Da Nang (VNA) – The central city of Da Nang has introduced a number of open-doorpolicies to lure investors in 2018, which has been set by the city as a year ofinvestment attraction.

Accordingly,investors setting up new projects at Da Nang Hi-tech Park will be subject to afavourable corporate income tax (CIT) rate of 10 percent for 15 years, comparedto the standard rate of 20 percent.

Those investorswith projects valued at 3 trillion VND (133 million USD) or more will enjoy thepreferential CIT rate for 30 years.

Other specialisedincentives include a four-year tax exemption and a 50 percent cut in income taxfor the following nine years for new projects in the high-tech park.

At Da Nang ITPark, domestic investors will be offered land-use fee exemptions, with foreigninvestors given land-rent exemptions, for the operation of projects involvinginitial construction of technical infrastructure in the area.

Projects in IT researchand development (R&D) and human resources training will be grantedland-rent exemption for two years and a 50 percent cut in rent rates for thenext three years.

In addition, theresort city encourages private investment in the fields of education andvocational training, healthcare, culture, sports, environment and judicialassessment.

Any project inthese fields established on Hoang Sa island and in Hoa Vang district will alsobe subject to land-rent exemption.

The 1,100ha Da Nang Hi-tech Park is located in Hoa Vang district,20km west of the city. It is envisioned as a hub for high-tech and greeninvestors, and one of three major multi-functional high-tech parks in thecountry along with HCM City and Hanoi.

The first phase of development, covering 300ha, has beencompleted. Work on the second phase, estimated to cost 363 billion VND (16million USD), has begun.

The park is situated near the Da Nang-Quang Ngai Expressway,connecting it with the Chan May Economic Zone in Thua Thien-Hue, the Chu LaiEconomic Open Zone in Quang Nam, and the Dung Quat Economic Zone in Quang Ngai.

The Da Nang IT Park was recognised as a centralised informationtechnology centre, the third of its kind, last year.

The 10,000sq.m park, comprised of two buildingsin the city’s downtown area, is home to 75 IT businesses, including 22 foreigncompanies. By the end of 2017, it attracted nearly 1.8 trillion VND (80 millionUSD) in investment and employed 2,400 people.

DaNang aims to have a GRDP growth of 9-11 percent and a per capita GRDP rangingbetween 7,000 USD and 9,000 USD by 2030. It also hopes to achieve smart city statusby 2020 and green city status by 2025. The city has been striving to lure moreinvestors to aid its implementation of these goals.–VNA