Construction of the 296.97-hectare Hai Long Industrial Park with investment of VND2,214 billion ($92.95 million) in the northern province of Thai Binh kicked off on Wednesday.
The facility, invested by Bao Minh Industrial Park Infrastructure Investment JSC, is the second industrial park in the 7,000-hectare Thai Binh Economic Zone.
It aims to attract investment in high-tech industry, mechanics and assembly, apparel and textiles, supporting industries, warehouses, logistics, food processing, and consumer goods.
Thai Binh Economic Zone currently offers various incentives to lure investments. They include low corporate income tax (CIT) of 10% for 15 years starting from the first year of revenue generation, tax exemption for four years starting from the first year of taxable income generation, and then 50% reduction for nine years. Besides, laborers enjoy a 50% reduction in personal income tax (PIT).
The province also offers land tax breaks for non-agricultural land and an exemption of land rental during capital construction.
Thai Binh attracted 112 foreign direct investment (FDI) projects with total registered capital of $1.66 billion as of the end of 2022, according to the Ministry of Planning and Investment.
Last week, at a regional investment promotion conference for the Red River Delta, the province granted in-principle approvals to three projects.
Compal (Vietnam) Co., Ltd. will invest VND6,467 billion ($274.32 million) in an electronic component and smart device factory. The plant is set to begin construction in Q1 of this year and enter official operation in Q2 of 2024, employing nearly 17,000 people. The annual designed output features 2.1 million smart watches, 70,000 modem cables, 100,000 wireless routers, 10,000 5G network modules, and 1.25 million tablets.
ET Solar Power HongKong Limited will build a VND3,490 billion ($148.04 million) solar cell component plant. Construction is scheduled to begin in Q2 of this year while official operation is slated for Q3 of 2025.
Tra Ly Spinning JSC will construct a VND737 billion ($31.26 million) high-tech weave factory with an annual output of 15,000 tons. The factory is set to enter operation in Q2 of 2025.