The National Assembly has approved priority investment sectors in Van Phong Economic Zone

The resolution encourages investments in six sectors in Van Phong Economic Zone.

The first sector relates to projects to develop innovation and research and development centres, as well as projects specialising in manufacturing and transferring technology in terms of the ocean, biotechnology, medicinal herbs, and marine ecology with an investment of $65.2 million.

The second sector focuses on shopping mall projects and financial centres with investment costs of just over $520 million.

Besides this, the investors are encouraged to develop urban projects with a scale from 300 hectares or a population of 50,000 upwards, hotels, resort complexes, amusement areas, and golf courses with investment capital of at least $1 billion.

The government and provincial people’s committee will prioritise approving projects related to clean energy, manufacturing and processing, mechanics, oil and gas processing, electronics, and healthcare centres with investment capital of over $260 million.

The projects to develop airports, seaports, logistics services, and port complexes with the investment capital of over $100 million will also receive several incentives.

The last sector is for projects to develop infrastructure in the non-tariff zones with an investment cost of at least $260 million.

The investors in the above sectors will enjoy incentives in terms of corporate tax, priority on customs and tariff procedures, and taxes for imported goods.

They have to sign a document committing to train and develop human resources, ensure national security and defence, and protect the environment according to Vietnam’s regulations.

Khanh Hoa will be allowed to receive loans by issuing bonds or borrowing from local or foreign sources with a value of up to 60 per cent of the annual government provision.

In case they fail to meet the deadline on capital disbursement, or fail to meet the construction schedule, they will not enjoy the benefits and will have to face fines.

The resolution will take effect on August 1 and be valid for five years.