On the afternoon of February 20, the Ho Chi Minh City People's Council approved the exemption of land rent for the Fulbright University Vietnam project at the Thu Duc City High-Tech Park.
According to the draft resolution, Fulbright University Vietnam, invested by Fulbright University Vietnam Company Limited at Lot E4-2, Road D2, High-Tech Park, is exempted from land rent for the entire lease term according to Decision No. 5896 dated December 19, 2024 of the Ho Chi Minh City People's Committee.
Conditions for enjoying incentives include: investment projects in investment incentive areas, non-profit activities and land rent exemptions are not included in the cost of products and services provided to society. The time of application of incentives is from the date of the land lease decision.
The Ho Chi Minh City People's Committee is responsible for directing and organizing the implementation of the resolution in accordance with legal regulations, and at the same time reporting the results annually at the year-end meeting of the Ho Chi Minh City People's Council.
Delegates of the Ho Chi Minh City People's Council vote at the meeting
Previously, according to the submission of the Ho Chi Minh City People's Committee, the Fulbright University Vietnam (FUV) project was approved by the Prime Minister in principle for investment in the project according to Official Dispatch No. 821 dated June 3, 2014, in the form of a foreign-invested university operating not for profit, invested by the Vietnam University Innovation Trust Fund (TUIV) in Ho Chi Minh City.
This is a conditional investment project under the Investment Law 2005. After being examined by relevant parties, on June 26, 2015, the High-Tech Park Management Board issued an investment registration certificate to TUIV to implement the project at Lot E4-2, D2 Street, Thu Duc City, on an area of over 150,316 m².
On May 16, 2016, the Prime Minister issued Decision No. 819 on the establishment of Fulbright University Vietnam, a 100% foreign-invested, non-profit university.
According to the Ho Chi Minh City People's Committee, legally, the High-Tech Park Management Board and FUV signed a land lease contract on February 25, 2016 with an area of over 150,316 m², a lease term of 50 years (from June 26, 2015 to June 26, 2065) and a land rent of 0 VND/m²/year.
On December 19, 2024, the Ho Chi Minh City People's Committee issued Decision No. 5896, officially leasing land to Fulbright University Vietnam Company Limited to build educational facilities, with a term until June 26, 2065.
Regarding the construction permit, the Management Board of Ho Chi Minh City High-Tech Park approved the adjustment of the 1/500 detailed planning for the project area and issued the construction permit on October 23, 2024.
Fulbright University Vietnam campus design
In the official dispatch dated March 12, 2024, FUV affirmed that the project is a cooperation initiative between the Vietnamese and US governments, representing the bilateral relationship between the two countries.
The FUV project is implemented in accordance with the procedures and regulations of Vietnamese law and is the first foreign-invested, non-profit university in Vietnam. In addition, the FUV project has research and training activities according to international standards, aiming at training high-tech human resources. Therefore, FUV requests to be exempted from land rent and compensation for site clearance for the project.
Ho Chi Minh City People's Committee believes that the FUV project has symbolic significance in the normalization of Vietnam - US relations, which has been of interest to the two governments and recognized in the Joint Statements.
The project helps Ho Chi Minh City and the High-Tech Park narrow the gap in training, scientific and technological research, and enhance its reputation and position compared to other high-tech parks in the region.
After reviewing legal regulations on land rent exemption and reduction, the Ho Chi Minh City People's Committee affirmed that the project meets the conditions for land rent exemption from the time of the land lease decision.
Regarding the FUV project, in 2018, the State Audit Office stated that the exemption of land rent was not in accordance with regulations and provisionally estimated the amount of land rent to be collected at more than VND 241 billion. By May 2024, the Ho Chi Minh City People's Committee and the State Audit Office of Region IV agreed to report to the Prime Minister to resolve this issue.
Source: https://thanhnien.vn/tphcm-mien-tien-thue-dat-cho-truong-dh-fulbright-viet-nam-tai-khu-cong-nghe-cao-185250220172319484.htm
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