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Nhon Hoi petrochemical complex given incentives

The Nhon Hoi petrochemical complex project, invested by Thailand’s PTT Group, will enjoy a 10 percent corporate income tax for 15 years, an incentive that was agreed by the Prime Minister recently.
The Nhon Hoi petrochemical complex project, invested by Thailand’s PTTGroup, will enjoy a 10 percent corporate income tax for 15 years, anincentive that was agreed by the Prime Minister recently.

According to the Law on Corporate Tax, a corporate tax rate of 22percent was applicable from January 1, 2014. The rate will be reduced to20 percent from January 1, 2016.

In a decision issuedrecently, the Government leader agreed to include the pro ject (known asVictory project), located in the central province of Binh Dinh, as partof a development planning of the oil and gas sector.

ThePeople’s Committee of the host Binh Dinh is asked to request the projectdeveloper use the cutting-edge equipment and technology that ensureenvironmental standards when it comes to considering the licensing.

The project will enjoy tax exemption for its import of crude oil aswell as machines and equipment that are yet domestically produced, amongother things.

The 20 billion USD complex is designed torefine 20 million tonnes of crude oil a year when it becomesoperational, expecting in the 2021-2025 period.

The capacity is three times more than the Dung Quat refinery, the first and only currently operating in Vietnam.

With its feasibility study approved in early October this year, thecomplex is expected to have a groundbreaking ceremony in 2016.-VNA
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