February 3, 2023
In.Corp Vietnam and the Bac Ninh Industrial Park Development And Investment Support Center entered a strategic partnership to support foreign investments to Vietnam and to the Bac Ninh province.
On the 6th of January 2023, the leadership teams of both organizations signed a cooperative agreement with the final goal of assisting foreign manufacturers to open their manufacturing sites in Vietnam, specifically in Bac Ninh, Bac Giang and other provinces in the north whose industrial parks are ideally located, offer world-class manufacturing infrastructure and are backed by attractive government-led tax incentives. Some foreign tenants of Bac Ninh Industrial Park include Samsung, Nestle, Foxconn and Unilever.
Together the two esteemed organizations will be able to assist foreign manufacturers with a complete A-Z market entry package, including:
- Initial Feasibility and Regulatory Consultation
- List of industrial parks suitable for investment projects;
- Feasibility and suitability of the investment projects compared with the development roadmap of each industrial park;
- Tax incentives for each investment project by size and industry;
- Information about local human resources;
- Possibility of approval by the licensing authority.
- Area scouting
- Incorporation and set up
- Hiring & Payroll
- Manufacturing Consulting
- Land Acquisition
- Applying for tax incentives
What does that mean for In.Corp Vietnam Customers?
The benefits of this relationship include the full A-Z services that any manufacturing firm will need when expanding to a new location, from incorporating, export licenses to scouting locations and land acquisition. In detail, here are some reasons why Bac Ninh is an ideal manufacturing location for foreign companies looking to expand to Vietnam:
The Bac Ninh government offers very attractive tax incentives according to the type of industry and the project size. In.Corp Vietnam’s tax professionals will assist with making sure your manufacturing project can apply for those corporate tax incentives. There are two types of incentives offered:
- Standard Corporate Income Tax (CIT) incentives for the first 15 years, in Detail:
- First 4 years: exempt from paying CIT completely
- Next 9 years: 50% tax reduction of the 10% rate
- Next 2 years: 10% CIT
These corporate tax reductions are applied for high-priority industries such as tech manufacturing.
- Custom-made CIT incentive plan
Your manufacturing project does not need to be within the tech-based industry if it’s large enough and if it results in the hiring of a lot of workers. Therefore In.Corp Vietnam will work with the Bac Ninh Industrial Park Development & Support Team in order to help you apply for those custom tax incentives.
Assisting Chinese Investors
The Bac Ninh Industrial Park Development & Investment Support Center is in full capacity to help all Chinese investors who wish to start operations in the region. For Chinese investors looking to invest in Vietnam, In.Corp will work with the Bac Ninh authorities in order to get investor visas successfully approved.
About In.Corp Global
Headquartered in Singapore, In.Corp Global is a leading provider of corporate services with an established APAC presence across 8 countries including Australia, Hong Kong, India, Indonesia, Malaysia, the Philippines, and Vietnam. InCorp specializes in a broad range of corporate advisory services in the region including Entity Formation, Secretarial and Compliance, Share Registry, Accounting, Tax Advisory, Immigration, Business Advisory, Fund Structuring and Administration, Family Office Advisory, and Risk Assurance. The group services more than 15,000 corporate clients across various industries and sizes, including fund managers as well as family offices. In May 2021, InCorp secured a strategic growth investment from TA Associates.
About the Bac Ninh Industrial Park Development and Investment Support Center
The Bac Ninh Industrial Park Development and Investment Support Center is a public non-business unit, directly under the Management Board of Bac Ninh Industrial Parks. The Center performs the function of collecting and distributing information, organizing investment promotion activities and investment consulting and support services. Their goal is to mobilize domestic and foreign resources for implementing investment projects aimed at sustainable development of industrial parks in the emerging Bac Ninh province.