Nghe An will replace and supplement many policies to support investment.

On August 4, 2016, the Provincial People's Council passed Resolution No. 26/2016/NQ regulating a number of investment support policies in the province. However, after 4 years of implementing Resolution 26, the results achieved were not high; some contents of the Resolution were no longer suitable to the reality of investment attraction in the province. As a result, it has not created a driving force to encourage investors to come to the province.

With the goal of promoting investment attraction in the area, the Provincial People's Committee is drafting a Resolution of the Provincial People's Council to replace Resolution 26. Accordingly, compared to Resolution 26, the new draft Resolution has abolished 4 policies, kept 2 policies and replaced 3 policies.

A corner of VSIP Nghe An Industrial, Urban and Service Park. Photo courtesy

The four policies proposed to be abolished include: Support for advertising, promotion, image introduction and support for providing information and investment procedures in the investment preparation step; Investment promotion support policy; Investment support policy for projects paying over 300 billion VND/year to the local budget and Policy to support compensation for site clearance and resettlement.

The two proposed policies to remain unchanged are investment support and investment preparation funding; investment support for infrastructure of concentrated raw material areas for processing industry in economic zones and industrial parks.

The three proposed policies to be amended are Labor training support policy; Support for investment in technical infrastructure outside the project fence; Support for site leveling. At the same time, the draft also proposes to add new policies on price support, land and water surface rental unit prices.

Chairman of the Provincial People's Committee Nguyen Duc Trung emphasized that the drafting of the Resolution must supplement regulations on the order and procedures for implementing policies in a simple, convenient and practical manner. In addition, the adjustment, supplementation and replacement of policies must also be suitable to the actual conditions of the province, especially the conditions of resources for implementation.

Investors investing in the province will be supported with one-time labor training costs of 2 million VND/labor. In the photo: A corner of WHA Industrial Park located in the Southeast Economic Zone. Photo courtesy

According to the draft Resolution, the subjects of application are organizations and individuals carrying out investment activities in Nghe An province with projects that meet the conditions for enjoying investment support policies prescribed in this Resolution. Relevant agencies, organizations and individuals in implementing investment support policies according to this Resolution.

General support policies include: Support for labor training with a one-time training cost of VND 2,000,000/1 worker. Support for investment preparation costs with a cost not exceeding VND 200 million/project from the time the project is completed and put into operation. Support for investment in building technical infrastructure outside the project fence including roads and drainage systems.

For investment and business projects in the Southeast Economic Zone and industrial parks established by the Government in the province, there will be support in terms of price, land and water surface rental price; and support for site leveling.

For investment projects outside the Southeast Economic Zone and outside the industrial parks established by the Government in the province, support for site clearance and investment in building infrastructure for concentrated raw material areas for the processing industry will be provided.

According to the regulations and procedures for implementing the policy, the time from when the investor or project owner submits a valid application to the Department of Finance until receiving investment support funding is no more than 15 days.

At the regular meeting of the Provincial People's Committee in May 2021, members of the Provincial People's Committee listened to the presentation and draft Resolution and unanimously approved it. On this basis, the Provincial People's Committee will report to the Standing Committee of the Provincial Party Committee for consideration and comments before submitting it to the Provincial People's Council for approval at the upcoming meeting./.