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Tuesday, June 25, 2024

Supporting high-tech investments

By An Nhien

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The National Assembly’s Standing Committee expressed its views on the legislature’s draft resolution for a pilot policy supporting high-tech investments over five years during a meeting on September 28, 2023 In response to the draft resolution, outlined in Letter 414/TTr-CP dated August 30, 2023, the Government emphasized that the policy aims to enhance competitiveness and the appeal of the investment environment. The intention is to prioritize high-tech investment projects with far-reaching effects, connections to global supply chains, minimal impact on the state budget, and alignment with the global minimum tax. The Government’s proposal outlines four categories of enterprises eligible for investment support: (1) Enterprises undertaking high-tech projects with capital exceeding VND12 trillion or annual revenue surpassing VND20 trillion, (2) High-tech enterprises with projects capitalized at over VND12 trillion or generating annual revenue of over VND20 trillion, (3) Enterprises with high-tech application projects requiring capital over VND12 trillion or generating annual revenue of more than VND20 trillion and (4) Enterprises with research and development (R&D) center projects necessitating capital over VND3 trillion. The Government argues that these incentives are consistent with Vietnam’s strategy to attract foreign investments for the production of high-tech products, particularly in industries aligned with global trends, such […]
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