Hanoi will give incentives to investors in developing the semiconductor industry in the capital city, such as exemptions on land and water surface lease fees, and  preferential corporate and personal income taxes, among others,  according to Director of the municipal Department of Information and Communications Nguyen Viet Hung.

Investors will also be waived from certain criteria in the evaluation of prequalification documents, tender submissions, and contractor capability and experience when bidding for city contracts, he said, while addressing a conference on semiconductor investment and development conference held on July 29.

Mr. Hung stressed that Hanoi has many advantages and potential to develop the semiconductor industry and the city gives priority to developing semiconductor chip and AI products.

Hanoi will tackle difficulties to create conditions for businesses to promote digital technology, invest in core technology, and develop and supply Make-in-Vietnam digital products and services such as AI, big data, blockchain, cloud computing and semiconductor chip, he said.

The city will promote development of information technology zones.

The capital city targets to become a hub leading scientific research and technological development and innovation in the future, he said.

Mr. Nguyen Tran Quang, Deputy Director of the Hanoi Investment, Trade and Tourism Promotion Centre, said the recently enacted Capital Law solidifies the city’s commitment to the industry, designating semiconductor as a strategic investment priority.

Hanoi attracted over $1.16 billion from foreign investors during the first half of the year.

The conference was held as part of the Hanoi Semiconductor Investment Festival.