Illustrative photo (Source: VNA)
Quang Nam (VNA) – The central province of Quang Nam is expected to become an investment magnet in the central region using its advantageous location as well as favourable investment environment.

With an area of 10,438 square kilometers, Quang Nam has a strategic location in the central key economic region, neighbouring Da Nang city, Quang Ngai province and an ASEAN member of Laos.

It lies on the East-West Economic Corridor, which is favourable for road connection with Laos, Cambodia, Thailand, Myanmar, as well as sea links with other ASEAN countries.

Besides a synchronous land, railway and sea transportation system, it boasts eight industrial parks and 50 industrial clusters having standardized waste treatment systems.

At the same time, social and service infrastructure such as schools, hospitals, hotels, restaurants and entertainment facilities in Quang Nam has also met the demand of investors and locals.

According to the provincial Department of Culture, Sports and Tourism, Quang Nam has more than 5,436 hotel rooms to international standards, which makes it an attractive destination for tourists.

So far, the locality has attracted 126 FDI projects worth 5.5 billion USD from investors from all around the world, including the Republic of Korea, Japan, Singapore, the US, China, France, Germany and Italy.

In the long term, Quang Nam will focus on luring investment to sectors of its strengths such as support industry, processing industry, agriculture, tourism, services, urban development, human resource training, infrastructure construction and business at industrial parks and clusters.

Investors to Quang Nam can choose and decide their investment methods, along with enjoying preferential policies offered by the Government in land use, corporate income tax and import tax.

According to the provincial Centre for Public Administration and Investment Promotion, a 10 percent reduction in corporation income tax in 15 years has been applied for newly-established firms in extremely disadvantaged localities and the Chu Lai Economic Zone as well as those in high technology agriculture, science and technology, vocational training and environment.

They are also given tax exemption in four years and a 50-percent reduction in corporate income tax in the following nine years.

At the same time, Quang Nam has also supported investors in land use, along with specific preferential policies to large-scale projects.

Dinh Van Thu, Chairman of the provincial People’s Committee, was quoted by Dau Tu (Investment Review) as saying that amidst the current extensive international integration trend, Quang Nam is working hard to become a promising land with abundant investment opportunities.

The province has applied comprehensive measures to improve its investment environment and support enterprises, focusing on administrative reform, he said, noting that the launching of its Centre for Public Administration and Investment Promotion has showed the province’s determination in the field.

Currently, Quang Nam is hosting many big domestic and foreign firms in various fields, including Truong Hai Auto, Suntory-Pepsico, Viet Nam Brewery Limited, Inax, Groz-Beckert and entertainment-service brands such as The Nam Hai, Montgomerie Links, Victoria, GoldenSand, and Palm Garden.-VNA