HCM City to speed up investment procedures in the Saigon Hi-tech Park

Ho Chi Minh City will focus on helping businesses invest in the Saigon Hi-tech Park in Thu Duc city by addressing slow administrative procedures, a conference on facilitating investment heard on June 27.
HCM City to speed up investment procedures in the Saigon Hi-tech Park
The Saigon Hi-tech Park in Ho Chi Minh City’s Thu Duc city. Ho Chi Minh City will focus on speeding up investment procedures to attract more investors. (Photo: baodautu.vn)

Vo Sy Nhan, General Director of office space provider Onehub Saigon Bund, said though the park has been making efforts to help, his company’s project there has been slow to make a start.

It was approved in 2014, but has been stymied by administrative bottlenecks, he said.

For instance, approval for its land planning adjustment has been slow, and since the park itself is also going through a similar process, it could take a long way, he said.

It is also having difficulty extending its land lease contract, which requires the city’s approval, he said.

Nhan has asked relevant authorities to quickly approve both so that work on the project could begin soon.

Other businesses at the conference also complained about slow administrative procedures.

Pham Tan Dat, founder of e-commerce platform FADO, said he is looking at investment in the hi-tech park, but needs assurance about administrative deadlines.

Phan Van Mai, Chairman of the Ho Chi Minh City People’s Committee, admitted there have been numerous cases of tardy processing, hindering investment activities.

He said the city would focus on assisting investors, such as quickly approving land planning faster, and urged businesses to work with authorities to resolve administrative problems.

Nguyen Anh Thi, Head of the park management, also promised it would strive to reduce the time and expenses taken to complete administrative procedures.

It is soliciting investments in business incubation and training, high-technology manufacturing, hi-tech services, and smart factories.

A 10 percentage point cut in corporate income tax is offered to hi-tech investors for the first 15 years of a new project. Large investors are also offered tax breaks.

Depending on new projects’ scale and industry, they are also exempt from paying land rent for 18 to 22 years or the entire duration of a project, or get rent waivers of up to 75 percent.

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(Source: VNA)