Under its recently-released investment attraction strategies, Da Nang aims to attract US$7 billion worth of registered domestic and foreign investment  capital by 2030, exactly about US$3 billion in the 2021 - 2025 period and US$4 billion in the 2026 - 2030 period. What does the city need to do to achieve this goal?

Da Nang has implemented many solutions to attract investment from FDI enterprises. Workers of Daiwa Vietnam Co., Ltd in Da Nang are seen joining the manufacturing of products for export to foreign markets. Photo: THANH LAN

6 groups of solutions

According to the Da Nang Investment Promotion Agency, the city has clearly defined its investment attraction strategies for the 2021 - 2025 period, with a vision toward 2030.

In detail, the city will determinate that domestic and foreign investment are important driving forces for its socio-economic development, ensure effective and sustainable investment attraction, reasonably and harmoniously combine economic efficiency with social responsibility and the protection of natural resources and the environment.

Besides, the city will say ‘yes’ to only eligible projects and link investment attraction with ensuring national defense and security.

To implement the above-mentioned objectives, 6 groups of solutions have been unveiled by the municipal administration, including the release of investment attraction mechanisms and policies, the development of infrastructure, human resources, the effectiveness and efficiency of investment management and supervision, the renovation of investment promotion activities and administrative reform.

According to Director of the Da Nang Investment Promotion Agency Huynh Lien Phuong, in the coming time, the city will coordinate with national ministries and branches to speed up infrastructure enhancement at the city’s railway station, airports and seaports.

Specifically, focus will be placed on perfecting logistics infrastructure and putting into operation the cargo terminal at the Da Nang International Airport, carrying out the dredging of the turning basin to facilitate ships over 20,000 DWT enter the Tien Sa port in a bid to increase the capacity of the port and constructing inland container depots in Cam Le and Hoa Vang districts in order to organise container transportation in a reasonable manner.

Deputy Director of the Department of Natural Resources and the Environment Tran Quoc Hung said that, at the upcoming Da Nang Investment Forum 2022, his agency will advise the municipal People's Committee to announce a list of 34 land plots available for investment attraction.

Infrastructure at the Da Nang Hi-Tech Park has been completed and it is now available for potential hi-tech and environmentally-friendly investment project. Photo: THANH LAN

Priority given to attracting modern technology using projects

Recently-released statistics show that, in the 2016 - 2020 period, the investment wave in the city has grown. New projects in this period focus on such fields as services, processing industry, manufacturing, and hi-tech industry in accordance with the orientations calling for investment flows into the city.

Many large-scale production and business projects have been put into operation, significantly contributing to the city's economic growth.

Accumulated to April 15, 2022, the city attracted 350 domestic investment projects valued at VND131,400 billion in total outside industrial parks (IPs), 378 similar ones totalling VND28,624 billion inside the Da Nang Hi-Tech Park, and the Da Nang Centralised Information Technology Park and IPs and 920 valid FDI ones with a total investment capital of over US$3.9billion.

According to the Da Nang Department of Planning and Investment, for the remaining months of 2022, the city will promote post-COVID investment attraction, recovery and local socio-economic development by turning offline investment promotion activities into online ones, promote attracting investment waves from traditional and potential foreign investment markets such as Japan, South Korea, Singapore and the U.S.

Also, supportive measures will be taken for the sake of businesses which are encountering broken input and labour supply chains.

Accelerating public investment disbursement and attracting FDI in industries matching the burgeoning 4.0 Industry trends will also be given a special heed.

In particular, Da Nang will give priority to attracting projects with modern technology and high knowledge content.

Notably, appeals will be made for investment into the building of Da Nang into a major socio-economic centre of Viet Nam and Southeast Asia as a whole.

As revealed by Mr. Pham Truong Son, the Head of the Authority of the Da Nang Hi-Tech Park and Industrial Zones (DHPIZA), his agency will, in the coming time, focus on implementing groups of solutions such as focusing on selecting hi-tech, technologically modern and environmentally-friendly projects.

Besides, the city will attract investment from large domestic corporations and enterprises, effectively tap financial and technological resources from overseas Vietnamese in the fields of research and development (R&D), IT and high technology.

Reporting by THANH LAN – Translating by A.THU