Vinh Phuc Offers Many Incentives for Supporting Industries

As one of the major industrial centers in the North, Vinh Phuc has been issuing many preferential mechanisms and policies, creating favorable conditions for businesses to develop.

A potential industrial production destination

Vinh Phuc is a key economic region in the North. This province also possesses manifold advantages from a young population; abundant land fund to many supportive policies from the government.

As of 2022, Vinh Phuc has 18 industrial parks that have been decided on investment policies or granted investment registration certificates with a total planning area of more than 4000 hectares.

Currently, the province has nearly 300 supporting industry enterprises operating, especially many of them have joined the global supply chain of prestigious corporations in the world.

Incentives to encourage the development of supporting industry enterprises

Vinh Phuc has been having policies to support training high-quality human resources, administrative reform and research into component manufacturing technology.

Decision 23/2019 Vinh Phuc province coming into effect has raised a bunch of incentives to support 100% of the costs of assessment the capacity of supporting industry enterprises, sponsor 70% of the fees for organizing seminars to promote domestic and foreign investment in the field of supporting industries.

Decision No. 3663 on the Supporting Industry Development Program for the period of 2021-2025 is implemented with a total budget of VND 94.723 billion. The content of this Program is to foster supporting industry enterprises to become product suppliers for domestic and foreign customers; promote foreign investment in the field of supporting industries.

To boost the import and export of goods of enterprises in industrial parks, Vinh Phuc has applied the form of import tax exemption for imported goods to create fixed assets of investment projects.

Besides, Vinh Phuc also applies a number of other incentives such as: decrease of corporate income tax; land rent exemption or reduction.

Many businesses have made good use of supporting mechanisms and policies of the Central and the province, actively focusing on upgrading production lines, enhancing product quality and expanding consumption markets.

CNCTech is a typical example. Investing in Vinh Phuc since 2017, CNCTech has continuously enlarged factories in key industrial zones of the province. The most recent is a 16ha project in Ba Thien I Industrial Park and an 8.3ha project in Thang Long III Industrial Park.

The active expansion of production has created jobs for hundreds of thousands of workers and increased State budget revenue.

In order to promote the development of supporting industry enterprises, in the coming time, along with the effective implementation of the Scheme to encourage industrial growth in the province in the period of 2017 – 2025, Vinh Phuc will continue to concretize the supporting mechanisms of the Central by specific solutions, suitable to the practical conditions of the locality.

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