All investment projects in marginalised areas with extreme socio-economic difficulties in the Lao Cai Economic Border Zone will be entitled to maximum preferential investment policies, according to a decision by the Prime Minister, Nguyen Tan Dung.
The 44/2008/QD-TTg ruling, which regulates the border zone’s operations and management policies, strongly encourages individuals and organisations to invest and set up business in this northern zone.
Besides general incentives, individuals and organisations investing in the zone will be offered favourable fees to use existing infrastructure, public facilities and services.
They will be entitled to four years’ corporate income-tax exemption before having to pay rates of 10 per cent for the first 15 years and a 50-per-cent tax reduction for the following nine years.
Special consumption goods assembled, recycled and consumed in the zone will have the special consumption tax removed, except for vehicles that have fewer than 24 seats.
The Lao Cai Border Economic Zone is being targeted as the key factor in the urban, industrial, commercial and service development of the Hai Phong – Ha Noi – Lao Cai economic corridor, according to the plan to develop the Viet Nam – China border region up to 2020.
The zone is expected to push the trade in goods and services trading between Viet Nam and southwestern Chinese markets as well as contributing to the development of Kunming – Lao Cai – Ha Noi – Hai Phong economic corridor and the Greater Mekong Sub-region.
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