Bosch has been recognized in-principle as a high-technology company by the Prime Minister of Vietnam, hence the leading global supplier of technology and services will be eligible for tax incentives under this category to facilitate its ongoing expansion and investment in Vietnam.
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| Bosch's factory at Long Thanh industrial park, Long Thanh district |
Bosch has been recognized in-principle as a high-technology company by the Prime Minister of Vietnam, hence the leading global supplier of technology and services will be eligible for tax incentives under this category to facilitate its ongoing expansion and investment in Vietnam.
The qualification approval process involved the ministries of Planning and Investment; Science and Technology; Finance; and Industry of Trade prior to a final review by the Prime Minister, according to a statement of the company.
As recognized by the Government as a hi-tech company, Bosch Vietnam's project will receive the highest tax incentives, Vo Quang Hue, managing director of Bosch Vietnam, told the Daily on the phone on Thursday.
“We view the high-tech qualification as an affirmation of Bosch as a global leader in innovation and technology,” Hue said, adding that “We would like to thank the Prime Minister and various ministries, as well as Dong Nai Province authorities for their invaluable and continued support.”
Bosch established its first wholly-owned subsidiary in Vietnam in 2008 for trading, as well as investment in a Continuously Variable Transmission (CVT) push-belt manufacturing plant.
In 2011, the high-technology plant opened its doors at the Long Thanh Industrial Zone in Dong Nai. The total investment for the plant is expected to amount to 230 million euros by 2015 versus 110 million euros at present.
“We are heartened by the progressive direction that the Government is taking to not only attract new foreign investments into the country, but also to incentivise existing companies to expand their operations within the company,” Martin Hayes, president of Bosch Southeast Asia, said in a statement. “We believe this decision demonstrates Vietnam as a pro-investment country not only to other business divisions within Bosch, but to the rest of the world as well.”
According to the World Intellectual Property Organization (WIPO), Bosch ranked fifth in the world in 2011 for the most number of patents filed with the Patent Cooperation Treaty (PCT). In 2012, Bosch filed nearly 4,800 patents worldwide, with 9.1% of its sales revenue that amounted to 4.8 billion euros invested back into Research and Development.
(Source: SGT)
