Prime Minister receives representatives of 3 corporations investing tens of billions of USD in Vietnam

Prime Minister Pham Minh Chinh and General Director of Long Son Petrochemical Company Limited Kulachet Dharachandra - Photo: VGP/Nhat Bac

Also attending the meetings, Deputy Prime Minister Ho Duc Phoc directly answered many investors' opinions related to taxes.

Long Son Petrochemical will expand investment by another 400 million USD

Mr. Kulachet Dharachandra, General Director of Long Son Petrochemical Company Limited, thanked Vietnam for its active support and assistance, especially the Prime Minister's decisive and proactive direction to remove difficulties and obstacles, and promote project implementation.

The petrochemical complex project in Long Son commune, Ba Ria-Vung Tau province, invested by SCG Group (Thailand), has a total investment of more than 5 billion USD; the designed capacity is 1.4 million tons of petrochemical products. The project has now been completed and put into operation. This is the largest FDI project in Ba Ria-Vung Tau province and the leading project in the country.

The General Director of Long Son Petrochemical Company Limited reported to the Prime Minister on the project situation and investment expansion plan, made some specific recommendations and proposals related to procedures, investment incentives, tax rates... to invest an additional 400 million USD to expand the project and possibly use imported ethane gas as raw material.

Prime Minister Pham Minh Chinh highly appreciated the project's activities, affirming that Vietnam is always ready to proactively coordinate with businesses to resolve difficulties and problems in the spirit of harmonious benefits and shared risks. After each meeting, more problems are resolved.

The Prime Minister said that next week, relevant agencies will complete procedures related to expanding investment in the project, contributing to socio-economic development and job creation.

The Prime Minister affirmed that Vietnam is always ready to proactively coordinate with businesses to resolve difficulties and problems in the spirit of harmonious interests and shared risks. After each meeting, more problems are resolved - Photo: VGP/Nhat Bac

The Prime Minister also said that during the recent working trip of Minister of Industry and Trade Nguyen Hong Dien to the United States, Vietnam made efforts to resolve procedures, promote the import of long-term, stable gas sources from the United States worth billions of USD, meet the needs of the Long Son project and contribute to promoting a more balanced, harmonious and sustainable Vietnam-US trade.

Regarding tax-related proposals, the Prime Minister said that export and import taxes need to be appropriate to the situation, encouraging large, high-tech enterprises to invest in Vietnam; assigned Deputy Prime Minister Ho Duc Phoc to direct agencies to promptly consider and respond to enterprises; if it is under the Government's authority, the Government will decide; if it is under the National Assembly's authority, it will report to the National Assembly at the next session.

Emphasizing the viewpoint that "what is said must be done, what is committed must be done, what is done must bring about specific, measurable results", the Prime Minister believes that businesses will continue to succeed in Vietnam and the success of businesses is also the success of Vietnam.

Prime Minister Pham Minh Chinh and General Director of Hyosung Dong Nai Bae In Han - Photo: VGP/Nhat Bac

Hyosung plans to invest an additional 1.5 billion USD in Vietnam

Hyosung is a leading Korean conglomerate with revenue of 16 billion USD in 2023. Hyosung is the third largest FDI partner of Korea in Vietnam, with a total invested capital of about 4.6 billion USD.

At the meeting, Mr. Bae In Han, General Director of Hyosung Dong Nai and the highest representative of Hyosung in Vietnam, said that the Group will continue to invest about 1.5 billion USD in Vietnam, including investing in a biotechnology factory and a carbon fiber factory in Ba Ria - Vung Tau province.

He reiterated the Group's commitment to "put the next 100 years in Vietnam", with the assessment that Vietnam has a stable and favorable investment environment for business development.

He said that the local authorities have actively supported and many problems related to Hyosun's projects have been resolved (such as the import of microorganisms for biotechnology projects), but he suggested establishing a one-stop mechanism to quickly resolve difficulties and problems related to the legal framework; at the same time, he made some specific recommendations related to tax rates and tax refunds.

The Prime Minister welcomed Hyosung to set up a long-term production base in Vietnam and Vietnam committed to "not saying no, not saying difficult, not saying yes but not doing" when resolving investors' problems - Photo: VGP/Nhat Bac

Deputy Prime Minister Ho Duc Phoc said that the group's problems related to regional tax refunds have been resolved when, according to the new organizational structure, the Tax Departments of Ba Ria - Vung Tau, Dong Nai, Ninh Thuan and Binh Thuan merged into the Regional Tax Department XV and headquartered in Ba Ria - Vung Tau province.

In the spirit of needing incentives appropriate to the biotechnology industry, the Prime Minister directed the Ministry of Finance to study and apply current legal regulations, and if beyond its authority, report and propose to the competent authority. The Prime Minister also asked the group to study and order the production of biological materials in Vietnam to serve the project.

The Prime Minister welcomed Hyosung to set up a long-term production base in Vietnam and the Vietnamese side committed to "not saying no, not saying difficult, not saying yes but not doing" when resolving investors' problems.

Prime Minister Pham Minh Chinh and representatives of Ho Tram Project Company Limited - Photo: VGP/Nhat Bac

Ho Tram wants to invest in a 17,000 billion VND road as suggested by the Prime Minister

Next, the Prime Minister received representatives of Ho Tram Project Company Limited, including Mr. Walt Power, General Director of the Company.

Ho Tram Project Company Limited is a member of the strategic investment ecosystem of Warburg Pincus, a leading global private equity fund headquartered in New York, USA. This investment fund has more than 55 years of experience, managing capital of about 85 billion USD.

Ho Tram said that after the Prime Minister's suggestion at the most recent meeting, the Company has proposed and is working with agencies and localities to urgently carry out procedures to deploy investment in the construction of a connecting route from Long Thanh International Airport to Ho Tram project (Xuyen Moc district, Ba Ria - Vung Tau province), with a total estimated investment of about 17,300 billion VND.

The Prime Minister welcomed and assessed that this road project has many meanings, not only helping to expand Ho Tram's investment, but also increasing the value of the project, contributing to the completion of the transport infrastructure system, opening up new development space, increasing land value for the locality and the region.

The Prime Minister asked businesses to promptly inform the US government about the very positive results in resolving difficulties and promoting the Ho Tram project as well as US investment projects in Vietnam - Photo: VGP/Nhat Bac

Ho Tram has invested more than 1 billion USD in Vietnam, plus the capital for this route, Ho Tram's total investment capital can meet the conditions under current regulations to be considered for a number of other favorable policies.

The Prime Minister proposed implementing this transport project in the spirit of choosing the shortest, fastest route, with the most simplified procedures possible; at the same time, Ho Tram continues to expand investment, forming a large, prestigious tourist center in Ba Ria - Vung Tau.

The Prime Minister also asked businesses to promptly inform the US government about the very positive results in resolving difficulties and promoting the Ho Tram project as well as US investment projects in Vietnam.

Ha Van