Da Nang hi-tech park. Photo: baodautu

Decree 04/2018/ND-CP clarifies that the city will receive central budget to implement projects and works in the park as well as national programs on developing the park.

Each year, if a central budget collection review finds it exceeds the plan, the Government will ask the National Assembly Standing Committee to prioritize capital for the city to complete infrastructure for the park in 2020.

The Government will also mobilize official development assistance (ODA) for Da Nang to build technology and social infrastructure, public works, training and technology application and development centers, and hi-tech enterprise incubator. The city will cover corresponding capital for the projects.

The document also regulates many preferential policies in tax, land use, ground clearance, and credit for firms in the park.

Specifically, along with land use tax exemption for specific cases, the decree also gives preferential corporate income tax of 10 percent in 15 years for new projects in the park. Projects with capital from VND 3 trillion will enjoy a tax rate of 10 percent in 30 years.

The decree will take effect from February 20.

Source: VNA