Da Nang has yielded positive results in attracting investments as it has successfully attracting many large projects, built up the flexible forms of investment attraction and investment climate introduction, thereby boosting the city’s adminitrative reforms and issuing a number of new practical policies.

The Da Nang government has offered incentives to attract investments and drive the city’s economic development. IN THE PHOTO: Workers at the March 29 Textile-Garment JSC. Photo: KHANH HOA

Attracting more large invesment projects

Over recent years, Da Nang has successfully attracted many large hi-tech projects as well as accelerated its key projects, thereby contributing to driving its economic growth. As a result, the city’s economy is showing positive sign of recovery from the COVID-19 pandemic.

Among large investments that have been attracted to the city are the Lien Chieu Port, a 8.4 ha Finance Center that boasts a trading center, casino, high-end entertainment and luxury apartments, the Da Nang Creative Space covering a total area of ​​17.26ha, the International Trade Center, an international hospital with an estimated area of ​​nearly 1ha, and an international school.

These projects are expected to become a driving force for promoting the development of industries and developing mutual assistance across sectors.

Mrs Huynh Lien Phuong, the Director of the Da Nang Investment Promotion and Support Department, highlighted the city’s impressive achievements and successes in attracting invesments over the past two decades, contributing to driving the city's economic growth, steering its economic in the right direction, making positive changes in urban areas as well as improving living standards of the city’s popluation, and created job opportunities for local residents. The city targets to attract USD 3 billion and USD 4 billion in domestic and foreign investment in the 2021-2025 period and the 2026-2030 period, respectively.

Data provided by the Authortity of Da Nang Hi-Tech Park and Industrial Parks (IPs) said that as of July 2022, the city’s IPs had received 380 domestic projects worth over VND 30,51 billion in total and 130 FDI projects totalling USD 1.913 billion.

Continuing to improve investment climate

In the 2016-2020 period, Da Nang has organised annually ‘Investment Forum’, and ‘Spring Talks’, as well as launched the campaign themed ‘The year for investment promotion’, the most recently forum entitled 'Da Nang – Asia’s Potential Destination', plus offered support policies for businesses and investors. The city has made significant improvements in its investment attraction strategies, and its investment climate as a whole.

In its efforts to effectively implement the national policy on safe and flexible adaptation, effective control of COVID-19, and driving socio-economic recovery, the city has focussed on helping local businesses remove their difficulties in an attempt to drive their economic recovery from the COVID-19 crisis.

According to the Da Nang Investment Promotion and Support Department, the unit has worked with the municipal government to hold meetings with 60 investors who visited the city to seek investment opportunities in the first half of 2022.

The Da Nang government identifies private investment and foreign direct investment (FDI) as an important driving force for the city’s socio-economic development. The city will be more selective in attracting investment projects to match its internal strengths while ensuring national defence and security as well as protecting natural resources and environment. Special attention will be paid to attracting more FDI projects that are capable of participating in global supply chains and linking with domestic investment projects in order to accelerate the process of technology transfer and promote the city’s participation in global value chains.

The city is focusing on synchronously implementing measures to improve its investment climate while ensuring effective and substantive implementation of these measures. In addition, the heed is paid to asking for approval from the national government to offer specific mechanisms on investment, finance, budget and management decentralization for Da Nang. Importance is attached to perfecting urban and traffic infrastructure, preparing the land fund for developing industries and supporting industries, high- tech and information technology. High priority is given to welcoming international capital flows into Viet Nam, accelerating the formulation of zoning plans, and calling for investment in the city in the coming time.

In addition, the city focuses on developing high-quality human resources to meet the requirements of key economic sectors while boosting administrative reforms, and widely publicizing the city’s regulations on investor selection for projects outside and inside IPs, high-tech park, dedicated information technology park and industrial clusters but these projects do not use the state budget.

The city also pays special attention on boosting digital transformation, perfecting its e-Government model, and building professional and dynamic civil servants.

Reporting by KHANH HOA – Translating by H.L