Hanoi incentivizes investment in parking lots
Enterprises investing in static transport infrastructure will also get loans from the city’s investment and development fund with preferential interest rates.
The Hanoi People’s Council has approved a breakthrough resolution on policies to attract investment in parking lots which are scarce in the city, local media reported.Accordingly, investors will benefit from subsidies on land rental, bank loans and incentives such as allowing investors to use part of the parking surface for other commercial purposes.
A parking lot on Giang Vo street. Photo: Hai Linh
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Enterprises investing in static transport infrastructure will also get loans from the city’s investment and development fund with preferential interest rates, Thanh said, adding that investments with loans from banks will benefit from interest subsidies of 50% in the first five years.
In particular, underground parking projects invested with private funding are allowed to use up to 30% of the floor space for other commercial purposes. Projects of bus stations, interchanges, logistics centers involving private capital are allowed to use up to 20% of the floor space for other businesses.
The car parking rates, bus service and car keeping prices will need to be approved by the city People’s Committee on the basis of area, scale and level of technology applied on each project with a view to ensure reasonable time for capital return.
Businesses can benefit from the project
Deputy General Director of the Hanoi Parking Pham Van Duc valued the fact that investors can access low-interest loans from the city’s investment and development fund or interest subsidies for bank loans.
“In the past, static transport projects were not included in the list of loans granted by the city’s investment and development fund. Banks hardly accept our mortgage assets. Therefore, the resolution will be a motivation for businesses,” Duc said.
However, many businesses still want more attractive investment incentives. "The new resolution allows the use of 30% of the floor space for other commercial purposes in underground parking lots. It would attract more investors if all static transport infrastructures are allowed to have 30% of floor space for doing other businesses,” Duc stressed.
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