The attraction of domestic and foreign direct investment is an important resource for Da Nang’s socio-economic development, thereby contributing to a new breakthrough and unleashing other resources to exploit its potential, capabilities and advantages. Therefore, the city is prioritizing to the attraction of key investment sources.

A seminar on appealing for investment in high-tech field held in Da Nang by the city's Investment Promotion and Support Centre on April 21, 2023. Photo: IPA

Remarkable results

According to Director of the municipal Statistical Department Tran Van Vu, in the first half of 2023, the total newly and additionally registered capital in the city reached nearly VND38,882 billion, 11 times higher than the same period in 2022. In which, two existing projects raised their capital with a total additional sum of VND32,265 billion, 78 times higher than the same period last year.

Notably, in the first months of 2023, the city gained impressive results from domestic investment capital attraction.

As of June 20, the municipal government granted investment certificates to 13 domestic projects with a total newly registered capital of VND 6,617 billion, an increase of 116.7% in the number of projects and 110.3% in registered capital against 2022.

In which, there were 6 projects, totaling VND1,166 billion, in the industrial parks and high-tech park, and 7 projects outside industrial parks with a total investment capital of VND5,450 billion.

As for FDI projects, between January and June, the city granted investment certificates to 64 projects worth US$10.6 million in total, a rise of 45 in the project numbers and 47.1% in registered capital in comparison with the same period last year.

Also in the first 6 months of 2023, the whole city had 2,103 newly established enterprises, branches and representative offices with a total registered charter capital of VND9,185.4 billion.

Director of the Da Nang Investment Promotion and Support Agency Huynh Lien Phuong said that apart from promoting investment attraction both at home and abroad, the city synchronously and effectively implement objectives of the year 2023.

Specifically, the city has issued the investment promotion programme in 2023, as well as successfully organised a get-together for businesses in spring 2023, and seminars on promoting Da Nang investment in such foreign markets as Dubai-UAE, Doha-Qatar, South Korea, Chiba and Osaka - Japan.

In the first half of the year, the city worked with more than 80 investors interested in the city's investment environment, conducted field surveys, and introduced investment locations inside and outside the Hi-Tech Park, Centralised Information technology and industrial parks.

Also, the city welcomed 46 international delegations, including 463 visitors.

Supporting businesses, calling for investment with focus

Recently, Da Nang has issued a project to develop logistics services to effectively connect with the Central Key Economic Zone and the East-West Economic Corridor in the 2021- 2030 period with a vision towards 2050; and a plan for the International East-West Economic Corridor (EWEC) Trade and Tourism Fair 2023.

Special attention has been paid to issuing regulations on selection criteria for investors to build technical infrastructure for Hoa Nhon and Cam Le industrial clusters; as well as implementing policies to support interest rates for organisations that borrow capital to invest in socio-economic development projects in the city.

According to Mr. Vu Quang Hung, Head of the Management Board of the Da Nang Hi-Tech Park and Industrial Parks, Da Nang has its own preferential policies for investors. For instance, businesses investing in high-tech park will be entitled to corporate income tax exemption for 4 first years of their operation, and a 50% tax reduction for 9 subsequent years, and enjoy the preferential tax rate of 10% for a period of 15 years, especially the complete exemption from import tax on machinery, goods and equipment to form factories.

According to the municipal Department of Planning and Investment, in the coming time, the city will focus on completely solving problems, and starting the construction of a number of key and motivational projects.

Heed will be paid to coordinating with ministries and sectors to complete the bidding procedures to select investors to develop infrastructure for Hoa Ninh Industrial Park, as well as promote investment promotion activities and invite domestic and foreign investors to invest in the city.

Reporting by THANH LAN - Translating by M.DUNG