Promoting investment in the Central Coastal provinces

The investment promotion conference for the Central Coastal provinces was organized by the People’s Committee of Ho Chi Minh City in collaboration with Binh Dinh, Quang Ngai, Phu Yen, Khanh Hoa, Ninh Thuan, and Binh Thuan provinces. This event is part of the one-year review conference on the implementation of the economic and social development cooperation program between Ho Chi Minh City and the Central Coastal provinces, held in Binh Dinh on the morning of October 11th.

At the conference, leaders from the provinces in the region introduced their potential, strengths, ongoing projects calling for investment, specific investment attraction policies, and committed to creating the most favorable conditions for investors.

Recognizing the advantages of land availability for industrial production projects and the competitive investment costs in many provinces within the region, Ngo Nghi Cuong, CEO of C+ Consulting and Investment Joint Stock Company (Ho Chi Minh City), suggested that the provinces should be ready for regular and continuous investment promotion efforts, and establish specialized departments to provide information to FDI investors directly in Ho Chi Minh City.

Duong Ngoc Hai, Permanent Vice Chairman of the People's Committee of Ho Chi Minh City, stated that the City always views its connection with the provinces as an important factor in the economic development process. To enhance the quality of investment promotion cooperation, the provinces should select the most representative investment projects and provide information to Ho Chi Minh City as a basis for support and introduction at the City's investment promotion conferences.

"With the attractive investment attraction policies shared by localities, the People's Committee of Ho Chi Minh City hopes that both domestic and international businesses will take interest in, explore, and invest in potential projects in the Central Coastal region. At the same time, Ho Chi Minh City leadership calls on the provinces to continue facilitating favorable conditions, assigning liaison agencies to regularly connect with businesses to jointly support and promote the investment process," Mr. Hai emphasized.

At the conference, Nguyen Van Lang, General Director of Becamex Binh Dinh Joint Stock Company, shared that the Becamex VSIP Binh Dinh Industrial Park is a modern, dynamic industrial-urban complex with a fully integrated infrastructure system, attracting many domestic and international investors. Currently, the industrial park has attracted more than USD 171 million (equivalent to over VND 4,100 billion) from investors from Germany, South Korea, Hong Kong (China), the Netherlands, and Singapore.

In the future, with a total area of 1,425 hectares, the Becamex VSIP Binh Dinh Industrial Park is expected to attract more than USD 2 billion in industrial production investment, creating job opportunities for 120,000 to 150,000 local and neighboring area workers.

Investing in the industrial park, businesses will benefit from a corporate income tax rate of 10% for the first 15 years (the normal corporate income tax rate is currently 20%); a 4-year tax exemption starting from the time taxable income is generated, followed by a 50% tax reduction for the next 9 years; and a 5-year exemption from import duties on raw materials and semi-finished products that are not yet produced in Vietnam or produced but do not meet quality standards.

"Our company also provides free support with procedures for investors; assists with recruitment programs and connects businesses with a high-quality workforce... Additionally, the company offers many other attractive incentives for workers employed at Becamex VSIP Binh Dinh," said Nguyen Van Lang.