Da Nang has been deploying many activities and events to advertise its investment potential and opportunities, and call for more domestic and foreign investments.

Engineers are seen working at the Sunshine Aerospace Components Factory located in the Da Nang Hi-Tech Park. Photo: THANH LAN

Investment promotion activities intensified

Over the past 2 years, the spread of COVID-19 has a negative impact on Da Nang's economy in general, and the performance of city-based businesses in particular. Therefore, in order to attract both domestic and foreign investment flows effectively, Da Nang has built a focused promotion programme combined with improving the investment environment to maximise its attractiveness to investors.

According to Director of the Da Nang Investment Promotion and Support Centre Huynh Lien Phuong, in order to create growth momentum after the ‘frozen’ period due to COVID-19, the city has hosted a number of events, and economic, trade and investment activities. Most prominent among them is ‘The Da Nang Investment Forum 2022’ held in the city in June which promoted the city's potential, advantages and investment opportunities to domestic and foreign businesses and investors. During the event, the municipal government granted investment licences and investment policy decisions to 27 domestic and foreign direct invesment (FDI) projects totalling more than USD 5.6 billion.

Besides, the city leaders were committed to accompanying, supporting and creating maximum conditions for foreign enterprises to operate effectively in the city when meeting and working with leaders of foreign corporations. Included were Director General of Samsung Viet Nam Complex Choi Joo Ho; Chairman of Japan’s Mikazuki Hotel Group Odaka Yoshimune; and groups of businesspeople from Spain, the State of Bremen in Germany, the European Chamber of Commerce in Viet Nam, the Japan-headquartered Metran Company, and the ParkCity Property Holdings Group in Malaysia.

Mr. Datuk Seri Yaw Chee Siew, Chairman of the ParkCity Property Holdings Group, said that his group was conducting a survey of investment locations in Da Nang, realising that the central coastal city boasted a lot of potential.

Sharing the same view, Chairman of the Japanese Chamber of Commerce and Industry in Da Nang Nakagawa Wataru remarked with the economic development of diverse fields from manufacturing to tourism and information technology, Da Nang has emerged as a magnet for Japanese investors. Thanks to the city government's great efforts in improving the investment and business environment, many Japanese investors will pour money into Da Nang in the future, believed he.

Mr. Alain Cany, President of Jardines Matheson Viet Nam cum Chairman of the European Chamber of Commerce in Viet Nam (EuroCham) said Da Nang is one of attractive destinations for both domestic and foreign investors. Currently, businesses in EuroCham are looking for investment opportunities in Da Nang in such spheres as green tourism, trade, hi-tech, information technology, digital transformation, and climate change adaption.

In addition to the Da Nang Investment Forum 2022 in June, the city hosted a forum to connect Thai and Da Nang businesses on July 4, and organised a seminar in Ho Chi Minh City on August 12 with a mission of introducing Da Nang’s investment environment of Da Nang towards overseas Vietnamese.

Most recently, a group of Da Nang leaders, led by municipal Party Committee deputy Secretary cum People's Council Chairman Luong Nguyen Minh Triet, have visited European countries, including the United Kingdom, the Netherlands, and Germany, to promote investment attraction in the city.

In late September and early October 2022, during his working visits to India, Singapore and South Korea, the Da Nang delegation, led by People's Committee Vice Chairman Tran Phuoc Son worked with many corporations, companies, partners to promote cooperation activities in investment, tourism and trade.  

The municipal People's Committee has also issued a plan to promote and strengthen the relationships during the 2022 - 2025 period between Da Nang and European partners like Belgium, Germany, the Netherlands, Finland, France, Sweden, Romania, Bulgaria, Slovakia, the UK, Northern Ireland and Russia.

Engineers are working at the FPT Information Technology Centre based in Ngu Hanh Son District. Photo: T.LAN

Disbursement of investment capital accelerated

In the first 9 months of the year, the city issued investment policy decisions and granted investment registration certificates to 21 domestic projects totalling VND 7,345 billion, 3 times higher than the amount of capital compared to the same period last year.

In particular, there were 8 projects outside industrial parks with a total investment capital of VND4,609 billion and 13 projects in industrial parks, hi-tech parks, and concentrated information technology park with a total investment capital of VND2,735 billion. The city attracted USD 68,474 million from 37 new FDI projects.

Between January and September, 1,815 enterprises resumed their operation, up by 39.2% against 2021.  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.

During the 9-month period, the city welcomed 153 international delegations, an increase of 108 compared to the same period in 2021.

Moreover, the city successfully organised investment promotion activities in such foreign countries as Laos, Japan, South Korea, India and some European countries.

The city focused on speeding up the implementation and disbursement of the assigned capital plan. As of late September 2022, the city's 2022 capital plan disbursement reached VND 3,000 billion, fulfilling 50.3% of the plan.

Some key projects have been put into use, including the expanded APEC Sculpture Garden, the traffic infrastructure project at western end of the Tran Thi Ly Bridge, the cemetery in An Chau Village, Hoa Phu Commune, Hoa Vang District, and the To Hieu and Lam Hoanh upgrade projects.

Site clearance work for major projects, including the Tuyen Son - Tuy Loan riverside road, DH2 road, and western ring road Nos 1 and 2, have been completed.

Reporting by THANH LAN - Translating by M.DUNG