Vietnam offers help to riot-hit companiesBy AP News May 22, 2014 12:44PM UTC
HANOI, Vietnam (AP) — Vietnam has offered tax breaks and other incentives for companies whose factories were damaged or destroyed during anti-Chinese riots last week.
Up to 400 factories were affected by rioting, which hurt Vietnam’s reputation as a low risk country for foreign manufacturers.
A government statement late Wednesday said businesses hit by the riots would be entitled to a reduction of up to 30 percent in special consumption tax and reduced import and export tariffs.
Companies making everything from sandals to smartphones have set up shop in Vietnam in the past decade, attracted by its reputation for political stability, low wages and relatively skilled workforce.
The riots followed peaceful demonstrations against China’s deployment of an oil rig on May 1 in a part of the South China Sea also claimed by Vietnam.