Danang lures $5.6 bln worth of foreign direct investment

Twenty seven projects worth $5.6 billion in hi-tech, urban development, tourism, ports, and logistics areas were awarded investment certificates or in-principle approval Saturday in Danang.

The procedure is part of an investment forum in the central city, with the participation of Prime Minister Pham Minh Chinh and 600 representatives from the policy-making, business and diplomatic circles.

Six licensed projects worth a total $194.4 million outside Danang's hi-tech parks (HTPs), industrial parks (IPPs) and information technology parks (ITPs) include the Summit Hoai Thanh Apartment project in Ngu Hanh Son district; the cargo terminal construction project at Da Nang International Airport in Hai Chau district; and the Nguyen Kim high-rise, multi-function center in Thanh Khe district.

There are nine projects totalling $175.3 million licensed in the city’s HTPs, IPPs and ITPs, including the Intex Industries Danang factory, Dana Logistics warehouse for lease, Long Thanh plastics factory, LED manufacturing factory with SMT technology, and a factory to research, develop and manufacture high-tech electronic equipment.

In-principle approval was granted to 12 investment proposals worth $5.2 billion. Of these, eight projects located outside the HTPs, IPPs and ITPs include research on Aeon Mall shopping center development, cooperation in promoting tourism and aviation in the period 2022-2026 between the municipal People's Committee and Vietjet Aviation JSC, and research on urban development projects in Hoa Vang district.

The remaining four worth $233.7 million, located in the city's HTPs, IPPs and ITPs, include the Hoa Phong urban complex project, the planning project for Hoa Lien and Hoa Ninh areas in the hi-tech subdivision of Hoa Vang district, seaports, industrial parks, port urban areas, and port logistics.

At the forum, PM Pham Minh Chinh ordered Danang to focus on technology renovation, especially information technology, digital transformation infrastructure, response to climate change, and clean energy development.

The city should also diversify supply chains; develop industrial infrastructure, capital markets, and manufacturing/processing industries including electronics; promote innovations; and focus on human resource training, he said.

“Danang is one of the top Vietnamese business destinations in terms of competitiveness index, ranks first in readiness to apply IT, and ranks third in administrative procedure reform,” Chinh added.

As of May 15, Danang hosts 920 valid foreign direct investment (FDI) projects worth over $3.87 billion.

Danang is one of the five centrally-managed cities in Vietnam and serves as a gateway to the central region.