A webinar promoting investment in Da Nang for the Japanese market has recently held online at Hiraiwa Viet Nam Company in Son Tra District, Da Nang, with the participation of the Consulate General of Japan in Da Nang, the Da Nang Investment Promotion Agency, the Japan External Trade Organisation (JETRO) in Ho Chi Minh and more than 150 businesses and investors in Japan.

Illustrative image. (Photo: DNO)

Businesses participating in the event are considering setting up production and business facilities abroad, expanding to new markets and have great concern about the environment, opportunities, conditions, investment policy of Da Nang.

Addressing the event, Deputy Director of the Investment Promotion and Support Department Do Thi Quynh Tram said that, for the time being, 228 Japanese-invested projects with a total investment capital of more than US$ 1 billion USD, accounting for 25% of total FDI investment capital in the city.

The Japanese business community has made positive contributions to economic development, employing thousands of workers in the city over the past time. This is the key market that Da Nang continues to focus on inviting investors wanting to learn about and invest in industries and fields where the city has competitive advantages and development potential such as industrial industry, high technology, IT, semiconductor chip industry, supporting industry, finance, high quality services and logistics.

Leaders of Hiraiwa Vietnam Company and Nakamoto Packs Vietnam Company also shared experiences, procedures, processes and logistics for investment preparation. In their perspectives, the participants said that the Central region of Viet Nam, and Da Nang in particular, now has few Japanese enterprises investing there, whereas, in fact, it still has a lot of development potential, especially for enterprises operating in the industrial sector, ICT and logistics. 

According to JETRO, Da Nang has land prices that are only 1/3 and labour costs 20% cheaper than Ha Noi and Ho Chi Minh City. The labour source and infrastructure ensure production activities such as hard ground, so the cost of piling construction is reduced and the factory construction price is also cheaper than other nationwide localities. The planning for the construction of the Lien Chieu Port, new industrial parks and clusters next to the Da Nang Hi-tech Park, the centralised IT Park, well-functioning industrial and software parks will create many advantages for investors in the near future.

Mr. Yagabe Yoshinori, Consulate General of Japan in Da Nang, assessed that Viet Nam has been a foreign investment destination receiving a lot of attention from Japanese businesses. Da Nang has set a long-term economic development goal to become a centre of hi-tech, IT, trade, finance and training of the entire central region. Da Nang is making efforts to attract even more FDI flows so as to achieve this goal. The Consulate General of Japan will support businesses as much as possible to successfully implement this ambitious project.

Reporting by MINH DUC – Translating by A.THU