Currently, there are 17,889 private businesses in Da Nang, with a total registered charter capital of 88,855 billion VND. 

The Hue T-junction overpass - a project constructed by private businesses

Between, January and August, a total of 3,137 new private businesses and representatives offices, with a total of registered capital of 11,000 billion VND, were granted business registration licences.  This is an increase of 39.2% in the number of businesses and 32.1% in total registered capital against the same period last year.

In particular, the municipal Department of Planning and Investment granted investment licences to 3 projects which will be implemented by the Sai Gon-Da Nang Investment Corporation.  These projects are the 655 billion VND Dragon City Park, the over 140 billion VND expansion of the Hoa Khanh residential area, and the over 605 billion VND Bau Tram Lakeside urban area.

The city authorities are currently considering granting investment licences to 4 other private-invested projects, namely the 1,200 billion VND Vinmec Hospital, the construction of a 145 billion VND hotel at 84-88 Bach Dang Street, the 3,000 billion VND Vinpearl Lang Van Resort & Villas, and a 535 billion VND project consisting of parks and offices for lease.

The Vice Chairman of the city’s Small and Medium-sized Enterprises (SMEs) Association, Mr Nguyen Van Ly, said that the city has a severe shortage of large-scale private businesses which can reach out to the international market.  He stressed the need to appeal for more private businesses to invest into local projects, including public construction works, in the current context of rising inflation, tight monetary policy, and the State budget deficit.

Over recent years, local private businesses have been pioneers in applying advanced technologies in order to promote their productivity.  They have made significant contributions to the city’s budget, and have created many employment opportunities for local job seekers.