Two key appeals are pulling industrial relocation out of China into Vietnam Savills Vietnam’s recent Industrial Whitepaper showed how Vietnam has become a major alternative manufacturing destination with quantifiable gains for businesses wanting to diversify supply chains. Hoang Nguyet Minh, associate director of Investment of Savills Hanoi, commenting on the growing trend: “Vietnam is clearly benefiting. Developing fresh industrial real estate is a smart long-term play, especially considering the clear advantages Vietnam offers from trade agreements, tax regimes, and low labour costs. Adding further appeal is the ongoing national infrastructure development which is now ranked second in ASEAN after Indonesia.” There are two critical factors of this tipping point. First, it is one of the most competitive commercial tax regimes in Asia. There are corporate income tax (CIT) incentives, fixed asset import duty exemptions, and exempted land rental fees. Notable incentives include zero profit tax for the first two years – instead of the usual 20 per cent, followed by a 50 per cent reduction for the next four years. The government provides even more preferential CIT incentives for prioritised industries, such as those in Industry 4.0 and hi-tech manufacturing, projects in special economic zones (SEZs) or in socioeconomically challenged regions,… Read full this story
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