Amata calls for hi-tech incentives
Amata calls for hi-tech incentives
Thai property developer Amata Corporation is asking for special incentives from the Vietnamese government for its proposed $2 billion hi-tech park and urban township in the northern province of Quang Ninh.
A source at Quang Ninh Provincial Investment Promotion Agency said Amata and its Vietnamese partner, Tuan Chau Au Lac Limited, are looking to the prime minister for approval of the incentives. However, he declined to give further details as they were still in discussions, adding that the incentives would make the mega-project more feasible, and the investors were ready to start the project in October once the prime minister approved the proposal.
“At present the incentive proposal is still in the early stages of consideration,” he said.
Last month, Quang Ninh Provincial People’s Committee allowed Amata to conduct a feasibility study of the proposed 1,000 hectare site in Quang Yen district.
According to Amata’s proposal, the hi-tech park and urban township comprises a green industrial park, residential suburb, sports facilities, convention centre, schools, a university and entertainment facilities.
Having entered Vietnam in 1994, Amata has already developed a 700ha industrial park in Bien Hoa City in the southern province of Dong Nai. The project was extremely popular, having attracted more than 120 multinational companies.
The Thai developer last year announced it would develop the giant Amata Express City project in Dong Nai, which is nearly two times the of Amata City. The project comprises a 760ha township next to the river, a 420ha hi-tech industrial area and another 105ha urban area. Earlier this year, the company also planned to list its subsidiary Amata Vietnam on the Thai Stock Exchange to raise capital for its investment projects in Vietnam.
The project in Quang Ninh is the largest one Amata has planned in Vietnam, and would be the province’s largest industrial park and urban area yet.
In the recent years, Quang Ninh has emerged as an attractive destination for foreign investors and in 2012 alone foreign investors committed approximately $396 million to the province, 15 times than that of 2011, raising the total foreign investment capital planned to $4.15 billion.
Apart from Amata, Rent-A-Port, a Belgian company, is also doing a feasibility study for a port and industrial park in the province.
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