Hiền Đức
Hien Duc Group

Over US$6 Billion going to flow into Thanh Hoa

As reported, at this conference, by the Chairman of the People’s Committee of Thanh Hoa province, the provincial authority will grant the investment certificates, approve the investment policies and conclude the investment memorandum for 32 projects. This will comprise of a total proposed investment of VND 135,300 billion (equivalent to US$ 6.1 billion), the majority of which will be spent on manufacturing and processing (VND 76,500 billion), followed by urban development (VND 21,500 billion) and tourism (roughly VND 22,800 billion).

In the light of this plan, Thanh Hoa intends to call for investment in a full range of industrial, urban and tourism development projects, particularly 13 factory projects with a total funding of over US$1.4 billion such as a PVC factory, methanol factory, synthetic rubber factory, stainless steel factory and many others in Nghi Son Industrial Park. This plan also covers tourism-related projects with a total investment of approximately US$ 1.7 billion, notably Sam Son Beach – Eastern tourism area of 200 hectares, Quang Xuong coastal tourism area of 300 hectares, Yen My Lake Eco-tourism area of 120 hectares, Ham Rong tourism area of 562 hectares, Cam Luong fish stream area of 300 hectares and so on.

Thus, it can be seen that billions of US dollars are to be poured into Thanh Hoa in the upcoming period of time and will definitely result in a billion-dollar push on the Thanh Hoa property market.

At the conference, significant details were revealed, pertaining to Thanh Hoa’s economic development orientation to the year 2030 with a vision to the year 2040 together with the master planning adjustments made in collaboration with BCG Consultant (USA).

Also, according to the report of the Provincial People’s Committee, the focus will be upon all tasks concerning the raising of capital, completion of infrastructure for Nghi Son economic zone and industrial parks and provision of transport, power and water connections to the fences of investment projects;

Nghi Son Economic Zone has attracted 164 investors, consisting of 151 domestic ones and 13 foreign ones, with the total registered investment estimated at VND 109,604 billion and US$12.71 billion. Some big projects include Nghi Son Oil Refinery (US$ 9.3 billion, capacity of 10 million tonnes per year), Nghi Son Cement (US$ 622 million, capacity of 4.3 million tonnes per year), Cong Thanh Cement (US$ 600 million, capacity of 5.8 million tonnes per year), Nghi Son Thermal Power Plant (US$ 2.54 billion, capacity of 2,400 MW) and Nghi Son Steel Rolling Mill (capacity of 7 Million tonnes per year).

Abundant opportunities will possibly be offered to investors since Thanh Hoa is about to embark upon urban development and the establishment of modern and synchronized urban infrastructure. This is in connection with Sam Son city and Dong Son district as well as the proposed construction of a new model urban area in the heart of the city. This construction is designed to create the city’s special and unique appearance.

In addition, Thanh Hoa has the great potential to develop resort property and tourism with 150 km of coastline and 50 ranked national and provincial monuments such as Ham Rong Historical and Cultural Monument, Ho Chi Minh Memorial, Truc Lam Zen Monastery, Temple of Vietnamese Heroic Mothers, Martyrs and Heroes and Dong Son Ancient Village, which have been planned, preserved, embellished and promoted in association with tourism development.

This is especially true of Sam Son, which is oriented towards development into a well-known coastal city, tourist centre and resort. Its popularity will be recognised in the province and across the country. Therefore, a 10 km coastline together with over 16 ranked historical monuments, typically Doc Cuoc Temple, Fairy Temple and Trong Mai Rocks, convenient transport and synchronous and modern urban infrastructure will be interesting considerations for investors when making decisions regarding resort development projects.

Moreover, Hai Hoa, located in Tinh Gia district and Nghi Son Economic Zone, being about 40 km from Thanh Hoa city, as well as many other tourist sites, can potentially be developed into a tourist centre. This site is planned to cover a total area of 154 hectares; 23.3 hectares of which will be for the development of “four-season sea eco-tourism”, (phase 1), 10.6 hectares for coastal services and sand beach “four-season sea eco-tourism resort”, (phase 1) and 58.5 hectares for “four-season sea eco-tourism resort”, (phase 2).

By the year 2020, Hai Tien sea tourism area, being about 25km from the city is scheduled to occupy a total of 400.64 hectares.

Investors will enjoy various special privileges under Thanh Hoa’s preferential policies. Newly-incorporated investors are entitled to a preferential tax rate of between 10% and 17%, applicable for 10 years, 15 years or during the project duration, concurrently a tax exemption for 2 - 4 years and a reduction of 50% of the tax payable within 4 - 9 subsequent years.
Land and water surface rent exemption is also applicable to projects in the domains which are eligible for special investment incentives, located in extremely difficult socio-economic regions, as well as those with use of land for building accommodation for industrial zone workers.

Land and water surface rent exemption during the capital construction period will be offered on the basis of projects approved by competent authorities; however, such period must not exceed 3 years as from the issuance of decisions approving land or water surface rental.

3 - 5 year land or water surface rent exemption (upon the rent exemption for the capital construction period) is also considered by type of project in the domains which are eligible for special investment incentives, located in extremely difficult socio-economic regions.

It is obvious that Thanh Hoa will become an attractive investment destination with synchronous planning made by BCG, accompanied by the presence of large private economic groups such as FLC Group – the owner of FLC Sam Son typical project, Vingroup, Sungroup, T&T Group and probably more big corporations in Thanh Hoa in the future, soon turning it into the new investment “centre” of the property businesses.

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