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Vietnam Offers Tax Incentives to Develop High-tech Parks

Time:   18.03.2024
Vietnam Offers Tax Incentives to Develop High-tech Parks

Recently, Vietnam issued a revised regulation on high-tech parks, which specifying the conditions for establishing and expanding high-tech parks and other rules. The revised regulation will officially come into force on 25 March 2024.

According to the new regulation, Vietnam’s national budget and government development assistance will focus on the construction of research and development centers, large‑scale international‑standard laboratories, high‑tech incubators, training centers and information infrastructure in the high-tech parks.

Investment projects in high‑tech parks will be given priority for training and recruitment support programmes and will receive support for technology transfer, research and development, high‑technology application, high‑tech agriculture and innovations. Manufacturing and export businesses operating within high‑tech parks may enjoy export tax exemptions or reductions, just like those enjoyed in non-tariff zones.

In addition, the Vietnamese government encourages private capital to participate in the construction of scientific research and social infrastructure in high-tech parks. Enterprises investing in the construction of high-tech parks may enjoy a preferential corporate income tax rate of 10% for 15 years, with full tax exemption in the initial 4 years and a 50% tax deduction in the subsequent 9 years. Investors of infrastructure projects within high-tech parks may also be exempt from land lease fees and reimbursement for land clearance expenses.

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