Vietnam eyes 24/7 entertainment zones, tax holidays for billion-dollar tourism projects

Detailed summary

Tourism projects worth VND30 trillion (US$1.16 billion) or more could be exempt from corporate income tax for up to four years and operate for up to 70 years under incentives the Vietnamese government has proposed to the National Assembly.

The draft resolution on special mechanisms and policies for tourism development, submitted to lawmakers on Saturday, sets out seven groups of policies, ranging from investment incentives and business support to the night-time economy, workforce training and infrastructure.

Minister of Culture, Sports and Tourism Lam Thi Phuong Thanh said the policies aim to clear bottlenecks, draw investment and make tourism a key economic sector that helps drive the country's double-digit growth target.

Under the draft, incentives would be tiered by investment capital, number of jobs and type of project, and concentrated in Hanoi, Ho Chi Minh City and Da Nang as well as tourism centers, national tourism areas and areas with national tourism potential.

High-quality tourism projects with total investment of at least VND3 trillion, at least VND1.5 trillion of it for tourism components, and creating at least…

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