Domestic and foreign investors who implement a new project worth at least VND4 trillion (US$176 million) at Hoa Lac Hi-Tech Park (HHTP) will enjoy corporate income tax of 10 per cent for 30 years.

The investment incentive is part of Decree No 74, approved by Prime Minister Nguyen Xuan Phuc recently.

Organisations and individuals will receive incentives on tax, land rental and land use fees if they develop housing projects for labourers working at the park, the decree stated.

Besides this, the Ha Noi People’s Committee will prioritise the allocation of sufficient land funds for housing projects for the park’s workers, it added.

According to a report of the park’s management board, by March this year, HHTP had 79 investment projects being implemented with total investment capital of some VND61.34 trillion on an area of 347.5ha.

Several other foreign investors have showed interest in investing in HHTP, the park’s official website reports.

Nidec Group from Japan is looking into several electric motor and power-saving moving part research and manufacturing projects. These projects, expected to cost US$500 million, are slated to kick off early next year.

Meanwhile, South Korean Hanwha Techwin Co is completing neccesarry procedures to implement a $200 million project to produce aircraft engine and gas driven industrial turbin parts and components, according to the website.

The encouraging results are attrituable to the board’s increasing efforts to improve infrastructure facilities, remove land-clearance barriers and perfect investment incentive policies, Pham Dai Duong, deputy minister of Science and Technology and head of the park’s management board said.

HHTP is located in the two districts of Thach That and Quoc Oai in suburban Ha Noi, spanning a total area of 1,586ha. It is set to become a city of science, attracting investors in the fields of Research & Development, training and incubation, and manufacturing high-tech products in the fields of biotechnology, ICT, new materials and automation. — VNS