In the first 9 months of 2022, Da Nang has granted investment licences to 21 domestic projects with a total registered capital of VND 7,345 billion. The number of the domestic projects has increased by 6 while registered capital of these projects has been three times larger than in the same period in 2021. In addition, there have been 3,465 newly registered enterprises with a total registered capital of VND 17,498 billion operating in the city during the 9-month period. These impressive results showed that Da Nang’s economy enjoyed a strong recovery after the COVID-19 crisis.

There is a significant increase in domestic invesment attraction, contributing to driving the city’s socio-economic development. The picture is taken at the Sunshine Aerospace Components Factory located in the Da Nang Hi-Tech Park. Photo: THANH LAN

Impressive results

Between January and September, VND 4,609 billion were poured into 8 domestic projects in the Hi-tech Park and outside industrial parks while industrial parks attracted 13 others worth VND 2,735 billion of investment, according to the Da Nang Department of Planning and Investment.

Besides, Da Nang attracted USD 149.397 million worth of foreign direct investment (FDI), of which, USD 68,474 million came from 37 new projects while the remainder came from the existing projects.

As of late September, the city had received 737 domestic projects worth over VND 163,889 billion and 944 FDI projects totaling USD 4,062 billion. In addition, there had been 35,933 businesses and branches, representative offices operating in the city with a total registered capital of VND 238,414 billion. Da Nang has yielded positive results in attracting domestic and foreign investments, contributing to driving the city's economic growth after the COVID-19 crisis.

According to the Da Nang Association of Small and Medium Enterprises, the city is implementing many effective solutions to return its economy to its pre-pandemic level.

A number of large projects has been put into operation in the city. Included are a Pharmaceutical Plant and Hi-tech Research and Development Center developed by the Danapha Pharmaceutical Joint Stock Company, Marriott Courtyard & Marriott Executive Apartments Da Nang developed by the Foodinco Real Estate Joint Stock Company, and Dragon City Park developed by the Saigon – Da Nang Investment Corporation.

Furthermore, a number of large investment projects is underway in the city. Included are Expanded Radial Truck Tire Manufacturing Plant developed by the Da Nang Rubber Joint Stock Company, and phase 2 of Auxiliary Equipment Plant developed by the Ha Giang Phuoc Tuong Mechanical Joint Stock Company.

Da Nang’s FDI flows showed a strong rebound over the past 9 months, up 14.6% to VND 4,345.9 billion compared to the corresponding period in 2021, according to the Municipal Department of Planning and Investment.

Large investment projects include Gym Equipment Factory developed by the Daiwa Vietnam Company Limited, Sunshine Aerospace Components Factory developed by the US-based Universal Alloy Corporation Asia Pte. LTD-UAC, the Fujikin-Danang Research and Development (R&D) Centre developed by the Da Nang Fujikin Company Limited, and Medical Devices Manufacturing Plant developed by the ICT Vina Company Limited.

Picture is taken at the Da Nang branch of Scavi Hue Company. Photo: THANH LAN

Boosting invesment promotion

Over the past 9 months, Da Nang has welcomed 153 international delegations, an increase of 240% from the same period last year. In addition, leaders of Da Nang government and relevant local agencies have successfully conducted investment promotion activities in such foreign countries as Laos, Japan, South Korea, India and some European countries. Moreover, 60 foreign investors have visited Da Nang to seek investment opportunities.

Mrs Tran Thi Thanh Tam, the Director of the Municipal Department of Planning and Investment said that in the fourth quarter of 2022, the city will continue to enhance administrative reforms, improve its investment environment to attract more domestic and foreign investments. Recently, the Da Nang government and the Military-run telecommunications company (Viettel Group) has inked a Memorandum of Understanding on implementing digital transformation projects in the city during the 2022 - 2030 period.

Besides, the city will ask project developers to soon deploy their projects in the Hi-Tech Park, including Semiconductor Manufacturing Plant developed by United States Enterprises, the Lang Van Tourist Resort and Entertainment Complex, and Lien Chieu Port.

The city will continue to conduct investment promotion activities in such countries as Japan, Qatar, UAE, Singapore, Malaysia, and South Korea.

Important will be attached to making a good preparation for such events and festivals to be held in the city in 2023 as New Year's Eve 2023, Da Nang International Fireworks Festival, wedding tourism festival, international golf tournaments, sporting events...

The Da Nang government has issued a plan for investment promotion and bilateral relations between the city and its European partners , including Belgium, Germany, the Netherlands, Finland, France, the United Kingdom, Sweden, Romania, Bulgaria, Slovakia, and Russia in the 2022 – 2025 period.

Reporting by THANH LAN – Translating by H.L