Minh Quang Industrial Park - Hung Yen

Overview of Minh Quang Industrial Park – Hung Yen:

The inception of Minh Quang Industrial Park can be traced back to the Prime Minister’s Document No. 1159/TTg-CN dated August 21, 2007. This document incorporated Quang Minh Industrial Park into Vietnam’s industrial park development plan. Subsequently, the People’s Committee of Hung Yen Province issued Decision No. 542/QD-UBND on March 4, 2008, granting official approval for the detailed 1/200 scale plan of Minh Quang Industrial Park.

Minh Quang Industrial Park is located in Bach Sam Commune, My Hao District, Hung Yen Province.

It covers an area of 150 hectares, with infrastructure investment led by VID Hung Yen Joint Stock Company.

On November 16, 2020, the Hung Yen People’s Committee granted land to VID Hung Yen Joint Stock Company to carry out construction and industrial infrastructure business in Minh Quang Industrial Park – Hung Yen, as stated in Decision No. 2696/QD-UBND.

Minh Quang Industrial Park – Hung Yen has attracted numerous domestic and foreign investors since the early days of the industrial park’s construction project. With advantages such as a favorable geographical location, well-developed infrastructure, and abundant workforce, Minh Quang Industrial Park promises to be a highly potential industrial park that contributes to transforming Hung Yen Province into a modern, rapidly growing, and sustainable industrial province.

Hung Yen Envisions this industrial park as a “golden land” with immense potential to drive its economic breakthrough, gradually transforming the province into an industrialized and modernized region in alignment with the nation’s goals of industrialization and modernization.

The infrastructure of Minh Quang Industrial Park – Hung Yen:

Internal Transportation:

• The central area of the industrial park features wide roads measuring 28m, while the branch roads are 20.5m wide.
• The street lighting system is installed along the roadways.

Electricity System:

A 110kV power grid is supplied along the internal transportation roads within the industrial park.

Public Lighting System:

The street lighting network is specifically designed with a separate household power supply system arranged along the traffic routes.

Water System:

The water supply system is connected up to the perimeter walls of each business, with a capacity of 4,000 m3/day.

Wastewater and Rainwater Drainage System:

• The rainwater drainage system collects water through a network of drains and discharges it into rivers within the area.
• The wastewater is collected and sent to the industrial wastewater treatment plant.

Waste Management:

The industrial park’s facility will sign contracts with specialized units for waste classification, collection, and transportation to ensure proper disposal and prevent environmental pollution.

Wastewater Treatment:

• Businesses treat all industrial and domestic wastewater to meet the minimum Standard B water quality before discharging it into the common wastewater system of the park.
• Subsequently, the industrial park will continue to treat the wastewater according to the regulations set by the Vietnamese government, with a capacity of 9,000 m3/day.

Communication System:

• The communication network meets international standards and is always ready to meet communication needs.
• Underground fiber optic cables are directly connected to each business’s perimeter fence.

Firefighting System:

Strategically placed along the industrial park’s roadways is a water supply system with fire hydrants.

Industries attracting investment in The Industrial Park:

• Manufacturing and assembly of electrical, electronic, and refrigeration equipment.
• Production of paper, packaging, ceramics, and porcelain.
• Processing of agricultural and forestry products, as well as food processing.
• Manufacturing of consumer goods.
• General light industry.

Advantages of investing in Industrial Park:

Labor Costs:

Minh Quang Industrial Park is located in My Hao District, Hung Yen Province, belonging to Zone II.

The current minimum wage in Zone II is 3,920,000 VND per month.

Tax incentives:

Regarding corporate income tax:

• Enjoy a tax rate of 10% for 15 years and be exempt from tax for 4 years, with a 50% reduction in tax payment for the following 9 years for income derived from new investment projects in certain specially privileged investment sectors as stipulated by the laws on corporate income tax.
• Benefit from a tax rate of 17% and be exempt from tax for 2 years, with a 50% reduction in tax payment for the following 4 years for income derived from new investment projects in sectors such as premium steel production, energy-saving product manufacturing, production of machinery and equipment for agriculture, forestry, fisheries, and salt production, irrigation equipment manufacturing, production and refining of livestock, poultry, and aquaculture feed, etc.
• Be exempt from corporate income tax for 2 years and receive a 50% reduction in tax payment for the following 4 years for enterprises implementing new investment projects in the industrial park.

Regarding import tax:

The laws on export tax and import tax regulate the exemption of investment projects in the industrial park from import tax on imported goods used to create fixed assets.

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