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7 Aprile 2021

Vietnam

VIỆT NAM TO ATTRACT MORE FOREIGN INVESTMENT IN HIGH-TECH INDUSTRY

Update: April, 07/2021 - 08:21HÀ NỘI – Việt Nam will lure more foreign investment in the high-tech sectorby offering more incentives and amending requirements for high-techbusinesses.Việt Nam’s high-tech industry has seen a new investment wave. Last week,the northern coastal province of Quảng Ninh held a ceremony to grant alicence for Jinko Solar Technology Ltd of Hong Kong to invest in aphotovoltaic cell technology project worth US$500 million.Austrian printed circuit board manufacturer AT&S has been studying severallocations in Việt Nam to build two factories worth 1.5 billion euros ($1.78billion).The company will make a decision on the location in mid-April and startconstruction at the end of this year. It expects to complete work within a year.Đỗ Nhất Hoàng, Director of the Foreign Investment Agency (Ministry ofPlanning and Investment), said the new investment wave in the high-techsector was because tech giants like Samsung, Foxconn, Luxshare, and Intelhad ramped up their investment and production capacity in Việt Nam.Hoàng said most of the global tech giants already had invested or soughtinvestment opportunities in Việt Nam.He said to welcome this new investment wave, the Vietnamese Governmenthad worked out a series of important requirements. In the middle of lastmonth, Prime Minister Nguyễn Xuân Phúc officially issued the newrequirements for high-tech enterprises.Accordingly, high-tech enterprises with a total investment capital of VNĐ6trillion ($260 million) and a number of 3,000 employees or more must committo spend at least 0.5 per cent of their capital for research and development(R&D). Enterprises with a total capital of VNĐ100 billion and 200 employeesor more must commit to at least one per cent of their total net revenue.An anonymous investor said under the new requirements, foreigninvestors would avoid the “heavy burden” of commitments for R&D activities.Under the new requirements, spending for R&D will also include depreciationof infrastructure investment, fixed assets, vocational training, recurrentexpenditures and royalties. In the past, after the High-technology Law took effect on July 1, 2009,investors increasingly complained about the high requirements for investmentprojects to be recognised as “high-technology projects.” Commonly citedcomplaints include the limited number of products that were listed as high-technology products, that high-technology enterprises must commit at leastone per cent of their annual revenue towards (R&D), and that at least five percent of total workers must be involved in R&D activities.Hoàng said the Ministry of Planning and Investment (MPI) was collectingcomments from ministries and agencies before submitting to the Governmentfor approval on special investment policies.Hoàng said under the new regulations, special incentives will be given toinnovation hub projects, including National Innovation Centre, R&D projects,and large-scale projects.“We have proposed four criteria to determine those eligible to enjoy specialincentives or not that include technology, technology transfer, participation ofVietnamese businesses in value chains and value added in Việt Nam,” saidHoàng.With special incentives, preparation of premises, energy, high-quality humanresources, and improvements in the business climate, Việt Nam would attractmore investment in high-tech projects in the future, said Hoàng. -- VNS (ICE HO CHI MINH CITY)


Fonte notizia: Vietnam News