More Incentives Offered for Investment in Lang Son Province - Vietnam Briefing News
May 22 – During an investment promotion conference in Lang Son Province last May 20, incentives and fast-track procedures were offered to potential investors.
The deputy chairman of the Lang Son People’s Committee, Duong Thoi Giang, said that in addition national investment incentives, interested investors are qualified for a low land lease tax of 1 percent of the normal rate.
The conference aimed to attract investors by highlighting the area’s untapped potential as well as helping local people escape poverty. Lang Son is located 154 kilometers northeast of Hanoi with a population of 750,000. It has two international border gates and seven border markets.
The province has a difficult time of attracting foreign investment because 80 percent of its area is mountainous; making infrastructure development hard.
The Lang Son’s Dong Dang-Lang Son economic zone has been assigned to manage land negotiations and help investors with necessary legal documents to speed land clearance and the resettlement of residents.
The province is determined to develop its heavy industries like mineral exploration, processing and building materials production, and tourism. According to Mr. Giang, the province is financing the training of local corporate managers and workers for new investment schemes with training subsidies per worker costing between VND300,000 and VND1.5 million.
In addition, local authorities are looking to subsidize investors that want to advertise in the province’s media outlets. Major technology transfer projects will be qualified for a subsidy of VND500 million.
Local authorities also implemented single-clearance at many of its public offices so that investors can enjoy easier business procedures. Investors will be provided on-line registration and easier access to information.
Foreign investment in the province has been slow to come by with only 30 investment projects worth US$86 million compared to the national figure of US$64 billion for Vietnam in 2008.
Infrastructure developments are already underway to make the province more competitive. There will is a US$1.4 billion project to build a highway to connect Hanoi with Lang Son’s Huu Nghi international border gate. Moreover, there are plans for a railway route connecting Lang Son and three cities in Vietnam with China’s Nanning City.