The Da Nang authorities will create very favourable conditions for foreign direct investment (FDI) businesses operating effectively in the city.  This pledge was made by the city’s authorities during Wednesday’s meeting with representatives from 160 local FDI businesses.

To date, Da Nang has attracted 304 valid FDI projects, worth 3.37 billion USD in total, invested by businesses from 36 countries and territories worldwide.   By the end of the 3^rd quarter of this year, the FDI businesses had contributed over 70 million USD to the city’s budget.  Between January and June, the total industrial production value of the local FDI businesses hit 356 million USD, up 17.3% against the same period last year.  Meanwhile, their total export turnover climbed by 13.9% over last year, to nearly 300 million USD.

Automobile production at the TCIE Vietnam Company

The local FDI projects have created employment for over 43,600 people who each earned an average monthly income of 3.3 million VND.  These projects have actively contributed to accelerating the city’s economic restructuring, as well as furthering the development of the domestic market and services.

Japan is now the city’s second largest foreign investor after Singapore, with 78 projects worth around 371 million USD in total accounting for 11% of the city’s total FDI capital inflows.

Between January and October, the municipal authorities granted investment licences for 22 new FDI projects, with a total registered capital of around 153 million USD.  In addition, approval was given for 14 existing FDI projects to raise their investment capital.  According to assessments made by the city authorities, the current FDI inflows into Da Nang are still modest compared to other localities nationwide.  This suggests that the city’s great development potential has yet to be fully tapped, and the municipal authorities will improve management policies and create a more dynamic business environment in the city.