In an effort to effectively implement Da Nang’s ‘2018: The Year of Investment Promotion’ campaign, the municipal authorities have focused on enhancing the investment environment in a bid to make the city more inviting for domestic and foreign investors.

A corner of Da Nang from above

As a result, in 2018 alone, investment licences have been granted for 117 new FDI projects totalling 153.6 million USD, double the figure in 2017.

By the end of 2018, the city had already attracted a total of 670 FDI projects with a total registered capital of more than 2.882 billion USD. In particular, FDI firms played an important role in raising the city’s industrial production value.

The city is now home to 6 dedicated industrial parks (IPs) covering a total area of over 1,000ha, but most of these IPs have been fully occupied.

In order to facilitate businesses in IPs to expand their production capacity and realise the city’s goal of attracting more one billion USD FDI projects, the city authorities have planned to build a Hi-tech Park and a dedicated Information Technology (IT) Park, plus 6 new IPs which are appealing for domestic and foreign investment. Notably, the new dedicated IT Park boasts the synchronous and modern transport, water supply, drainage and power systems.

Mr Nguyen Ky Anh, Deputy Director of the city’s Investment Promotion Agency (IPA) said that since the beginning of 2018, the municipal authorities have approved a list of 36 key projects for seeking FDI. The majority of these projects involve such aspects as hi-tech, information technology, healthcare and tourism real estates.

In order to realise the city’s goal of attracting one billion USD from FDI projects into the city, in April 2018, municipal People’s Committee Chairman Huynh Duc Tho and President of the Singapore Manufacturing Federation (SMF) cum Founder and Chairman of Sakae Holdings, Mr Douglas Foo, entered into a cooperation agreement on deploying many strategic projects in Da Nang.

Also, another agreement which allows a group of Singaporean investors to implement some key projects in Da Nang, was also signed.

The investors include Sakae Holdings, Surbana Jurong, Fission, Central Real Estate, and YCH Group. Together they will help the city to adjust its master urban plan towards 2030, with a vision to 2050.

Numerous large-scale projects will be also implemented, including a tourism complex project at the corner of the Vo Van Kiet and Vo Nguyen Giap streets, the Ngu Hanh Son Cultural and Historical Park, an ecosystem complex at the Dong Xanh-Dong Nghe Lake in Da Nang’s Hoa Vang District, and a project to develop information infrastructure and build a center for training human resource at the Hi-tech Park.

Mr Yanagida Bin, Director of IF Vietnam Co Ltd, explained the main reasons why his company has invested into Da Nang since 2010 is that the locality boasts open and transparent investment environment, beautiful beaches, and friendly and hospitable people.

Mr Denis Brunetti, General Director of the Ericsson Viet Nam company cum EuroCham Co-Chairman, underlined the need for the city to accelerate the implementation of the smart city project, and the construction progress of the hi-tech and dedicated IT parks in order to facilitate his company, and other investors, to effectively operate in the city.

He also underscored the importance of attracting even more qualified human resources from foreign countries to live and work in the city.

Municipal People's Committee Chairman Huynh Duc Tho highlighted the important role of investment attraction into the city in boosting the local socio-economic development in the coming time.

Importance will be attached to building a qualified and friendly living environment, and making Da Nang more attractive to domestic and foreign visitors.

Heed will be paid to developing Da Nang into a smarter city associated with the development of hi-tech, IT, tourism and hi-tech agriculture.