VSIP Nghe An: Mecca for investors

The conference saw the participation of more than 150 representatives from interested enterprises

RELATED CONTENTS:
	VSIP goes far beyond industrial parks
	VSIP The Habitat Binh Duong wins Vietnam Property Award
	VSIP holds first round of overseas investment promotion tour
	VSIP co-chairman: a vision turned symbol
	VSIP commitment to a long-term vision

According to Le Ngoc Hoa, Deputy Chairman of the Nghe An People’s Committee, Nghe An is an ideal geological venue with highly qualified human resources and great incentives on offer from local authorities.

“Dong Nam Economic Zone, where Vietnam Singapore Industrial Park (VSIP Nghe An) is located, is one of the twelve coastal economic zones of the country. When investing in this zone, enterprises are offered the highest incentives by the government,” said Hoa.

Dilbagh Singh, general director of SSD Global, a Singapore-based pharmaceuticals manufacturer, stated that VSIP Nghe An holds great potential for pharmaceutical manufacturing.

“We hope to be able to set up manufacturing factories in different fields, such as pharmaceuticals and food stuff. We now have a factory in the northern province of Vietnam and hope to expand our network to southern provinces as well, where the country’s business hub, Ho Chi Minh City is located,” Singh told VIR.

David John Whitehead, chairman of Mavin, an Australian company which now has four projects with the total investment capital of around $80 million in Nghe An, said that he was quite satisfied with their investments in the province.

“Investing in Nghe An is a good choice for investors because the province does not only have an ideal geological location, but it also has synchronised infrastructure system, good human resources, and good policies for investors,” said Whitehead.

Around seven kilometres from Vinh Airport, Dong Nam Economic Zone sprawls over nearly 30,000 hectares, housing many industrial zones. This zone is aimed to become an important development area of Nghe An for trading, industrial production, and tourism.

Apart from the current VSIP Nghe An, the zone is also home to many other industrial parks (IPs), such as Nam Cam and WHA Hermaraij Nghe An.

Hoa claimed that the city authorities are trying their best to implement administrative reforms and improve the investment environment in order to make it attractive enough for tenants and investors.

According to Nguyen Chi Toan, marketing director of VSIP South and Central, VSIP Nghe An offers different tax incentives for its tenants. Among these is a 10 per cent corporate income tax (CIT) for 15 years, four year tax exemption or a 50 per cent reduction on CIT for 9 years, and a 50 per cent reduction on personnel income tax, as well as five years of exemption from import tax.

VSIP Nghe An has a total area of 750ha, 370ha of which are reserved for industrial development in key fields, such as textile and garment, shoes, food and beverage, machinery, electricity and telecommunications, and supporting industries. The other 380ha are reserved for residential, trading, and services.

Operating in Vietnam since 1996, VSIP has become the leading industrial-urban and service developers in the country, with seven industrial parks attracting more than 720 foreign investors, creating more than 180,000 jobs.