List of 11 business lines in the agricultural sector eligible for investment incentives in Vietnam

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1. List of 11 business lines in the agricultural sector eligible for investment incentives in Vietnam

Agencies applying investment incentives are tax authorities, financial authorities, customs authorities, and other agencies with authority corresponding to each type of investment incentive.

According to Appendix 02 issued with Decree 31/2021/ND-CP on the list of 11 industries and occupations with special investment incentives in the agricultural sector, including:

- Cultivation, harvesting and processing of herbs; protection, reservation of genetic resources and rare, valuable indigenous herbs.

- Manufacture, processing of animal feeds and aquatic fees.

- Technological services relevant to seed farming, breeding, aquaculture, protection of plants and domestic animals.

- Construction, renovation, upgrade of slaughterhouses; industrial preservation, processing of poultry and cattle, wholesale markets, domestic animal and husbandry product auction centers.

- Construction, development of concentrated material areas serving processing industry.

- Harvesting marine life.

- Investment in manufacture of biological crop protection chemicals, manufacture of organic fertilizers; scientific research and transfer of technology for development of organic fertilizers.

- Cultivation, processing of agriculture, forestry, aquaculture products in the form of product chain; Cultivation, processing of agriculture, forestry, aquaculture products in the form of organic agriculture.

- Manufacture of handicrafts, products made of bamboo, rattan, ceramics, glass, textile and garment, threads, woven and sewn products.

- Scientific research and development of agricultural technology.

- Maintaining domestic animal breeds, preservation of genetic resources of rare, valuable and indigenous domestic animals.

2. Procedures for applying investment incentives in the agricultural sector in Vietnam

The agencies applying investment incentives are tax authorities, financial agencies, customs authorities, and other agencies with authority corresponding to each type of investment incentive.

According to the provisions of Article 23 of Decree 31/2021/ND-CP on procedures for applying investment incentives as follows:

- The decision on approval for investment guidelines, investment registration certificate and decision on investor approval shall provide for the forms, bases and conditions for application of investment incentives as prescribed in Articles 15 and 16 of the Law on Investment and Article 19 of Decree 31/2021/ND-CP.

- According to the investment incentives specified in the decision on approval for investment guidelines, investment registration certificate or decision on investor approval, the investor shall follow receiving investment incentives at incentive-applying authorities corresponding to each type of incentive.

- The bases for application of investment incentives to several enterprises and investment projects specified in Clause 5 Article 19 of Decree 31/2021/ND-CP include:

+ The certificate of science and technology enterprise, regarding a science and technology enterprise;

+ The certificate of hi-tech agricultural enterprise, regarding a hi-tech agricultural enterprise;

+ The certificate of hi-tech project, regarding a hi-tech project;

+ The incentive certificate of manufacture of supporting industry products, regarding a supporting industry project;

+ The certificate of transfer of technology the transfer of which is encouraged under the Prime Minister’s regulations, regarding a project involving transfer of technology on the List of technologies the transfer of which is encouraged.

- Investors in projects other than those specified in Clauses 2 and 3 of Article 23 of Decree 31/2021/ND-CP shall determine their investment incentives and follow procedures for receiving investment incentives at incentive-applying authorities corresponding to each type of incentive according to the objects entitled to investment incentives in Article 19 of Decree 31/2021/ND-CP and relevant regulations of law.

Thus, based on the investment incentive content in the Investment Policy Approval Decision, Investment Registration Certificate, and Investor Approval Decision, investors carry out procedures to enjoy investment incentives at the agency that applies investment incentives corresponding to each type of incentive.

At the same time, the procedure for applying investment incentives to agricultural enterprises applying high technology is the Certificate of agricultural enterprise applying high technology. In addition, businesses must be on the List of technologies encouraged for transfer and meet the conditions prescribed by law on science and technology, high technology, technology transfer, and environmental protection.

Best regards!

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