At a recent meeting to seek solutions to improve the efficiency of foreign investment promotion in Da Nang, municipal People’s Committee Vice Chairman Phung Tan Viet agreed with a suggestion from local agencies about establishing a municipal Steering Board for Investment Promotion.

Vice Chairman Viet remarked that the establishment of such a board should attract more investment inflows into the city, especially foreign direct investment (FDI).  The Board will be responsible for encouraging potential domestic and foreign investors to put money into the city, promptly handling administrative procedures for them, and developing investment promotion plans. 

The ground breaking ceremony of an engine casting plant for the Niwa Foundry Viet Nam Company at Da Nang’s Hi-tech Park

In addition, the Board will create the most favourable conditions for investors to fully tap the local land resources, develop local infrastructure and social services, and enhance post-investment management.

As of late March, the city has attracted 322 valid FDI projects, with a total registered investment capital of 3.38 billion USD.  Of this, 53.69% has gone into the local real estate and tourism sectors, 32.98 % into manufacturing and processing industries, and the remainder on projects involved in the education and training sector.

Last year, the city authorities granted investment licences for 30 new FDI projects, with a total registered capital of around 126.4 million USD. Approval was also given for 16 existing projects to raise their investment capital by a total of 30.3 million USD.  There was a decrease of nearly 50% in the total newly and additionally registered investment capital compared with the previous year.