Authorities of the northern port city of Hai Phong are considering a new policy to exempt land rental fees for high-tech enterprises, small and medium-sized businesses, and innovative startups operating in the city's industrial zones and industrial clusters, as part of efforts to strengthen private-sector growth and attract advanced technology investment.

According to the city’s People’s Committee, the proposed plan would grant eligible businesses a 100% exemption on land rental and sublease fees for five years in industrial parks, industrial clusters, and technology incubators.

The policy would apply to certified high-tech enterprises, small and medium-sized enterprises (SMEs) recognized under Vietnam’s SME Support Law, and innovative startups accredited under the Law on Science, Technology and Innovation.

City authorities said the proposed incentives are intended to improve support mechanisms for the private sector, encourage innovation-driven entrepreneurship, and enhance Hai Phong’s appeal as a destination for high-tech investment.

If approved, the land rent exemption policy is expected to take effect on July 1, 2026.

Currently, Hai Phong has only three certified high-tech enterprises: LG Display Vietnam, LG Electronics Vietnam, and LG Innotek Vietnam.

Data from the city’s Department of Finance show that 865 SMEs are leasing land in industrial parks, while another 282 operate in industrial clusters.