As a key driver of central regional economic growth, Da Nang has strengthened its position as an attractive destination for investment over the past five years.

Picture taken at the Sunshine aerospace components factory located at the Da Nang-based Hi-tech Park

During the 2016-2020 period, in addition to issuing incentive policies for foreign investors, Da Nang has hosted a series of annual seminars and events for investment promotion such as Investment Forum and Talk of Spring in a bid to attract foreign direct investment (FDI) inflows into the city’s priority sectors.

Over the past 5 years, Da Nang has attracted over 68 trillion VND worth of domestic investment and more than one billion USD in FDI.

In detail, the existing 60 FDI projects raised their capital with a total additional sum of 144.5 million USD. The capital contribution and the purchase of shares by 607 foreign investors have reached a combined total of 212.1 million USD.

During the 3 years of implementing the city's 'The Year of Investment Promotion' campaign in 2019,2019 and 2020, the Da Nang government has granted investment licences to 334 FDI projects totalling around 846 million USD.

As of September 2020, the city has attracted 339 domestically invested projects with the total investment of 120,898 billion VND, and 869 FDI projects totalling 3.518 billion USD.

Currently, 32,169 businesses, branches and representative offices are now operating in the city with the total registered investment capital of 219,914 billion VND.

During that period, the city has attracted many large-scale projects. Included are the 170 million US$ Sunshine aerospace components factory, the Tokyo Keiki Precision Technology Inc, the Niwa Foundry from Japan, the ICT Vina medical equipment factory, the Long Hau JSC-developed hi-tech factory cluster, and the ESTEC factory.

Besides, the city has prioritised attracting domestic and foreign investment into such its key projects as the Da Nang University Urban Area, the Ngu Hanh Son Cultural Park, the Software Park No 2, the Dedicated IT Parks No 2 and 3, the Hoa Ninh and Hoa Nhon industrial parks, and the Lien Chieu Port.

Da Nang's investment promotion efforts have been also shown to be more effective both at home and overseas.

Greater efforts have been made to strengthen the cooperation with such foreign countries as Japan, South Korea, the USA, Thailand and Singapore, as well as to boost the cooperation with international organisations like JETRO, KOTRA, AMCHAM, AUSCHAM, SBF, IE Singapore and AHK.

Mr Pham Truong Son, the Head of the Authority of Da Nang’s Hi-Tech Park and Industrial Parks, remarked that the city’s Hi-Tech Park is very attractive to both domestic and foreign investors, especially those from the USA, Japan, South Korea, Singapore and European countries.

The Authority is on its way to realising its goals of making the city’s Hi-tech Park an attractive investment destination with a focus on boosting cooperation with its international partners, and creating closer links with high-tech and industrial parks, and economic zones nationwide.

All impressive results has clearly demonstrated the fact that Da Nang has secured its position as a very attractive destination for domestic and foreign investors.

In an effort to attract a new wave of domestic and foreign investors, Da Nang will pay more special attention to speeding up administrative reform in a synchronous manner, helping businesses overcome the difficulties caused by the Covid-19 pandemic, and create an open, safe and healthy investment environment for businesses.

By THANH LAN - Translated by M.D