According to the Law on Digital Technology Industry, the incentives include full corporate income tax exemption for the first two years and 50% reduction in the four following years, as well as land rent waivers for three years.
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Director of the Ministry of Science and Technology’s Department of Information Technology Industry Nguyen Khac Lich speak at the event. (Photo: vneconomy.vn) |
These are just some of the huge incentives offered to digital technology companies, Director of the ministry’s Department of Information Technology Industry Nguyen Khac Lich said.
For companies operating in key areas such as semiconductors, artificial intelligence (AI) and high-performance computing (HPC), a preferential corporate tax rate of 10% will be applied for 15 years, together with an exemption from CIT for four years and a 50% reduction for the following nine years, along with up to 15 years of land rent exemption.
For large-scale projects in semiconductors, AI or HPC with a total investment of 6 trillion VND (230 million USD) or more, investors will enjoy tax incentives similar to projects worth 30 trillion VND under the established regulations.
Specifically, the corporate income tax rate is 5% for 37 years, with a tax exemption for the first six years and a 50% reduction for the next 13 years. Land and water surface rents will be waived for 22 years and cut by 57% thereafter.
The Government will also focus on developing a workforce for the digital technology industry.
To attract talent, foreign experts meeting specific criteria will receive temporary residence cards valid for up to five years. Their spouses and children under 18 will also be eligible for residency and facilitated access to education and employment in Vietnam.
Source: VNA