Accordingly, investors setting up new projects at Da Nang Hi-tech Park will be subject to a favourable corporate income tax (CIT) rate of 10 percent for 15 years, compared to the standard rate of 20 percent.
Those investors with projects valued at VND3 trillion ($133 million ) or more will enjoy the preferential CIT rate for 30 years.
Other specialised incentives include a four-year tax exemption and a 50 percent cut in income tax for the following nine years for new projects in the high-tech park.
At Da Nang IT Park, domestic investors will be offered land-use fee exemptions, with foreign investors given land-rent exemptions, for the operation of projects involving initial construction of technical infrastructure in the area.
Projects in IT research and development (R&D) and human resources training will be granted land-rent exemption for two years and a 50 percent cut in rent rates for the next three years.
In addition, the resort city encourages private investment in the fields of education and vocational training, healthcare, culture, sports, environment and judicial assessment.
Any project in these fields established on Hoang Sa island and in Hoa Vang district will also be subject to land-rent exemption.
The 1,100ha Da Nang Hi-tech Park is located in Hoa Vang district, 20km west of the city. It is envisioned as a hub for high-tech and green investors, and one of three major multi-functional high-tech parks in the country along with HCM City and Hanoi.
The first phase of development, covering 300ha, has been completed. Work on the second phase, estimated to cost VND363 billion ($16 million ), has begun.
The park is situated near the Da Nang-Quang Ngai Expressway, connecting it with the Chan May Economic Zone in Thua Thien-Hue, the Chu Lai Economic Open Zone in Quang Nam, and the Dung Quat Economic Zone in Quang Ngai.
The Da Nang IT Park was recognised as a centralised information technology centre, the third of its kind, last year.
The 10,000sq.m park, comprised of two buildings in the city’s downtown area, is home to 75 IT businesses, including 22 foreign companies. By the end of 2017, it attracted nearly VND1.8 trillion ($80 million ) in investment and employed 2,400 people.
Da Nang aims to have a GRDP growth of 9-11 percent and a per capita GRDP ranging between $7,000 and $9,000 by 2030. It also hopes to achieve smart city status by 2020 and green city status by 2025. The city has been striving to lure more investors to aid its implementation of these goals.