At the end of the first quarter of 2023, Da Nang sent the working delegations to foreign countries, as well as organised many seminars, workshops and forums, in a bid to attract more foreign direct investment (FDI) inflows into the city.

Manufacturing activities at the Sunshine Aerospace Components Factory based in the Da Nang Hi-Tech Park. Photo: THANH LAN

Actively seek potential investors

The delegation of Da Nang’s officials, led by municipal People’s Committee Chairman Le Trung Chinh, held investment promotion seminars in the United Arab Emirates (UAE) and Qatar on March 6 and 9 respectively.

During the seminars, the city leader Chinh called on businesses in the Middle East to invest in the city into such aspects as logistics, tourism, high technology, and information technology, as well as into the projects on building Lien Chieu Port and an international financial centre.

In late March 2023, a group of Da Nang’s leaders, led by municipal Party Committee Secretary Nguyen Van Quang, visited Japan.

During their working trip in Japan, the Da Nang visitors paid courtesy visits to leaders of some Japanese provinces and cities such as Osaka, Chiba, Sakai, Yokohama, Kanagawa and Kisarazu, as well as had working sessions with a series of large Japanese companies and corporations such as Metran, Sumitomo, Pasona, Alfresa, Mitsubishi and Aeon Mall.

Notably, the city held investment promotion seminars in Osaka and Chiba, and the 11^th Urban Development Forum in Yokohama.

Also in March, a number of activities calling for investment in Da Nang were organised. Included were a seminar to introduce the city’s investment environment, the Viet Nam Connect Forum 2023, a seminar on supporting connection between the city and the Association for SMEs in the Daejeon - Sejong - Chungnam region, South Korea, and meetings with Thai investors.

In the coming time, Da Nang plans to attract FDI capital from traditional and key markets such as Japan, South Korea, Singapore, the USA and Germany, as well as strengthen the promotion of the city’s investment and business environment in other potential markets such as India.

Delegates attend the Viet Nam Connect Forum 2023 in Da Nang. Photo: THANH LAN

Unlocking bottlenecks

Director of the Da Nang Investment Promotion and Support Board Huynh Lien Phuong said that the city is currently prioritising attracting projects with advanced technology, modern management, innovation, spillover effects, and closely and organically connected with the domestic economic zone such as information technology, electronic component production, high technology, supporting industries, logistics, tourism services, real estate, high-value real estate, finance, education, and physical training and sports.

Therefore, Da Nang appeals for partners and investors to invest in the fields of high-tech industry, information technology, research and development, supporting industry, seaport infrastructure development, industrial parks, tourism, healthcare, and education.

However, investors also point out that Da Nang is lacking a large-scale clean land fund both inside and outside industrial parks to serve the needs of investors. They said most of FDI projects focus on industrial parks, but, the occupancy rate there is over 85%. Meanwhile, new industrial zones and clusters are in the investment stage.

Similarly, promoting investment in projects involving health, education, trade, services and logistics is encountering many problems as there are many procedures related to planning, land auction, project bidding, and land use rights.

To solve these problems, the most appropriate direction is to promote the investment attraction for large-scale key projects such as a complex of financial, casino and entertainment centres, and the Lien Chieu Port.

Moreover, the city is calling for investment in many other meaningful projects such as sn international commercial, sports and entertainment complex, innovation spaces, nursing homes, and international-standard hospitals and schools.

According to the Department of Planning and Investment, in an effort to fulfil the set goals, the city will complete and approve the planning of functional subdivisions according to the adjustments to the Da Nang Master Plan by 2030, with a vision towards 2045.

At the same time, the city will complete procedures to organise auctions of land use rights for clean land areas, as well as support and investors to soon complete investment procedures for their projects.

Furthermore, special attention will be paid to completing infrastructure projects on the development of high-tech industry, information technology and logistics; as well as accelerating the completion and upgrade of technical infrastructure of Hoa Nhon, Hoa Ninh and Hoa Cam stage 2 industrial parks, and the Supporting Industrial Park serving the Da Nang Hi-tech Park, and the expansion of the Hi-Tech Park. Also, greater efforts will be made to carry out investment promotion activities in more diversified and practical forms.

During working sessions and seminars aboard, the city leaders were always committed to creating the very favourable conditions for foreign investors to effectively operate and invest in the city.

Reporting by THANH LAN - Translating by M.DUNG