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The Ministry of Science and Technology (MOST) is working on a decree on digital technology parks to facilitate their establishment and development. These parks are regarded as essential infrastructure for transforming the digital technology industry into a foundational pillar of the national economy.
Under the draft, centralized digital technology parks would connect research, development, application and transfer of digital technology. They would serve as hubs for producing and trading digital technology products, offering related services, and fostering innovation.
These parks would also focus on training and developing digital technology talents, incubating technologies and innovative start-ups, and promoting trade through fairs, exhibitions and demonstrations of digital technology products and services. In addition, they would attract both domestic and foreign investment while providing the infrastructure, services, and conditions needed for enterprises and organizations operating within the parks to perform these functions effectively.
MOST expects that establishing and developing these parks would help build modern infrastructure, create a business-friendly environment, support entrepreneurship and innovation, and form training centers for digital technology professionals. These efforts aim to advance national digital transformation and contribute to the country’s industrialization and modernization in line with Party and State policies.
Noteworthily, the draft decree sets out significant incentive policies to attract investment and build a high-quality workforce. Centralized digital technology parks would be entitled to investment incentives under Article 24 of the Law on Digital Technology Industry and other relevant regulations.
Investment projects for building research and development centers as well as other projects in the digital technology industry located within these parks would enjoy special investment procedures under Article 36a of the Law on Investment.
Notably, income, including salaries and wages, of high-quality digital technology personnel working in these parks would be exempt from personal income tax for five years from the date they sign their first contracts with organizations or enterprises in the parks.
Provincial People’s Committees would play a key role in planning and developing these parks as they can use local state budget funds for park investment and construction. For parks financed by other sources, the State would consider providing partial financial support.
By VLLF
