Over the past 2 years, the Da Nang authorities have taken effective measures to improve the business and investment environment in an open and transparent manner. The intention is to facilitate both domestic and foreign businesses to fully tap their great potential to increase their productivity and operate effectively in the city.

Investment attraction has played a crucial role in boosting the city's economic growth

The focus has been on perfecting infrastructure to attract even more foreign investment in the city's hi-tech industry, and completing necessary procedures for the construction of new industrial clusters in the city for small and medium-sized enterprises.

Heed has been paid to issuing more preferential policies in order to appeal for even more domestic and foreign investment into the Hi-tech Park and Dedicated Information Technology Park.

Mr Pham Truong Son, the Head of the municipal Authority of Hi-Tech Park and industrial parks (IPs), said his agency has to date granted investment permits to 17 projects with rental land area of 99.6ha in total. Of this, there are 8 foreign direct investment (FDI) projects and 9 domestic investment ones.

“During the year, the Authority has organised numerous meetings and dialogues with businesses and investors so that they could listen to and sort out any difficulties facing them” he added.

An employee at the city-based East Sea Technology Engineering Electrical Automation Company (ESTEC)

According to Director of the Da Nang Branch of the Viet Nam Chamber of Commerce and Industry (VCCI) Nguyen Tien Quang, Da Nang has gained remarkable achievements during implementation of ‘2018 and 2019: The Years of Promoting Investment Attraction’ landmark campaigns.

In detail, the total number of projects and the amount of capital poured into the city in the years were higher than the previous years.

During 2019, a total of nearly 3,697 billion VND worth of domestic investment, and more than 658.1 million USD worth of FDI, were poured into the city.

The municipal authorities granted investment permits to 118 FDI projects with the total registered capital of 437.13 million USD, an 8-fold rise in comparison with the same period last year.

These above-mentioned positive results have clearly demonstrated the city authorities' efforts in creating more job opportunities for local residents, and raising corporate income.

However, there are still shortcomings in implementing the city’s investment attraction activities.

Accordingly, most of the projects in the city are small-scale with a focus on the tourism and services. Meanwhile, the number of projects involved in the hi-tech aspect is still modest.

The appealing for both domestic and foreign investment in such aspects as healthcare, education, trade, real estates, logistics and transportation, has still faced many difficulties. Included are complex land access procedures, slow site clearance work, and unclear incentive policies.

By KHANH HOA - Translated by MAI DUNG