15:50 | 23/10/2017 Investment
(VEN) - Investors have pledged a total of nearly VND2 trillion (US$88 million) for projects in the Mekong Delta province of Hau Giang. The pledges, in the forms of memorandums of understanding, were signed at a September 28 conference in the province in the presence of Prime Minister Nguyen Xuan Phuc. Among the investors were Lac Ty Co., Ltd and Masan Group.
PM Nguyen Xuan Phuc (standing in the middle) witnesses the signing of memorandums of understanding between Hau Giang Province and investors
The event in Vi Thanh city, about 220km from Ho Chi Minh City, was designed to promote Hau Giang’s trade and investment opportunities.
Hau Giang Province is calling for investment in seven key projects with an estimated total capital of US$221 million, including three industrial infrastructure projects, two agricultural projects, one residential project and one ecotourism project.
PM Phuc said the money pledged was modest in comparison to the needs, but commented that quality was what counts rather than quantity. He urged provincial authorities to tap the area’s agricultural potential in products such as rice and fruit. In addition, the province needs to make full use of renewable energy sources, especially wind and solar power, he urged.
PM Phuc asked Hau Giang Province to build a sustainable socio-economic development model, consider re-planning industry in the direction of serving agriculture, pay attention to environmental changes in investment promotion, and create favorable conditions for investors in land accumulation to implement large-scale projects. PM Phuc affirmed that the government and local authorities are committed to create a favorable investment environment and protect the intellectual property rights of businesses.
Lu Van Hung, chairman of Hau Giang Province People’s Committee, said the province has adopted practical mechanisms and policies to support businesses, such as a 10-percent corporate income tax during the first 15 years of investment, a corporate income tax exemption for four years and a 50 percent reduction for the next nine years.
Hau Giang Province attaches great importance to high-tech agriculture and food processing in calling for investment. In addition, the province gives priority to supply chain development.
The province currently has 4,300 businesses with total registered capital of VND45 trillion. In addition, the province has licensed 488 investment projects with total capital of VND123 trillion, including 29 foreign projects worth US$808 million.