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HCMC dangles incentives to infrastructure developers
Ho Chi Minh City will offer tax breaks and land plots to developers investing money in infrastructure, officials have said.
The city’s infrastructure, including roads, drainage and wastewater treatment utilities, most of which are decades old, is unable to meet the needs of eight million people, said Lu Thanh Phong, deputy director of the Department of Planning and Investment.
For infrastructure developers, corporate tax would be waived for the first four years and it would later be just 10 percent instead of the normal 25 percent, he said.
If, after completing their infrastructure projects, they want to invest in non-infrastructure projects, the city would give them priority in land allotment, he added.
Ly Chung Dan, deputy general director of the public utility Saigon Water Corp., said non-state businesses investing in water supply could even be subsidized.
The city water supply system needs an investment of around VND5.85 trillion (US$344 million), he said.
The transport department has said it needs $15 billion through to 2020 for building and expanding roads and developing subways and railways.
Minh Quang
thanhnien
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