Vietnam city waives rent for investors at high-tech park

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The central city of Da Nang has announced it will not charge rent to investors at its high-tech park, which aims to become a Vietnamese version of California's Silicon Valley.

Businesses working on infrastructure projects or research and development will be exempted from having to pay rent at the park of more than 1,200 hectares in Hoa Lien Commune, Hoa Vang District, the city vice mayor Phung Tan Viet said at a meeting last week, Phap Luat Ho Chi Minh City (Ho Chi MInh City Law) newspaper reported.

Other projects will be rent free for three to 11 years after getting underway, Viet said.

He said the city would not collect corporate income taxes for projects in their first four years, or utility fees for the first two years, with the latter set to be discounted 50 percent thereafter.

A city known for its various social reforms and business development, Da Nang will also guarantee that companies face a minimal amount of red tape when applying to administer projects at the park, the vice mayor said.

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