HANOI, Feb. 15 (Xinhua) -- The Vietnamese government has decided to offer businesses operating in the field of science and technology more preferential treatment, including corporate tax cuts and exemptions, lower land and water surface lease fees, and credit incentives, local media reported on Friday.

Under a governmental decree which takes effect from March 20, science and technology businesses with income sourced from creating and selling products, which result from scientific research and technological development, will get corporate tax reduction and exemption the same as businesses with new investment projects in scientific research and technological development, daily newspaper Vietnam News reported.

Specifically, they will be exempted from corporate tax for four years and get a reduction of 50 percent in the nine following years.

Concerning credit incentives, the decree states that projects investing in products which result from businesses' scientific research and technology development will be provided with state's investment credit.

Businesses that carry out scientific and technological tasks and apply science and technology in production and trade will get financial support or credit with preferential interest rates from a national fund for technological renewal and other funds.