April, Samsung had invested US$795 million in the project.

In the first seven months of the year, the group's export turnover was $425 million, contributing $7.8 million to the state budget.

Samsung has employed 4,954 labours.

Dai said the project has shown its commitment to the city. The Sai Gon Hi-tech Park has granted 24 investment licences to support industry projects. The total investment of Samsung at the Sài Gin Hi-tech Park had reached $2 billion so far.

The complex is projected to create jobs for 7,000 workers by 2020. — VNS

  • Share:

see also

Trà Vinh helps businesses increase trade, exploit FTAs

Trà Vinh helps businesses increase trade, exploit FTAs

Trà Vinh Province is focusing on helping local businesses promote and sell their products towards the end of the year, especially exploiting favourable policies brought by Việt Nam’s free trade agreements with foreign markets, such as the UKVFTA, CPTPP and EVFTA.
Việt Nam promotes coconut exports, enhances industry value

Việt Nam promotes coconut exports, enhances industry value

Coconut has been recognised as one of Việt Nam''s six key industrial crops (alongside coffee, rubber, tea, cashews, and pepper) under the Master Plan for Developing Key Industrial Crops by 2030.
Catalysing Việt Nams green future: EUs role in Cần Thơ, Trà Vinhs energy transition

Catalysing Việt Nam's green future: EU's role in Cần Thơ, Trà Vinh's energy transition

There is a huge potential to produce electricity here not only for the needs of Việt Nam but also for the needs of surrounding countries in Southeast Asia, said EU Ambassador Julien Guerrier.
Transition to sustainability an urgent task: policymakers

Transition to sustainability an urgent task: policymakers

The country needs a comprehensive strategy that would involve inter-sectoral and interregional cooperation, promote innovation in production and foster a green, environmentally friendly economy with active participation from businesses, households, and individuals.
Incentive mechanisms needed for semiconductor industry: PM

Incentive mechanisms needed for semiconductor industry: PM

The PM said that it would require the participation of the entire political system, the engagement of people, businesses, and investors, and the support of international friends to develop the industry.