In an attempt to attract new projects into Da Nang, it is high time for Da Nang to make innovations in investment attraction strategy to give brighter outlook for economic growth.

The working ambiance taken in the Daiwa Viet Nam company based in Hoa Khanh Industrial Park, Lien Chieu District

Till date, Da Nang has received 700 domestic projects worth 145,646 billion VND and 867 FDI ones totalling over 3.5 billion US$ from around 50 countries and territories worldwide.

Japan, Singapore, the United States, British Virgin Islands and South Korea are the largest sources of foreign direct investment into Da Nang.

During the 2020 - 2025 period, Da Nang should need 240,000 billion VND worth of investment to achieve its average annual growth rate of 9-10%, of which the non-state and foreign invested sectors may reach a combined sum of 190,000 billion VND, accounting for 78-80% of the total, Director of the municipal Department of Planning and Investment Tran Phuoc Son said.

The Da Nang government is making reasonable adjustments to detailed plans of a complex of financial, commercial, entertainment, casino and luxury apartments in Son Tra District's Phuoc My Ward. This project has been added to the master plans for Da Nang’s major plans to 2030, with a vision to 2045.

In his constructive perspectives, General Director of Daiwa Viet Nam company Ikeda Naoatsu suggested that the Da Nang authorities accelerate infrastructure projects, especially expanding the total area of land for lease to businesses, and ensure to adequate water and electricity supplies for them.

Inside a local seafood processing company in Son Tra District

In the coming time, great efforts should be taken to develop innovative and creative mindset to realise Da Nang’s ambitious target of becoming a financial hub in Central Viet Nam in line with Vietnamese Prime Minister’s instructions

With regard to the development of seaports, aviation associated with logistics services, over the coming 5-year term, focus will be on speeding up the appraisal procedures for Lien Chieu deep-sea mega-port project, and adjusting the expansion of the Da Nang International Airport over the 2021- 2030 period, with a vision towards 2050.

Also, the creation of logistics centres in the Da Nang Hi-tech Park and Hoa Nhon Commune will be expedited.

As planned, construction is also expected to commence on the 2nd stage of the Hoa Cam Industrial Park (IP), and the Hoa Nhon and Hoa Ninh IPs, and the infrastructure development of the Da Nang Software Park No 2, the Da Nang FPT Technological Urban Area (FPT City Da Nang), and hi-tech agricultural areas in the communes of Hoa Ninh, Hoa Phu, Hoa Khuong.

In the coming time, Da Nang will focus on effectively participating in investment promotion campaigns and events at home and overseas, in parallel with boosting bilateral cooperation with international investment consulting companies, financial institutions, multinational corporations for mutual benefits.

By THANH LAN – Translated by A.T