Attracting investment is an important task to create development resources, contributing positively to Da Nang’s socio-economic growth at present and in the coming period. 

Da Nang focuses on attracting investment, creating leverage to strongly develop socio-economic sectors. The coastal city of Da Nang is increasingly expanding with many modern high-rise buildings. Photo: HUY TUAN

Affirming the role of the driving force of the central key economic zone      

Investment resources play a very important role in promoting the city’s socio-economic development. Da Nang will continue to promote investment attraction, strive to build a leading economy in Viet Nam and the region and affirm its brand as a safe and attractive investment destination for domestic and foreign investors. 

Since becoming a centrally-governed city, January 1, 1997, domestic and foreign investment has contributed to shifting the economic structure of Da Nang in a positive direction, thereby accelerating GRDP growth, increasing contributions to the state budget, increasing exports and labour force, improving the competitiveness of enterprises through attracting more and more projects with advanced technology, improving the quality of human resources, promoting international integration, completing infrastructure and improving the quality of life of the people. 

Attracting domestic and foreign direct investment (FDI) to Da Nang from 1997 to 2015 focused mainly on the fields of real estate - tourism, construction and processing industry. The number of projects and investment scale both increased significantly compared to the 2001 - 2005 period due to attracting many investment projects in real estate - tourism.

In the 2015 - 2020 period, investment attraction has changed dramatically. Newly-granted investment projects in this period mainly focused on the fields of information technology (IT), electronics, precision mechanics, logistics, tourism in line with the city’s investment attraction orientation. Many large-scale production and business projects have been completed and put into operation, the number of projects expanding investment scale and increasing capacity has increased, contributing positively to the city’s economic growth.

As of December 31, 2024, the city has attracted more than VND75,000 billion of domestic investment capital, an increase of 35.2% over the same period. To date, Da Nang has 1,021 FDI projects with a total investment capital of more than US$4.5 billion. Of these, 10 projects were newly granted investment approval decisions and investment certificates with a total investment capital of VND24,393 billion, an increase of more than 220% compared to the same period in 2023 when there were only 13 projects worth a total of VND 7,609 billion. In addition, there were 6 projects having their capital increased to VND 50,613 billion a total.

Da Nang leaders grant investment policy decisions to enterprises. Photo: THANH LAN

Promoting advantages to compete for investment attraction

At seminars on investment attraction, Da Nang is assessed to have a strategic geographical location, easy access to regional and global markets as well as the most developed infrastructure system in the central region with an international airport, an international seaport, highways, 6 industrial parks, 3 information technology (IT) parks, 1 high-tech park, facilitating investment attraction in the manufacturing and service sectors. The city has a young population structure, well-trained human resources. A system of university, college, vocational training that meets standards is a great advantage in attracting investment in high-tech industrial projects and high-quality services.

According to the assessment, the city’s investment and business environment is highly appreciated by the business community, domestic and foreign investors. Since 2005, Da Nang has always been among the localities with the highest provincial competitiveness index in Viet Nam.

With the application of the “one-stop” model in handling administrative procedures and the support of the city’s government in promptly removing difficulties and obstacles facing businesses, it has built trust and enhanced the city’s position in the eyes of investors.

The Party and the State always pay attention and give many priorities to create conditions for Da Nang’s development such as Resolution No. 43-NQ/TW of the Politburo on the development of Da Nang by 2030, with a vision towards 2045; Decision No. 359/QD-TTg of the Prime Minister approving the Project to adjust the Da Nang Master Plan by 2030, with a vision towards 2045; The Prime Minister’s decision to unify the investment policy for the Lien Chieu Port construction project…

The Politburo issued Conclusion No. 79-KL/TW on continuing to implement Resolution No. 43-NQ/TW of the Politburo (12th tenure) on the development of Da Nang by 2030, with a vision towards 2045. In particular, it requires research and proposals to perfect institutions, promulgate mechanisms and policies, strategic vision, and development aspirations; fully and accurately identify potentials, advantages and space, thereby creating new development space and motivation.

The city will focus on building mechanisms and policies to mobilise resources to build a pilot free trade zone; a regional-scale international financial centre; develop itself into a centre for innovation and startups, a high-tech centre of the whole country; a regional centre for logistics, tourism - services, training of high-quality human resources in the fields of semiconductors, artificial intelligence (AI)...

Along with that, the National Assembly issued Resolution No. 136/2024/QH15 on the organisation of urban government and piloting a number of specific mechanisms and policies for the development of Da Nang, marking an important milestone, demonstrating the deep concern of the Party, National Assembly and National Government for Da Nang.

By allowing the city to officially implement urban government from January 1, 2025, along with perfecting the organisation, operating mechanism of urban government and applying a number of outstanding mechanisms and policies, applied for the first time in Viet Nam, Resolution No. 136/2024/QH15 is an important document for Da Nang to promote all potentials and advantage and create development breakthroughs in the coming period.

This is also an important turning point for the city to complete the immediate and long-term goals stated in the resolutions of the Politburo, the National Assembly and the National Government's decisions to build and develop Da Nang by 2030, with a vision towards 2045...

Da Nang promotes and exchanges with foreign partners about potential and advantages. Photo: THANH LAN

In the coming time, in order to promote existing strengths and seize development opportunities, the city needs to have the right orientations to promote investment attraction. Accordingly, the city identifies domestic and foreign direct investment as important driving forces for the city’s socio-economic development.

Heed will be paid to proactively and selectively attracting investment, linking investment attraction with ensuring national defense and security; protecting natural resources and the environment; increasing the number of FDI projects capable of forming new supply chains and linking with domestic investment to accelerate the process of technology transfer and participation in the global value chain.

Da Nang will continue to attract FDI capital from potential markets and partners, and at the same time effectively exploit relationships with strategic partners (comprehensive partners, comprehensive strategic partners).

Also, the city will focus on mobilising and attracting investment from large corporations as well as attract investment in aspects in which the city has advantages such as: IT; high-tech industry; supporting industries in the fields of mechanics, precision mechanics, electricity - electronics; research and development; logistics services, trade...

Reporting by GIA MINH - Translating by A.THU