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Incentives for strategic investors in Van Phong economic zone are less

The National Assembly Standing Committee believes that it is necessary to increase preferential policies for strategic investors in Van Phong economic zone when piloting a specific mechanism for Khanh Hoa.

On the afternoon of April 21, the National Assembly Standing Committee discussed the draft National Assembly Resolution on piloting a number of specific mechanisms and policies for the development of Khanh Hoa province.

The new point in the draft resolution is to introduce preferential mechanisms to attract strategic investors to Van Phong economic zone. That mechanism is incentives for investors in terms of customs procedures, taxes, support for business investment procedures, compensation, resettlement as well as participation in investment promotion, trade and tourism activities. .

Mr. Nguyen Phu Cuong, Chairman of the Finance and Budget Committee, the agency that examines the draft resolution, said that the infrastructure of Van Phong Economic Zone is still very limited, it is necessary to mobilize non-budget investment capital for construction. , encouraging businesses to invest in research and development of science and technology… with practical incentive mechanisms and policies for investors.

However, the preferential policies for strategic investors proposed in the draft resolution on piloting the specific mechanism for Khanh Hoa province are still too few. “Preferential policies need to be stronger to attract investment in this economic zone,” commented Mr. Cuong.

National Assembly Chairman Vuong Dinh Hue also said that incentives for strategic investors in Van Phong economic zone are “too narrow, without new and breakthrough policies”.

Therefore, the Finance and Budget Committee proposed to add two preferential policies when attracting strategic investors to Van Phong economic zone. Firstly, applying a pilot mechanism that allows enterprises in Van Phong Economic Zone to receive additional deductions for research and development (R&D) expenses when determining taxable income.

Secondly, the People’s Committee of Khanh Hoa province is decentralized to decide on investment policies for projects of strategic investors in Van Phong Economic Zone under the authority of the Prime Minister.





Mr. Nguyen Phu Cuong, Chairman of the National Assembly's Finance and Budget Committee speaks at the 10th session of the National Assembly Standing Committee, April 21.  Photo: National Assembly Press Center

Mr. Nguyen Phu Cuong, Chairman of the National Assembly’s Finance and Budget Committee speaks at the 10th session of the National Assembly Standing Committee, April 21. Photo: National Assembly Press Center

Mr. Vuong Dinh Hue commented that the deduction of R&D expenses for strategic investors is an established international practice and also a new trend. Therefore, it is advisable to pilot it in Van Phong economic zone to learn from experience,” he said.

The National Assembly Chairwoman also said that it is necessary to propose stronger decentralization for Khanh Hoa province when deciding on the policy of project investment in Van Phong economic zone, because if it is authorized and decentralized to the province, “increasing local responsibility”. However, he noted that the draft Resolution needs to supplement a strict authorization process, a mechanism to consult ministries and branches before the province decides on investment policies.

National Assembly Vice Chairman Tran Thanh Man commented that the State’s resources are limited, so a specific mechanism should be introduced to create an initiative for Khanh Hoa to develop, including mobilizing resources from the private sector.

However, Mr. Man suggested reviewing and supplementing strict and strong regulations, especially sanctions against investors in case they fail to fulfill their commitments. He is concerned that investors who register to “share” land will not invest or invest in synchronicity and improper planning, which will disrupt Van Phong economic zone. Therefore, it is necessary to be more detailed about their obligations in order to be transparent and sufficiently grounded in actual handling and implementation.

Explaining later, Minister of Planning and Investment Nguyen Chi Dung said that many special incentives to attract investors to Van Phong economic zone have not reached the wishes of investors.

Van Phong has two outstanding features: tourism, port logistics and logistics. Previous studies on investment incentive policies in this economic zone have made many proposals such as visa exemption for entry, tax exemption and reduction… but when discussing and consulting with stakeholders, they found it quite good. legal complications.

With proposals for additional incentives for investors, the Minister of Planning and Investment said he would absorb them during the finalization of the draft resolution.

According to Secretary of Khanh Hoa Provincial Party Committee Nguyen Hai Ninh, Van Phong economic zone has great expectations, but policy design is very difficult, so there is no specific policy to attract strategic investors.

He affirmed that if decentralized to decide on investment policies for projects in Van Phong economic zone under the authority of the Prime Minister, it will only apply to strategic investors.

Summing up the discussion session, National Assembly Vice Chairman Nguyen Duc Hai proposed to the Drafting Committee to add two incentive mechanisms proposed by the Finance and Budget Committee to create more resilience for Van Phong Economic Zone.

This draft resolution will be added to the 2022 law and ordinance-making program and submitted to the National Assembly for consideration and approval at its third session in May.

If approved by the National Assembly, the Resolution will be applied from August 1 this year and last for 5 years.

Mr. Minh

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