Danang urges investors to develop six hi-tech agriculture projects

Foreign tourists visit a hi-tech vegetable farm in the outlying district of Hoa Vang, Danang City – PHOTO: NHAN TAM

DANANG – The Danang Investment Promotion Agency (IPA Danang) is calling for local and foreign companies to develop six hi-tech agriculture projects worth a total of some US$90 million, in the central coastal city, an official said.

Do Thi Quynh Tram, head of the Investment Promotion Division at IPA Danang, told the Daily on June 20 that the move follows a decision of the People’s Committee of Danang City.

The six projects involve the farming of livestock and poultry; the growing of medicinal plants, mushrooms and vegetables; and the development of fishing harbors linked with tourism.

Investors in these projects will enjoy a slew of incentives. They are subject to a corporate income tax of 15% during the course of the project. In addition, their income from production and farming activities are subject to a tax rate of 10%.

Once the projects are operational, the investors are exempt from land and water surface rentals.

Other rental exemptions include locations for developing homes for workers, growing trees and delivering public services. Investors also receive relief from import tariffs on raw materials, components, seedlings and animal breeds that have yet to be produced locally, for a period of five years from the launch of commercial production.

The municipal government will also support investors with demolition and site clearance, will offer preferential loans and will provide human resources.

For instance, a project on infrastructure development at Tho Quang Fishing Port, which will be equipped with sufficient logistics services coupled with a coastal fishermen’s village and tourist spot, requires the largest investment of VND1 trillion (US$43.8 million), under public-private partnerships.

Put into operation in 2004, Tho Quang Fishing Port, which has some 25 hectares of land and some 58 hectares of water surface, consists of functional subdivisions, such as an office and administrative area, a parking lot, three wharves with a total length of 600 meters, seafood, various services and grocery markets, as well as an area for shipbuilding and repair, and a logistics services area.

Four other hi-tech projects include a 230-hectare cow and pig husbandry farm worth VND460 billion, a 30-hectare pig and chicken husbandry farm worth VND230 billion, a tree nursery and medicinal plant garden ranging from 22 to 34 hectares worth VND150 billion, and an organic vegetable farm between 20 and 35 hectares worth VND110 billion. They are all located in the outlying district of Hoa Vang.

The final project is to build a 3-hectare mushroom seedling, commercial mushroom and medicinal mushroom manufacturing facility, whose products are intended for domestic consumption and export in Ngu Hanh Son District. It requires an investment of some VND20 billion.