How will the recent Resolution No.68-NQ/TW impact the industrial real estate sector, and Prodezi in particular?
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| Truong Khac Nguyen Minh, deputy general director of Prodezi Long An |
Resolution 68 introduces a range of concrete policies to remove barriers and create stronger conditions for business development. This includes the industrial real estate sector, particularly eco-industrial parks (eco-IPs).
With its new policy provisions, the move reaffirms and clarifies the direction for developing eco-IPs, encourages green growth, and promotes linkage between industrial infrastructure, logistics, energy, and supporting services, prioritising integrated industrial complexes.
For example, the resolution requires localities to reserve a minimum of 20 hectares of land per industrial park or cluster, or 5 per cent of the total land area with developed infrastructure, for high-tech enterprises, small and medium-sized enterprises, and innovative startups to lease.
It also allows local budgets to support infrastructure developers in IPs, clusters, and technology incubators, provided that part of the invested land is allocated for lease to the aforementioned types of enterprises.
Clearly, Resolution 68 is improving land and infrastructure access for businesses in the industrial real estate market, thereby increasing land use efficiency.
In addition to improving land access, what additional incentives has the resolution issued for investors?
The resolution also proposes financial and tax incentives for eco-IP projects, including a minimum 30 per cent land rental reduction for the first five years from the date of the land lease contract. In addition, it encourages banks to prioritise financing for efficient industrial park projects.
It also promotes digital transformation and innovation by encouraging enterprises to invest in research and development (R&D), digital transformation, and the use of state-funded research infrastructure at reasonable costs. R&D and innovation investments are eligible for tax deductions of up to 200 per cent.
What are your recommendations for implementing this private sector vision?
To ensure effective implementation of the resolution, particularly regarding the sustainability of the industrial real estate market, some aspects should be implemented.
The first is to complete the legal framework and incentive policies for eco-IPs, including concretising credit priorities for green industrial real estate, and establishing preferential mechanisms and official recognition for eco-IPs, especially those transitioning to eco-models. This would serve as a major driver for sustainable development in Vietnam’s industrial real estate market.
The second aspect is to simplify administrative procedures, reviewing and streamlining all processes related to the establishment and operation of IPs, and eco-IPs in particular, to reduce time and costs for enterprises.
Thirdly, infrastructure support, transport and logistics infrastructure must be prioritised, along with policies encouraging and supporting investment in green infrastructure. This includes wastewater treatment systems, renewable energy, and green transport in eco-IPs. This is especially critical as businesses face increasing pressure to meet global emissions standards.
Last but not least, public-private partnerships must be utilised, in which the government plays a policymaking and regional coordination role, while the private sector focuses on innovation and investment in infrastructure and services. This harmonious collaboration will help form new industrial areas that are both sustainable and capable of attracting high-quality capital and maintaining long-term competitiveness.
Resolution 68 forms one of the four key pillars for the new era of Vietnam’s economic development. I believe that the synchronised and effective implementation of these will unlock significant opportunities for businesses and encourage the sustainable growth of the industrial real estate market and eco-IPs.
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