Municipal People's Committee Chairman Huynh Duc Tho chaired the Da Nang-US Real Estate Investment Forum in the city on Monday.

Chairman Tho highlighting the great development potential of the local real estate market (Photo: danang.gov.vn)

Present at the event were representatives from the city’s government agencies and its real estate businesses, plus the Vietnamese National Association of Real Estate Professionals (VNARP) in San Jose City, the US.

Addressing the event, Chairman Tho remarked, over the past 2 decades, since it was recognised as a centrally-governed city on 1 January 1997, Da Nang has seen tremendous changes to its face.

The city’s gross regional domestic product (GRDP) has recorded a year-on-year growth of between 9 and 10%.

In particular, the city has seen the effective shifting of its economic structure more towards services, along with the rapid urbanisation rate and the urban infrastructure development.

Most notably, the city’s administrative and investment environment has consistently occupied top positions in national rankings over the past 13 years.

Especially, since the inception of the Viet Nam’s Provincial Competitiveness Index (PCI) in 2005, Da Nang has topped the rankings for 7 occasions in total.

The city has also received high praise from domestic and international friends for its good tourism services, and for the shift towards green, clean, hi-tech and IT industries.

With regard to the real estate aspect, Chairman Tho highlighted Da Nang’s firm stature as one of the most attractive magnets for investors involving in tourism properties, including luxury accommodations.

Recent years have seen a large number of renowned domestic and foreign businesses pour their money into the city’s real estate market.

Da Nang and US businesses discussing real estate investment and cooperation opportunties.

Given VNARP’s keen interest in the local real estate market, hopefully, the bilateral cooperation between the 2 countries would be lifted to a new height.

Currently, the US is one of Da Nang’s largest foreign investors; hence, the promotion of bilateral cooperation with US businesses has always been amongst the city’s top priorities. Accordingly, the most possible favourable conditions would be created for US businesses to operate effectively in the city.

In reply, Ron Gonzales, former Mayor of San Jose, head of the visiting VNARP delegation, said it is the second time representatives from this non-profit organisation have visited Da Nang to seek investment opportunities here. The first trip was conducted last year.

The US is a key foreign market showing off the strong financial and technological potential. Da Nang has attached importance to attracting US investors into such aspects as real estate, finance, trade, tourism, education and hi-tech.

At present, Da Nang is now home to 52 US-invested projects worth over 518 million US $ which accounts for over 16% of the total registered FDI.

Last year, the city welcomed a total of more than 48,000 American visitors.