Lot of incentives for investors in Lao Savan Seno special economic zone

SGGP
Laos has provided lot of incentives for investors in Lao Savan Seno Special Economic Zone, Savannakhet province, announced the zone’s management board at a workshop in HCMC yesterday.
The workshop was co-organized by Laos’ Consulate General in HCMC, the zone’s management board and HCMC Investment and Trade Promotion Center.
As per report, investors will receive 2-10 years tax exemption from profitable time of their projects, preferential corporate tax of 8-10 percent and personal income tax of 5 percent for domestic and international workers at the zone.
Import of materials for production and export items will be exempt from paying taxes and doing customs procedures. The zone has implemented one door mechanism to do procedures on licensing, tax registration, goods origin certification, labor recruitment, visa application, temporary residence, water and electricity use registration.
Savan Seno special economic zone established in 2003 is the investment, trade and services center of Laos’ central region, locating in Highway 9 connecting Vietnam, Laos and Thailand; in East-West Economic Corridor and Highway 13 linking with China in the north and Cambodia in the south.
According to the zone’s management board, the area is less affected by natural disasters with infrastructure advantageous for investment comprising international airport, central bank branch and foreign commercial banks.
Local hotels and restaurants meet standards, hospital and telecom system is modern. Stable and low cost electricity supply creates conditions for investors to implement their projects.
So far, there have been 97 projects invested in Savan Seno with the total capital of US$329.5 million. Vietnamese firm has not invested in the zone, yet.
The 1,000 hectares zone encourages investment in production, services and trade in fields such as food and farm produce processing, wooden and copper product making, auto and motorbike assembly, garment and textile, footwear and handbags.
In services, Savan Seno has been calling for investment in banking, insurance, finance, logistics and distribution, schools, hospitals, amusement, training and workshop centers, hotels, spa, restaurants and tourist centers.
In trade, businesses have been encouraged to invest in tax exemption areas, wholesale, re-export, exhibition and trade centers.

By THUY HAI – Translated by Hai Mien

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