Once established, the 100ha Phu Ninh, 350ha Tam Nong and 400ha Ha Hoa IPs would open up opportunities for the province to lure new domestic and foreign investors, contributing to the province’s socio-economic development, it said.

Currently, Phu Tho is calling for businesses with sufficient capacities and experience to pump investment into developing infrastructures at its IPs. The province said it would offer land rental exemptions for investors that build basic infrastructure facilities.

Phu Tho is now home to four operational IPs including Thuy Van, Trung Ha, Cam Khe and Phu Ha. Spanning a total area of nearly 2,000ha, the parks have to date attracted 175 foreign-invested projects, and 134 of them are already operational.

The Trung Ha IP has reported full land occupancy with 14 foreign-invested projects capitalised at 162.6 million USD, while the Thuy Van IP has 96 percent land occupancy with 97 domestically and foreign-financed projects valued at 787 milllion USD.

In 2019, IPs-based businesses generated an estimated revenue of 40 trillion VND (1.72 billion USD), up 33 percent year-on-year, contributing 1.6 trillion VND (689.3 million USD) to the State budget.

The province is offering incentives for investment projects in its IPs including corporate income tax exemption for the first two years and a 50 percent break for the four following years.

For projects involved in the high-tech and supporting industries, the province provides exemption stretches to 100 percent over four years and 50 percent for the following nine.

It will also foster administrative reform and create an open business environment with favourable conditions offered to businesses, while solving their difficulties in a timely manner.