New projects in pipeline for Hoa Lac High-Tech Park

A source from the Hoa Lac High-Tech Park Management Authority told VIR that it is preparing to grant investment certificates to projects from potential investors like KOVA Paint, ETC Holding, and Nidec.

In 2017, Hoa Lac licensed three projects with the total investment capital of VND5.05 trillion ($229.54 million), VND4.53 trillion ($205.9 million) of which came from South Korea's Hanwha Aero Engines. Hanwha Aero Engines' project has been kicked off and is planned to be put into operation in April 2018.

As of the end of 2017, HHTP licensed 81 projects with the total registered capital of VND66.17 trillion ($3 billion). They cover around 358 hectares.

Foreign investors are getting interested in HHTP and are looking to cash in on the special incentives they will enjoy when investing in the park.

As one of the highlights of these incentives, domestic and foreign investors who implement new projects worth at least VND4 trillion ($176 million) at HHTP will enjoy corporate income tax of 10 per cent for 30 years. This is an unprecedented incentive in Vietnam.

Hanwha Aero Engines was the first foreign investor to receive the incentive, with Nidec expected to be the second.

HHTP is located in the two districts of Thach That and Quoc Oai in suburban Hanoi, spanning a total area of 1,586ha. It is set to become a city of science, attracting investors in the fields of research and development, training and incubation, and high-tech products manufacturing in the fields of biotechnology, ICT, new materials, and automation.