Strengthening investment and trade ties with the US

By DA NANG Today / DA NANG Today
June 22, 2020, 18:39 [GMT+7]

Despite the negative impact of the Covid-19 pandemic, domestic and foreign investment channeled into Da Nang has been showing many positive improvements. The statement was made by municipal People’s Committee Vice Chairman Ho Ky Minh at a recent Da Nang Business Roundtable, which was attended by the representatives from the city authorities, the US Chamber of Commerce (Amcham) in Viet Nam and US businesses.

It is notable that, over the past 5 months of this year, the municipal authorities have made investment policy decisions on 4 domestic projects worth 10,815 billion VND in total, and 53 FDI projects totalling over 78 million US$. To date, the city has attracted 337 domestic and 855 FDI projects totalling over 115,000 billion VND and 3.4 billion US$, respectively.

In particular, US-invested 68 projects totalling more than 590 million US$ are now operating in Da Nang, and USA ranked 3rd among more than 50 countries and territories in Da Nang. It means US-invested projects account for about 16% of the total FDI channeled into the city.

Also notably, the import-export turnover between Da Nang and the US registered an estimated 193 million US$ in the first half of the year.

Vice Chairman Minh commended the US investors for their investments in sectors which match the city’s development orientations, and ensuring their implementation progress and quality. Such major US brands as Coca-Cola, Crown, Keytronic and Kimberly-Clark are operating well in the city.

Developed by the US-based Universal Alloy Corporation Asia Pte. LTD-UAC, the 170 million US$ under-construction Sunshine aerospace components factory, one of the largest FDI projects operating in the Da Nang Hi-tech Park, has exceeded the committed progress, and its first stage is on course to be completed in late March.

On agenda of the Da Nang Business Roundtable were discussions about aspects, including tourism services, cooperation opportunities to support the recovery of domestic tourism, a plan to build up a safe tourism environment to welcome international visitors, and the promotion of hi-tech and value-added manufacturing industries, digital economy, ICT and smart city building, healthcare, education and corporate social responsibility.

The Amcham Viet Nam – Da Nang Chapter has been put into operation at the 9th floor of the Indochina Riverside Towers at 74 Bach Dang. Its Chief Representative is Mr Chad Ovel, the leader of the Mekong Capital.

By MAI QUE- Translated by ANH THU