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Chan May - Lang Co economic zone: one of 15 important economic zones in Vietnam

VIETRADE - Located in the strategic position, Chan May - Lang Co Economic Zone is eligible for long-term plans and promises to be a strongly-developed economic zone in the future.

 

AN ECONOMIC ZONE WITH MANY FAVORABLE CONDITIONS

Located on an area of 27,108ha, spreading over in Lang Co town and Loc Thuy, Loc Tien, Loc Vinh Communes, Phu Loc District, Thua Thien Hue; Chan May - Lang Co Economic Zone is regarded as one of 15 important coastal economic zones of the country. Positioned in two large cities of the Middle such as Hue and Da Nang City, about 36 km from Phu Bai international airport, 32 km from Da Nang international airport, very near to world cultural heritages (Hue Ancient Capital, Hoi An Old Street, My Son Holy Land, Lang Co sea - one of 30 most beautiful bays in the world), Chan May - Lang Co Economic Zone also connects with international and inter-regional traffic routes such as North - South route including Highway 1A, Trans-Vietnam railway and Chan May port which is considered the gateway going through East Sea of East - West economic corridor connecting with Myanmar, Thailand, Laos and Vietnam etc.

 

ESPECIALLY PREFERENTIAL POLICIES

Chan May - Lang Co Economic Zone is developed in the model of the economic complex with the “open” policies, operated by separate legal framework, convenient investment and business environment, therefore, once investing in the economic zone, the investors are given preferential policies. Particularly, the investors enjoy corporate income tax rate of 10% within 15 years, exempted from corporate income tax for 4 years from having taxable income and reduced by 50% for next 9 years. For the import duties, the investors are exempted from import duties for equipments, machines, materials, means of transport and other commodities used for carrying out the investment projects in accordance with the Law on Import Tax, Export Tax. For the personal income tax, the investors are reduced by 50% of personal income tax to be paid for the ones working in Chan May - Lang Co Economic Zone who have income subject to direct taxation. One more incentive helping the investors secured when deploying production and business activities in Chan May - Lang Co Economic Zone is that they shall be exempted from land rental for 11 years.

 

In addition, every administrative procedures of investment, construction, land, environment and so forth in the Management Unit of Chan May - Lang Co Economic Zone can be taken promptly, favorably.

 

SATISFACTORY RESULTS AFTER 5 YEARS OF FORMATION AND DEVELOPMENT

It shall take much time to confirm the success, however, it can’t deny the importance as well as the high values that Chan May - Lang Co Economic Zone have brought for 5 last years.

 

Particularly, the traffic system in Chan May - Lang Co Economic Zone is very convenient, apart from the international and inter-regional routes, the internal traffic system is quite perfect, connected with sub-areas of the economic zone.

 

Furthermore, the electricity system is supplied from Da Nang Main Station 500/220/110KV, at present, the Economic Zone owns Cau Hai station 110/22KV-(2×125MVA) and Lang Co station 110/22KV (2×25MVA), which are eligible for supplying electricity to serve for production and business activities and domestic use in Chan May and Lang Co. In addition, Chan May station 220/110KV-(2×125MVA) is now being constructed to serve for the developing demand of the Economic Zone.

 

In the Economic Zone, there is Bo Ghe water plant with the capacity of 6,000m3/day and night, meeting the water demands for production, business and households’ demands in the present phase. In the next time, when Loc Thuy Water Plant with the capacity of 110,000m3/day and night is completed and put into use, it shall contribute to water supply.

 

Such other infrastructural systems as communication system has been constructed to meet the domestic and Lang Co Waste Water Treatment Plant with the area of 6ha in Phu Gia mountain pass to the South, solid waste treatment ground with the scale of 30ha in Phuoc Tuong mountain pass to the south have been constructed and are now preparing the project for waste water treatment for industrial zone and non-customs duty area. Also, a polyclinic with 200 sick-beds (may be upgraded up to 300 sick-beds) in the West of Bu Lu river, Loc Thuy commune was put into use in 2011.

 

Especially, Chan May - Lang Co Economic Zone has planned sub-areas and made detailed plans of important functional areas such as: urban area, industrial parks, non-customs duty areas, tourist area; port area has been prepared and approved to insure quality, in compliance with the regulations and to be eligible for investment management, construction in the Economic Zone.

 

With the foresaid advantages, Chan May - Lang Co Economic Zone is considered a promising place to attract domestic and overseas investors. A typical evidence shown through statistic data, up to now, there have been 34 projects granted with licenses with total registered investment capital of 36,486 billion dong (approximately 2.28 billion USD). Of which, there are 10 FDI projects with total registered capital of 1.31 billion USD (including 5 projects have been put into operations), 24 domestic projects with total registered capital of 15,495 billion dong.

 

So far, there have been 81 enterprises operating in the economic zone with total charter capital of 3,193 billion dong, attracting 1,738 regular employees and 1,600 seasonal employees; of which, 71 domestic enterprises with total charter capital of 870.6 billion dong, 10 enterprises with foreign-investment capital with total registered capital of 2,259 billion dong.

 

Other than the existing projects, the Economic Zone currently owns 4 on-progress projects. First, Laguna Lang Co Tourist Project with the area of 280 ha is invested by Laguna Vietnam Company Limited under Banyan Tree Group (Singapore) with total investment capital of 875 million USD (at present, the 1st phase of the project is being constructed with investment capital of approximately 200 million USD and it is expected to be completed in June 2012). Second, the project for expanding oil warehouse of 50,000m2 and constructing oil port of 30,000DWT by PVOil, the investment capital is about 500 billion dong (currently, 7,000m3 has been constructed and the remaining items are being deployed). Third, the project for infrastructural construction of industrial zone and non-customs duty area by Sai Gon - Hue Investment JSC on total area of 658ha, total investment cost of 1,400 billion dong (currently, 7 workshops have been invested, sub-leased area is about 200ha). Forth, Bai Chuoi Tourist Project of Bai Chuoi Vietnanm Co., Ltd. (whose investor is Cattigara Group - Singapore) with area of 100 ha, total investment capital is 102 million USD.



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