Hoa Lac Hi-Tech Park lures 90 projects worth 85.8 trillion VND

A production line of VinSmart smartphone manufacturing plant (Photo: VietnamPlus)

Hanoi (VNA) – The Hoa Lac Hi-Tech Park, based in Hanoi, has to date attracted 90 projects with total registered capital amounting to 85.8 trillion VND (3.7 billion USD).

National Assembly Chairwoman Nguyen Thi Kim Ngan on November 23 visited the Hoa Lac Hi-Tech Park in Hanoi’s outskirts district of Thach That, and attended the inauguration ceremony of the VinSmart smartphone manufacturing plant of estate-tech-retail giant Vingroup.

According a representative of the management board of the Hoa Lac Hi-Tech Park, since its inception, the park has lured 90 projects worth 85.8 trillion VND (3.7 billion USD).

Of the projects, 45 are operating in such sectors as training, research, production, software manufacturing and high-tech production in IT, bio-technology, new materials and automation.

In 2019 alone, three projects valued at 6.89 trillion VND received investment licences. The project management board is seeking to attract another 26 trillion VND from some potential investors.

In her remarks, NA Chairwoman Ngan said the Hoa Lac Hi-tech Park must serve as the country’s hub for hi-tech workforce training.

Ngan hailed it as an incubator for the development of hi-tech projects and an ideal destination for both domestic and foreign investors.

It has become a base for multiple international conglomerates, such as Hanwha Aerospace (the Republic of Korea), Nidec and Nissan Techno (Japan) and major domestic groups, including Vingroup, FPT, VNPT and Viettel, she said.

Ngan asked the Ministry of Science and Technology to improve the hi-tech park’s capacity in terms of infrastructure and business environment and to remove obstacles and create the best conditions for R&D and technology transfer in Vietnam so that the park would be a place where innovative ideas and hi-tech products are initiated.

It will help raise the economy’s productivity, efficiency and competitiveness, the Chairwoman added.

Ngan also urged businesses and investors at the park to create more high quality made-in-Vietnam products while the park’s management board must find ways to attract skilled manpower and to make the park a friendly and prestigious destination for technological firms and scientists at home and from overseas.

National Assembly Chairwoman speaks at the event (Photo: VietnamPlus)

On this occasion, the top legislator attended the inauguration ceremony of VinSmart smartphone manufacturing plant (first phase).

Covering nearly 14.8 ha, the plant comprises two phases, with total annual capacity of producing 125 million smartphones.

The same day, Viettel Military Industry and Telecoms Group (Viettel) and the park’s management board signed an agreement on strategic cooperation, aiming to boost park’s development, and meet investment, research, production and business demands of the group.

Viettel Military Industry and Telecoms Group (Viettel) and the park’s management board signed an agreement on strategic cooperation. (Photo: VNA)

Under the agreement, Viettel will start construction of a 9.1 ha hi-tech industrial production complex in the first quarter of 2020, which is expected to become the group’s high-tech equipment testing and production centre.

The group will also build a research and development centre on an area of 13.2 ha in the park, which is set to be an incubator of Viettel’s major projects.

Hoa Lac Hi-tech Park, approved in 1998, is the first and the largest high-tech facility in Vietnam, spanning 1,586 hectares. It is expected to become a model science space and a national hub for technology development and application.

Core hi-tech fields in the park include information and technology, communication, electronics, biology, new materials and energies.

The Government has issued a decree defining special mechanisms and policies for the Hoa Lac Hi-Tech Park, including a 10 percent corporate income tax in 30 years for new projects with an investment from 4 trillion VND (176 million USD).

Projects, which were licenced before May 23, 2015 when the Prime Minister approved the park’s planning and are operating in the park, will enjoy preferential policies stated in licenses.

The decree also clarifies that the Government encourages and backs organisations and individuals to invest in building and developing homes for labourers working in the park through support in tax and land rent, land use fee.

Investors and experts who are overseas Vietnamese and foreigners, and their family members are considered for the issuance of multiple entry visas to Vietnam with a time limit suitable to their working schedule in the park.

Along with the support, organisations and individuals will enjoy other preferential policies in line with the law when they satisfy all necessary conditions.

For special projects that need to be attracted to the park, the Ministry of Science and Technology shall proposes the Prime Minister decide whether to grant additional investment incentives and support./.