Hoa Lac Hi-tech Park welcomes new investors

09:22 | 29/03/2018 Science - Technology

(VEN) - Located in Hanoi’s Thach That and Quoc Oai districts, the 1,586ha Hoa Lac Hi-tech Park is expected to become a science city. At present, the high-tech park has already become an attractive destination for domestic and foreign investors.

hoa lac hi tech park welcomes new investors

Investment attraction

As of late 2017, the Hoa Lac Hi-tech Park had 81 valid investment projects, with total registered capital of over VND66 trillion, on an area of 358ha. The high-tech park granted investment registration certificates for three projects in 2017 with total investment capital of more than VND5 trillion.

hoa lac hi tech park welcomes new investors

One of the three certificates was granted to the Republic of Korea’s Hanwa Techwin Limited Company, which has invested to build the Hanwha Aero Engines Factory with total registered capital of VND4.53 trillion to produce components of aircraft engines. The factory is expected to start operation in April 2018.

During the visit of Vietnamese Prime Minister Nguyen Xuan Phuc to Japan in 2017, the Hoa Lac Hi-tech Park Management Board negotiated with the NIDEC Group and is accelerating to grant investment licenses to this group, which decided to pour VND400 million into the first phase of its two projects in Vietnam.

The Hoa Lac Hi-tech Park Management Board is also in talks with Japan’s Mitsubishi Chemical Holdings Corporation, the Republic of Korea’s Anyone, and the US’ Kennametal about investment in the park. In addition, the park is processing investment proposals by domestic enterprises.

hoa lac hi tech park welcomes new investors

Preferential conditions

Las year, the government issued a decree (74/2017/ND-CP) regulating preferential mechanisms and policies for the Hoa Lac Hi-tech Park. Investment projects in the high-tech park are entitled to the highest incentives under the law on investment and tax. Accordingly, a 10-percent corporate income tax is applied to new investment projects with capital of more than VND4 trillion for 30 years.

According to the decree, investors, experts and employees, whether Vietnamese expatriates or foreign experts and their family members can apply for multiple entry visas for the duration of their work in the high-tech park. In addition, the

hoa lac hi tech park welcomes new investors

Hanoi People’s Committee will allocate sufficient land to construct housing for employees in the park. The government encourages and supports organizations and individuals wishing to invest in constructing and developing housing (including technical infrastructure, social infrastructure and housing projects).

While visiting the park, Prime Minister Nguyen Xuan Phuc said all the factors for high-tech development in the Hoa Lac Hi-tech Park are in place, and urged investors to make the most of this opportunity. “The Hoa Lac Hi-tech Park Management Board must create every condition for investors and turn the site into the best center for high-tech startups,” the prime minister said.

Horaguchi Hiroshi, general director of Noble Electronics Vietnam, said the promulgation of special mechanisms and policies for the Hoa Lac Hi-tech Park has satisfied investors, and will help the park grow in line with the expectations of the Vietnamese government.

Pham Dai Duong, Deputy Minister of Science and Technology and Head of the Hoa Lac Hi-tech Park Management Board, said five elements have converged to ensure the success of the facility: planning, infrastructure, mechanisms and policies, investment and human resources.

Quynh Nga