MINH HUNG SIKICO - An Outstanding Industrial Park of Vietnam - Welcomes Investors with the Most Ideal Environment

HO CHI MINH CITY, Vietnam, April 17, 2023 /PRNewswire/ -- Located in Binh Phuoc province, MINH HUNG SIKICO industrial park has welcomed multiple large-scale FDI projects, which have been part of various supply chains of major global corporations, thanks to its robust investment-attraction strategy.

Binh Phuoc – Excellent Place for Investments from FDI Enterprises

Binh Phuoc is currently regarded as one of the most appealing destinations for investment.

First and foremost, Binh Phuoc benefits from an advantageous location. Just a two-hour drive from Ho Chi Minh City, Binh Phuoc is located inside the Southern Key Economic Zone, adjacent to other regional established industrial hubs of Vietnam like Binh Duong and Dong Nai.  With high-quality human resources, state-of-the-art infrastructure, and a thriving growth in technology, commerce, services, and especially hi-tech technology, this region serves as the greatest core of FDI attraction in Vietnam.

Second, the provincial authority has affirmed its commitment to support enterprises. To secure the most ideal environment for investors, the local authorities are willing to provide guidelines on investment procedures and introduce tax incentives. All enterprises will receive the most attentive support from functional authorities to complete relevant procedures as swiftly and efficiently as possible, notably throughout the implementation of legal procedures, infrastructure development, and business operation. This will enable investors to accelerate the implementation of their projects.

Binh Phuoc province's recent accomplishments have instilled trust in investors and businesses. According to the Provincial Competitiveness Index (PCI) 2021 of the Vietnam Chamber of Commerce and Industry (VCCI) and the US Agency for International Development (USAID), according to FDI enterprises, Binh Phuoc ranked 5th out of 22 provinces in terms of business environment and ranked 3rd in terms of confidence in the local authorities' efforts to enhance the investment environment.

Moreover, tax incentives in Binh Phuoc are believed to be more appealing than in other provinces like Binh Duong, Long An, and Dong Nai. The province offers a CIT rate of just 17% in 10 years (20% lower than other provinces' industrial zones) as well as CIT reduction to 0% in the first two years and 8.5% in the next four years, which means the investors shall enjoy several tax and financial advantages during their business operation here.

FDI inflows to Binh Phuoc in 2022 have tripled compared to 2021, owing to several local advantages. Binh Phuoc has been selected by many investors from China as the location for their new and expanded investment projects.

MINH HUNG SIKICO Industrial Park - The choice of global investors

MINH HUNG SIKICO Industrial Park (MHS) has become a prominent rendezvous for foreign investors who show interest in Vietnam's investment market. Nonetheless, many individuals are still curious about the reasons that have contributed to its success and popularity among investors.

First, the investment costs in Binh Phuoc are fairly lower than in other Southern industrial clusters, namely Ho Chi Minh, Binh Duong, Dong Nai, and Long An. As compared to adjacent municipalities, the local land price is substantially lower, as are the basic wage and insurance costs for workers. Furthermore, the firm ground of this industrial park contributes to lower pile driving costs, thus giving several major benefits to enterprises searching for a cost-effective investment.

Second, more than just a convenient site for enterprises to invest; MHS also aspires to be a trusted partner eager to advise all investors throughout legal procedures, as well as their construction and operation processes. Acting as the bridge between businesses and competent agencies, MHS shall support investors in organizing meetings with customs or tax authorities to learn about various tax incentives, policies, and legal procedures. The staff members at MHS are always ready to use their extensive knowledge of local regulations on legal procedures for investment such as visa issuance, work licenses, building permits, and environmental permits, to give critical advice to investors. This assistance shall shorten the time required to execute legal procedures, allowing businesses to save time and money.

Third, MHS is one of the industrial parks with the most advanced infrastructure in the Southern region of Vietnam. With its vast land bank of 655 hectares and fully developed networks of power stations, water supply plants, and wastewater treatment facilities capable of meeting high production capacity, MHS is more than willing to transfer over these land lots to any business looking for a new investment location.

Finally, among other industrial parks in the same region, MHS can accommodate the most diverse number of industries, including those with weaving, dyeing, plating, and slaughtering processes included in their production procedures.

Some notable achievements of MINH HUNG SIKICO Industrial Park include attracting a total of 39 investors, including 8 mainland Chinese investors, 18 investors from Taiwan, and 1 investor from Hong Kong, with a total investment of nearly 800 million USD.