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.

According to the Law on Corporate Tax, a corporate tax rate of 22 percent was applicable from January 1, 2014. The rate will be reduced to 20 percent from January 1, 2016.

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

The People’s Committee of the host Binh Dinh is asked to request the project developer use the cutting-edge equipment and technology that ensure environmental standards when it comes to considering the licensing.

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

The 20 billion USD complex is designed to refine 20 million tonnes of crude oil a year when it becomes operational, 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, the complex is expected to have a groundbreaking ceremony in 2016.-VNA