HCM CITY — Binh Phuoc is offering several preferential policies including land tax exemption, faster site clearance and human resource training support to lure more investment into the province’s industrial parks. Provincial officials said they would also speed up administrative reforms to create favourable conditions for investors.
At the Hoa Lu Border Gate Economic Zone, apart from tax breaks and cheap land rents including a cut in corporate income tax, the province would support investors by developing infrastructure, the report said.
Currently, Binh Phuoc has 18 industrial parks covering 5,211ha located in key areas with favourable transportation links.
There are more than 3,000 businesses with a total registered capital of VND19.7 trillion (US$947 million) working in the province. Of these more than 80 are foreign invested projects with total registered capital of $644 million.
Binh Phuoc’s industrial production value in the first three months of this year was VND989.4 billion ($47.5 million), meeting 17.7 per cent of the year’s target. The figure marked an increase of 53.5 per cent over the same period last year.
In March alone, industrial production was VND304.5 billion ($14.6 million), a year-on-year increase of 41.6 per cent.
Despite the strong showing, the province’s IPs had plenty of room for more investors and local authorities were keen to have them functioning at maximum capacity, the report said.