Da Nang has chosen the theme of 2023 as ‘The year focuses on unleashing resources, attracting investment, maintaining economic growth and ensuring social welfare’. Having overcome many difficulties to lure more FDI flows, great efforts to attract investors back to the city after the COVID-19 pandemic have been placing many burdensome responsibilities on the municipal administration.

The Hoa Cam Industrial Park is geographically located adjacent to National Highway 14B along the East-West Economic Corridor axis. Photo: SONG ANH

In order to continue to beef up the attraction of domestic and foreign investment capital into the city's strengths, Da Nang’s investment policy is to diversify partners and investment forms, invite more domestic and foreign investors with potentials and strong brands and attract key investments into IT and digital transformation infrastructure.

Besides, measures have been taken to strengthen linkages with localities in the central coastal region in investment promotion, give priority to attracting projects with modern and environmentally-friendly technologies, create an open investment and business environment, and actively look for potential projects.

Most recently, Chairman of the Da Nang People's Committee Le Trung Chinh signed a decision approving a research project to call for large investment into the city's new industrial parks (IPs), namely Hoa Cam Phase 2, Hoa Nhon and Hoa Ninh.

Accordingly, in the 2022 - 2025 period, with a vision to 2030, Da Nang will invest in the formation of 4 new IPs according to the master plan adjustment project approved by the Da Nang People's Committee. The total area of 4 new IPs is expected to be about a total of 1,227.58ha, creating a legal basis for Da Nang to continue to spread the carpet for big investors.

In the new IPs, priority is given to attracting investment in the direction of intensive industry, forming industrial clusters with existing IPs. In the process of developing a set of criteria for selecting an infrastructure investment project owner, it is necessary to combine the consideration of experience in infrastructure investment and the output efficiency of conducted projects to bring practical effects.

Also, it is a need to attract investment into new IPs compatible with the structure of concentrated industrial infrastructure zones in neighbouring areas and form linkage clusters or satellite IPs to entice businesses into the value chain of established business complexes to operate as a complete production chain.

Specifically, the Hoa Ninh IP, with industry groups of electronics, mechanics, production of consumer goods, pharmaceuticals, strive to attract at least 2 investment projects with capital scale of over US$100 million, with priority given to investment projects with investment rates from US$5 million/ha.

The Hoa Nhon IP, with its group of light industry, high-grade construction materials, eyes at least 2 investment projects with a capital scale of over US$ 60 million, giving priority to attracting projects with investment rates from US$4 million/ha.

The Hoa Cam IP- Phase 2, with a group of industries of mechanical assembly, manufacturing electrical and electronic parts, the production of consumer goods, household appliances aims to attract at least one project with a large scale capital scale of over US$50 million, with priority to attracting projects with investment rate from US$4 million/ha.

According to the Authority of Da Nang Hi-Tech Park and Industrial Zones, the municipal authorities will create a driving force to attract investment in large projects by completing the planning of subdivisions according to the Da Nang Master Plan Adjustment Project by 2030. As for Hoa Cam Industrial Park (Phase 2), the investor selection for the project is slated to kick off in the first quarter of 2024.

Not only organising forums, conferences and seminars to find investors, the local government has been taking advantage of all sources to call for investment through many channels, bilateral and multilateral trade agreements as well as inviting transnational companies, strategic investors having financial capacity and advanced technology from Japan, South Korea, the U.S, Singapore and European countries.

Currently, the occupation of the existing IPs in Da Nang have been filled and the early formation of new IPs is the roadmap to ensure the process of industrial infrastructure development, prepare a clean, large-scale land fund that is legally sufficient to persuade large investors to pour capital into IPs. Da Nang still has a lot of room to attract investors with the city’s commitments to facilitate and accompany businesses for the goal of long-term and sustainable development.

Reporting by SONG ANH - Translating by A.THU