 |
Vietnam’s Ministry of Planning and Investment Proposes Support for High-Tech BusinessesThe Ministry of Planning and Investment is proposing a draft decree for the establishment, management, and utilization of an Investment Support Fund, targeting high-tech businesses and research and development centers. |
The draft decree outlines the criteria and conditions for receiving support, with a focus on encouraging foreign investment and promoting the development of high-tech industries in Vietnam.
Eligibility Criteria and Conditions
- High-Tech Businesses: Minimum investment of $490 million or annual revenue of $820 million. Alternatively, a minimum investment of $245 million within 5 years or $340 million within 3 years. Lower thresholds are set for investments in the fields of chips, integrated circuits, and artificial intelligence.
- Businesses with High-Tech Production Projects: Same criteria as above, with additional options for projects with exclusive high-tech products and world-leading technology, which are exempt from scale or revenue requirements.
- Research and Development Centers: Minimum investment of $124 million, with a requirement to disburse at least $34 million within 3 years.
The Ministry aims to narrow down the number of eligible applicants to ensure sustainable funding and encourage multinational corporations to increase their investments.
Support Mechanisms and Eligible Expenses
The Investment Support Fund will provide direct monetary support for eligible expenses, including:
- Human Resource Development: Up to 50% support for actual expenses incurred by businesses for training and development of Vietnamese employees.
- Research and Development: Up to 30% support for actual R&D expenses incurred by businesses.
- Capital Investment: Up to 10% support for additional capital investments made by businesses.
- High-Tech Product Manufacturing: Up to 3% support for the added value of high-tech products.
- Social Infrastructure: Up to 25% support for investments in social infrastructure projects.
These support mechanisms aim to reduce financial burdens on businesses, encourage innovation, and promote the development of high-tech industries in Vietnam.
Nhat Quang
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
Mobile World achieves revenue of VND118,000 trillion: TVs, tablets, and phones all decrease by 10% – 50%, while one product grows in both quantity and revenue.
Mobile World Investment Corporation (MWG) has recently announced its 2023 business results. According to the report, the company’s consolidated revenue reached over 118 trillion Vietnamese dong, equivalent to 89% of the revenue in 2022.
Vietnam’s Irresistible ‘Specialty’ That China Desperately Wants to Revive: Highly Popular from the US to Asia, Bringing in Millions of Dollars
Vietnam is one of the largest exporting countries in the world, along with China and the Philippines.
