Da Nang is still on track to attract even more foreign direct investment (FDI) flows and considers this as one of the driving forces for socio-economic recovery and development in the new normal. Amidst the ongoing fierce competition in FDI attraction, Da Nang has made many outstanding decisions to call on investors to invest in key areas, in tandem with removing obstacles that have existed for many years.

The Da Nang Investment Forum 2022, slated to be held at the end of June, will be an opportunity for the Da Nang leaders to receive advice, suggestions, recommendations and proposals to continuously improve the investment and business environment. Employees are pictured working at the Da Nang Hi-tech Park -based Universal Alloy Corporation Viet Nam Co., Ltd (UAC). Photo: P.LAN

During her recent interview with DA NANG Newspaper, Ms. Huynh Lien Phuong, Director of the Da Nang Investment Promotion Agency, said that, in the first quarter of 2022, the city granted investment licences to 8 new FDI projects with a total registered investment capital of over US$5.9 million, a slight decrease in the number of projects and the amount of capital as compared to the same period in 2021.

The impacts of the COVID-19 that have lingered for 2 consecutive years were cited as a main reason for the above-mentioned decrease. In the face of the pandemic, foreign investors could not come to the city to study investment opportunities, so the number of projects and total investment capital went down.

Since the start of 2022, Da Nang has relaxed many pandemic prevention measures to pave the way for the economic restoration, and all activities of the business community have gradually adapted themselves to the new normal.

In particular, upon the resumption of international flights from March 15, Da Nang has continuously welcomed big investors from Germany, the Netherlands, and Japan, delegations from the Consulates General of Australia and the UK, and foreign businesses’ associations in Viet Nam that wanted to gain a deeper insight into the city’s investment environment.

In the first 4 months of the year, the Da Nang Investment Promotion Agency has organised many direct investment promotion events such as connections with Spanish businesses, a meeting with the Dutch business delegation, and a workshop on promoting investment and trade connection between Da Nang and the federal state of Bremen in Germany.

It can be said that this is the period when Da Nang, and the whole country as a whole, is in course to reopen itself for socio-economic recovery and development. It is, therefore, necessary to further promote investment promotion activities, directly approach strategic investors, solve any “bottlenecks” in investment attraction and promptly remove difficulties facing businesses currently operating in the city.

Also right from the beginning of this year, the city has established an interdisciplinary working group on investment promotion and support to effectively and thoroughly solve the “bottlenecks” in investment attraction, creating the best conditions for investors to conduct research and carry out projects in the city.

The city is focusing on submitting to the competent authorities adjustments to the Decree No. 144/2016/ND-CP dated November 1, 2016 of the national government stipulating a number of specific mechanisms on investment, finance, budgetary and management decentralisation for Da Nang and the promulgation of specific mechanisms and policies to form a financial centre, non-tariff zones and an international yacht centre in the city.

On the basis of the Da Nang Master Plan by 2030, with a vision towards 2045 with the national government’s promulgation of the adjustments to the land use planning, the city will approve the zoning and detailed planning as the basis for determining the locations of projects that are available for investment.

In addition, the city will consider establishing an official channel to receive, handle and respond to any business proposals.

Ms. Huynh Lien Phuong, Director of the Da Nang Investment Promotion Agency

With the 2022 theme ‘The year of safe adaptation, flexibility,  effective control of COVID-19 and socio-economic recovery and development’, Da Nang has built up an investment promotion programme in 2022 towards the innovative and proactive direction, with a focus on targeting strategic markets for key local fields such as high technology, information technology and high quality services.

The city will continue to diversify how to organise investment promotion and support activities in both online and offline forms through various channels to make a close approach to strategic investors.
In particular, the investment promotion programme in 2022 is implemented according to the trend of digital transformation.

Accordingly, emphasis is placed on building an open data system on investment opportunities and environment, projects calling for investment and beefing up the application of information technology, virtual reality technology in the development of investment promotion documents.

Da Nang is expected to organise the Da Nang Investment Forum 2022 on June 25, 2022, with the participation of more than 500 delegates who are leaders of national ministries and agencies, diplomatic missions, international organisations, business associations, domestic and foreign enterprises and investors, relevant agencies and organisations in the city.

The forum is of great significance in the context that Da Nang is trying to implement many solutions to bring the economy back to the development trajectory in the new normal.

At the forum, the city will announce information on the plan and progress of adjusting the functional zoning plan according to the Da Nang Master Plan Adjustment Project by 2030, with a look toward 2045 as approved by the Prime Minister, projects available for investment in the city, the list of land fund available for investment attraction, the process of investment preparation and investor selection for investment projects that do not use State budget capital and are implemented outside industrial parks, hi-tech parks, concentrated information technology parks, industrial clusters throughout the city.

Proposals made by the Da Nang authorities submitted to the government on the promulgation of specific mechanisms and policies for a number of key projects in the city will also be announced at the event.

The upcoming forum will promise the Da Nang government an opportunity to directly dialogue with businesses and investors about its development potentials and goals, as well as listen to pieces of advice, suggestions, recommendations and proposals from the business community so that more effective measures can be taken to give a facelift to the local investment and business environment, thereby making Da Nang truly becom an attractive investment destination in Viet Nam.

Through that, the city wants to convey the message: Da Nang is ready to welcome businesses and investors back, and to serve as "second home" for them as well, ensuring ideal development conditions for them to effectively operate in the city.

Reporting by PHONG LAN - Translating by A.THU