The northern province of Phu Tho plans to build three more industrial park (IPs) with a total area of 750ha this year, according to the Phu Tho IPs Authority.
Once established, the 100ha Phu Ninh, 350ha Tam Nong and 400ha Ha Hoa parks would open up opportunities for the province to lure new domestic and foreign investors, contributing to the province’s socio-economic development, it said.
Currently, Phu Tho is calling for businesses with sufficient capacities and experience to pump investment into developing infrastructures at its IPs. It said it would offer land rental exemptions for investors that build basic infrastructure facilities.
The province is now home to four operational IPs including Thuy Van, Trung Ha, Cam Khe and Phu Ha. Spanning a total area of nearly 2,000ha, the parks have to date attracted 175 foreign-invested projects, and 134 of them are already operational.
Trung Ha IP has reported full land occupancy with 14 foreign-invested projects capitalised at US$162.6 million, while Thuy Van IP has 96 per cent land occupancy with 97 domestically and foreign-financed projects valued at $787 milllion.
In 2019, IPs businesses generated an estimated revenue of VND40 trillion ($1.7 billion), up 33 per cent year-on-year, contributing VND1.6 trillion to the State budget.
The province is offering incentives for investment projects in its IPs including corporate income tax exemption for the first two years and a 50 per cent break for the four following years.
For projects involved in the high-tech and supporting industries, the province provides exemption stretches to 100 per cent over four years and 50 per cent for the following nine.
It will also foster administrative reform and create an open business environment with favourable conditions offered to businesses, while solving their difficulties in a timely manner.