Hau Giang props up investment in hi-tech agriculture

Xang Xa No Canal in Hau Giang Province, which is an important traffi c route connecting the provinces in the west of the Hau River - PHOTO: TRUNG CHANH

CAN THO – The Mekong Delta province of Hau Giang is in need of investments totaling US$50 million in a 5,200-hectare hi-tech agriculture zone.

At a press conference on an investment promotion conference in Hau Giang on September 19, Pham Van Tuu, director of the provincial Department of Information and Communications, said the province is looking for local and foreign investors to build the zone.

The hi-tech agriculture zone development project, which includes construction, equipment installation and manpower training, is among seven projects which require a total investment of US$261 million.

At the investment promotion conference slated for September 28, the province will introduce the hi-tech agriculture zone project and others to produce high-quality rice for export, and develop infrastructure for Dong Phu, Nhon Nghia and Phu Huu A industrial parks, a commercial and residential area in Vi Thanh City, and Lung Ngoc Hoang Nature Reserve.

To attract investors to these projects, the province will offer policy incentives such as a preferential corporate income tax rate, and exemptions of import tax for equipment and machinery, and land and water use fees for at least 15 years from the first year of project operation.

Nguyen Huu Nghia, director of the Hau Giang Department of Planning and Investment, said the province currently has 4,300 enterprises with registered capital of VND45 trillion (US$1.98 billion).

Hau Giang has lured 29 foreign direct investment (FDI) projects capitalized at US$808 million. The total investment of Vietnam Lee & Man Paper Manufacturing Ltd’s paper and pulp projects is US$650 million, Nghia said.

According to a report of the Foreign Investment Agency under the Ministry of Planning and Investment, fresh foreign investment approvals in the country amounted to US$23.36 billion in the first eight months of 2017, up 45.1% year-on-year.

The report also said foreign enterprises got involved in 18 sectors, with processing and manufacturing accounting for the highest investment, at US$11.69 billion, followed by electricity generation and distribution with US$5.36 billion, and mining with US$1.28 billion.