Da Nang is taking actions to attract a new wave of domestic and foreign investors following its acclaimed efforts to contain the spread of coronavirus. Focus is on improving the city's infrastructure system, increasing its investment promotion activities, and issuing more support policies for investors.

The Da Nang-based KMS Technology company's staff

The latest figures released by the Da Nang Department of Planning and Investment has showed that, so far this year, the city has attracted 13,292 billion VND worth of domestic investment, and 80 million USD in foreign direct investment (FDI).

During the first half of the year, the municipal Authority of Hi-Tech Park and Industrial Parks has granted investment licenses to 7 domestic projects totalling nearly 250 billion VND, and a 60 million USD FDI project. Also, the existing 2 FDI projects have raised their capital with a total additional sum of around 3.8 million USD.

Mr Pham Truong Son, the Head of the Authority, said that the city's FDI attraction has showed signs of slowdown as a result of the negative impact of Covid-19 in the first six months of this year. However, the city has seen positive results from domestic investment attraction.

He explained that the positive result was mainly attributed to the city leaders' efforts to create an open, safe and healthy investment environment for businesses, as well as to ensure that online public services are well designed and accessible to all.

Director of the city's Investment Promotion Agency (IPA), Huynh Thi Lien Phuong, said Viet Nam, including Da Nang, is amongst top Asian countries in attracting investment shifted from China because of its success in stemming the spread of coronavirus.

Ms Huong underlined the need for Da Nang to develop innovative strategies for the attraction of new wave of investors.

Da Nang is focussing on appealing for more investment into the Dedicated Information Technology Park, as well as accelerating the construction of the Software Park No 2, and the Hoa Nhon, Hoa Ninh and the 2^nd stage of the Hoa Cam industrial parks. Heed is paid to ensuring the on-schedule progress of the 1^st and 2^nd stages of the Hi-Tech Park.

An investment project management software will be used in a bid to simplify and shorten the time for administrative procedures relating the granting of investment policy decisions and investment licenses for developers of projects outside industrial parks, Hi-tech Park and Dedicated IT Park.

Heed will be paid to boosting online business registration, and organising more meetings and dialogues between the Da Nang leaders and local businesses in an effort to help the municipal government listen to and sort out any difficulties facing the businesses.

Greater efforts will be made to successfully organise the Da Nang Investment Forum 2020 which is scheduled to take place in the city in September, and to boost the cooperation with international organisations such as JETRO, KOTRA, AMCHAM, AUSCHAM, SBF, IE Singapore and AHK.

Importance will be attached to guaranteeing the success of the upcoming 36^th ASEAN Summit and related conferences and the ASEAN-New Zealand Commemorative Summit which will be held in the city within this year.

By KHANG NINH - Translated by MAI DUNG