On the morning of May 13, Minister of Finance Nguyen Van Thang presented a draft Resolution of the National Assembly replacing Resolution No. 35/2021/QH15 on piloting a number of specific mechanisms and policies for the development of Hai Phong City.
According to Minister Nguyen Van Thang, the draft resolution implements decentralization and maximum authorization for Hai Phong to increase the initiative, creativity, autonomy, and self-responsibility of the city; create consensus among people and businesses, without greatly affecting the investment and business environment.
One of the notable contents of the resolution is the policy of establishing a Free Trade Zone in Hai Phong (Hai Phong Commercial and Trade Zone).
Accordingly, Hai Phong E-commerce Zone was established to pilot outstanding and breakthrough specific mechanisms and policies to attract investment, finance, trade, services to promote exports, industry, research and development (R&D) activities and attract high-quality human resources.
Hai Phong E-commerce Zone is organized into functional areas: production areas, port and logistics areas - logistics, trade - service areas and other types of functional areas according to the provisions of law.
The draft resolution proposes decentralization to the City People's Committee to decide on the establishment, expansion, and adjustment of the boundary of Hai Phong Commercial and Commercial Joint Stock Area associated with Dinh Vu - Cat Hai Economic Zone and the Southern Coastal Economic Zone of Hai Phong similar to the industrial park.
The draft resolution stipulates a number of specific preferential policies including: Simplifying administrative procedures in investment and business procedures; import-export procedures; immigration procedures, temporary residence and labor permits; land procedures, construction investment.
To pilot the "one-stop, on-site" mechanism for Hai Phong E-commerce Area, the draft resolution stipulates that the Hai Phong Economic Zone Management Board is allowed to perform the function of direct state management of functional areas under Hai Phong E-commerce Area and assigns authority to the management board to directly handle procedures for granting certificates of origin of goods.
At the same time, issuing, exchanging, reissuing, adjusting, revoking business licenses, licenses to establish retail establishments to investors and issuing, reissuing, extending, and revoking labor licenses.
The draft resolution also stipulates that a number of innovative start-up activities are subject to tax incentives as follows: Exemption from corporate income tax for a period of 5 years; personal income tax and corporate income tax for individuals and organizations with income from capital contribution transfers and capital contribution rights to innovative start-up enterprises in the city; the tax exemption period is 5 years.
In addition, there is a 5-year personal income tax exemption for income from salaries and wages for experts, scientists, and creative startup individuals.
