Da Nang gears up foreign investment attraction

By DA NANG Today / DA NANG Today
November 22, 2023, 20:49 [GMT+7]

As reported by the Da Nang Department of Planning and Investment, between January and October 2023, the city issued investment policy decisions and investment registration certificates outside the Da Nang Hi-tech and Information Technology parks and industrial parks with a total of investment capital of more than VND 40,947 billion. As for FDI capital, the city attracted over US$ 176.8 million, equal to 135% over the same period.

A scene at the Tien Sa Port. Photo: THANH LAN
A scene is pictured at the Tien Sa Port. Photo: THANH LAN

According to Master Vo Van Toan, the Director of Ky Viet Construction Technical Consulting Investment Joint Stock Company, Da Nang shows off many outstanding advantages in infrastructure and transportation as well as preferential policies and a good investment environment. These are necessary conditions that foreign businesses are often very interested in when researching the investment environment in the localities they intend to visit.

However, for many years, Da Nang has yet to call for large investors with strong financial potential. Therefore, in the following years, Da Nang needs to attract large corporations to create motivation for FDI capital flows.

Director of the Investment Promotion and Support Board Huynh Lien Phuong said that the city is focusing on attracting semiconductor chip technology projects to the Da Nang Hi-tech and Information Technology parks, especially after Viet Nam and the United States signed a cooperation agreement to promote science and technology, enhancing Viet Nam’s position in the global semiconductor supply chain.

Recently, during a business trip in mid-November 2023 to the United States, Da Nang's leaders focused on conducting investment promotion activities in such large US enterprises as Synopsys, Marvell, Nvidia and Intel Corporation.

In addition, the city has recently focused on introducing the environment, policies, potential and investment opportunities of Da Nang through compiling a set of documents to promote potential and cooperation in investment, trade and tourism serving investment promotion in the English, Japanese, Korean, German, Russian, Chinese and Thai languages.

The digital map introducing projects calling for investment in Da Nang - Phase 1 has officially been put into use.

In particular, the city has organised investment promotion and mobiliation activities, seminars, conferences at home and abroad and more than 20 investment promotion activities.

Production activities are observed at Daiwa Viet Nam Co., Ltd. Photo: THANH LAN
Production activities are observed at Daiwa Viet Nam Co., Ltd. Photo: THANH LAN

Specifically, the city successfully organised investment promotion seminars in Dubai (UAE); Chiba, Osaka (Japan); the seminar ‘Investment and business opportunities in Da Nang - Qatar’, the Da Nang - Shandong investment, trade and tourism promotion conference in Shandong Province (China) as well as connections and meetings with domestic businesses through the conference ‘Spring Business Meeting 2023’; Business Connection programme within the framework of the 2023 Development Bridge Forum; the Viet Nam - Australia business connection workshop; Da Nang - Germany Investment Connection seminar and other related events.

It is known that in the coming time, the city's relevant agencies will complete the 2024 Investment Promotion Programme, organize the announcement of Da Nang Planning for the 2021 - 2030 period, with a vision towards 2050, combined with thematic investment promotion activities and Phase 2 of the digital map of projects calling for investment in Da Nang and guiding FDI enterprises in implementing investment procedures in the city.

According to the Da Nang Department of Planning and Investment, in an effort to attract quality FDI inflows in the context of countries' DFI trends showing signs of slowing down, Da Nang needs to implement many solutions such as continuing to review, supplement and perfect institutions, continue to substantially reduce business conditions that are barriers to production and business activities, promote administrative reform and effectively implement one-stop procedures.

In addition, the city needs to improve the quality of labour resources as well as develop synchronous transportation infrastructure connecting with economic regions to step up FDI attraction, prioritise strategic investors, create a global production chain, build a mechanism to prioritise hi-tech enterprises and transfer technology to domestic enterprises.

Especially, it is necessary to completely eliminate unofficial costs, because this is a bottleneck that hinders the flow of investment capital, through which it is necessary to review all industrial parks and the Hi-Tech Park.

Mr. Le Minh Tuong, the Deputy Director of the municipal Department of Planning and Investment said: “We have made every effort to promote FDI. It is forecast that in the two remaining months of 2023, FDI attraction in Da Nang will continue to thrive as many registered investors will participate in auctions of large land plots in the city. This agency will try to call for and attract more than US$200 million worth of FDI capital into Da Nang. Currently, the city is also making great efforts to improve the investment environment and implement policies to support businesses".

Reporting by THANH LAN - Translating by A.THU