Hoa Binh province in northern Vietnam granted investment certificates or in-principle approvals to 15 projects with total registered capital of VND47.85 trillion ($2.01 billion) at a conference on Sunday.
Notable projects include the VND29.8 trillion ($1.25 billion) Xuan Thien cement factory in Lac Thuy district, invested by Xuan Thien Hoa Binh Company Limited; the VND122.5 billion ($5.14 million) Lahills resort in Cao Phong district, invested by Lahills Hoa Binh Company Limited; the VND1.8 trillion ($75.55 million) Binh Phu Industrial Park, invested by Phumy Group JSC; and the VND913.2 billion ($38.33 million) urban area in Hoa Binh town, invested by Danko Group JSC.
At the event, Hoa Binh Party chief Nguyen Phi Long affirmed the province is providing various incentives for investors, including corporate income tax (CIT) exemption for the first four years, a 50% reduction in CIT for the next nine years, reduction or exemption of land and water surface leasing fees, and reduction or exemption of import-export taxes.
He added that the northern province is focused on attracting investment in high-tech agriculture, manufacturing, farm produce processing, supply chain, consumer goods, and construction of tourism sites, among others.
Provincial authorities have also called for investment in other 35 projects, including six in industrial park development (Nam Luong Son, Bao Hieu, Tan Phong, among others), and six in trade and market facilities.
Addressing the event, Prime Minister Pham Minh Chinh asked Hoa Binh to complete its provincial planning for 2021-2030, with vision until 2050. He also requested the province to focus on utilizing state resources to lure more private investment; investing in transport infrastructure like an expressway connecting the neighboring province of Son La, Hanoi and other Red River Delta localities; improving the business environment; and building a strong workforce.
On the same day, Chinh attended the groundbreaking ceremony of a VND4.1 trillion ($172.09 million) expressway connecting Hoa Binh and Hanoi to the Hoa Binh-Moc Chau expressway. The first phase of 31 kilometers costing VND1.83 trillion ($76.77 million) is expected to be completed in 2027.
Hoa Binh, a northwestern mountainous province of Vietnam, is a gateway connecting the neighboring country of Laos. In 2022, the province delivered investment certificates and in-principle approvals to 75 projects with total registered capital of VND35 trillion ($1.47 million). As of end-2022, Hoa Binh province had 729 valid projects, comprising of 37 foreign-invested developments worth $608 million and 692 domestic ones of VND183 trillion ($7.68 million).