WHA IZ 1: spotlight in Nghe An for South Korean investors
Located in Dong Nam Economic Zone, a key economic center of the central province of Nghe An, WHA Industrial Zone 1 – Nghe An is a spotlight among foreign investors, especially financiers and enterprises hailing South Korea.
As an important international and regional transport hub for aviation, seaports, and land transport thanks to its geographical location, Nghe An is emerging as a promising investment destination this year.
Much of its new appeal comes recent administrative reforms which were a breakthrough factor in minimizing time and costs for investors. At the same time, the province has also made efforts to provide fast, timely, and transparent information while implementing synchronous solutions to support investors by drastically improving the quality of public services and removing difficulties for enterprises to invest in production and business.
Through prodigious reforms, the province has managed to cut the time needed to complete administrative procedures for investment and online public services (Level 4) in business registration by 20-50 percent. Nghe An has developed preferential policies for domestic and foreign investors in various fields, such as cost-support for procedures, site clearance compensation, human resources training for projects, and brand promotion.
“WHA Industrial Zone 1 – Nghe An is the very first industrial infrastructure project of WHA Industrial Development in Vietnam,” said David Nardone, group executive, Industrial and International, WHA Industrial Development Plc.
Located in a strategic position in Dong Nam Economic Zone, one of the largest industrial parks in the North-Cental Coast with the total investment capital of VND22 trillion ($956.5 million), WHA Industrial Zone 1 – Nghe An has all the factors and conditions of a high-tech industrial zone (IZ), including international-standard infrastructure for industrial investors and in addition, offers lavish accommodations for experts and workers.
In addition, the extensive experience WHA Industrial Development’s management team will ensure the IZ can grow into a truly world-class investment paradise.
In addition, WHA IZ 1 – Nghe An provides various sizes of developed land and ready-built factories for rent in Dong Nam Economic Zone, which offers with special tax privileges to welcome investors in target industries. Notably, the economic zone presents eligible projects with a special tax rate of 10 percent for 15 years, with a corporate income tax exemption for the first four years and 50 percent reduction for the subsequent nine years. A tax holiday and tax reduction will start in the first year of making a profit or the fourth revenue-generating year, whichever comes first.
These incentives will be available to investors in the industry (automotive, plastic, light metals, garment), consumer goods (food processing, beverages, electrical appliances), technology (medical assembly, software, smartphone), and logistics.
“Nghe An is a strategic gateway to large markets in Asia, especially South Korea. In addition, the province considers the South Korean enterprise community an important partner and the backbone of its integration strategy, thus, in the upcoming time, we will be pleased to welcome South Korean investors to survey the area and then establish manufacturing facilities in the IZ,” Nardone said.
After two years of construction, WHA IZ 1 – Nghe An has finished 143.5 of the 498ha first phase and has already attracted secondary investors Japan, Thailand, and China with its international-standard and modern infrastructure. Once finished, the IZ will have a total area of 3,200 hectares.
The land plots come in all shapes and sizes ( 5,000 to 10,000 square meters), fitting the requirements of any investor.
By Kim Oanh