🅺 China’s Laoling city promotes trade, investment in HCM City
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Bulldozers began clearing the 114-ha site for the construction ofthe 575-million USD Dak Nong aluminium smelting plant in this CentralHighland province on September 4.
At the inaugural ceremony forthe project, Trade and Industry Minister Vu Huy Hoang said the plantwill be the first of its kind in Viet Nam to produce aluminium bars andplay an important role in the sustainable socio-economic development ofthe Central Highlands.
Hoang added that the plant, with acapacity of 450,000 tonnes, will also play an important role in thecomprehensive development of domestic bauxite exploitation and aluminumproduction projects.
Tran Hong Quan Trading Ltd Company isinvesting in the construction and development of the plant at Nhan CoIndustrial Park in Dak R'Lap district, Dak Nong province and is expectedto be completed in two years.
The Nhan Co alumina project,which the Vietnam National Coal and Mineral Industries HoldingCorporation will put into operation, will be supplying all materials forthe plant.
The project is divided into three phases. In thefirst phase, the plant is expected to achieve 150,000-tonne annualproduction capacity by 2016. In the second phase, the plant is expectedto have a 300,000-tonne annual capacity by 2017. In the last phase, itis expected to have a 450,000-tonne annual capacity by early 2019.
Figuresshow that Vietnam has the world's largest bauxite reserves, and DakNong alone has more than five billion tonnes. The Ministry of NaturalResources and Environment is still in the process of exploration, withhigh hopes of finding around 11 billion tonnes in reserves.
LeDien, Chairman of the provincial People's Committee, said this was thefirst aluminium project in Vietnam with a domestic company as investor,and it was expected to play a key role in the socio-economic developmentof his province and the country as well.
Tran Hong Quan, thecompany director, said the Government has accepted the new aluminiumelectrolytic technology to be used in the project, and this was expectedto attract more investors in the country's aluminium industry.
LastMay 30, the Prime Minister issued Decision 822-QD-TTg, on tax exemptionpolicies covering the Dak Nong project. The policies include four-yeartotal income tax exemption from the time the plant generates taxableincome; 50-percent income tax exemption to take effect for nine yearsafter the four-year total tax exemption period, and a 10 per cent taxrate to take effect for 30 years, after the nine-year 50-percent incometax exemption in 30 years.-VNA
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