Samsung Home Corp considers billion-dollar investment in central Vietnam hub Danang

Samsung Home Corp is considering investing in projects worth billions of U.S. dollars in Danang city, with a focus on industrial parks and smart urban developments, the South Korean company said after local market surveys.

City Chairman Pham Duc An met representatives of the corporation on Thursday to discuss cooperation and investment opportunities in the coming period.

At the meeting, city officials outlined Danang’s development potential following its merger with Quang Nam province last July, noting that Danang is now the largest city by area among Vietnam’s six centrally-governed municipalities. The other five are Hai Phong, Hanoi, Hue, Can Tho, and Ho Chi Minh City.

Under its development strategy, Danang is focusing on four key pillars: services-tourism, high-tech industry, logistics, and international finance-trade. The city aims to become a safe, modern and liveable urban center in Asia.

Danang is prioritizing spatial development along east-west corridors, while investing in strategic infrastructure including airports, seaports, transport connectivity, and urban rail systems.

The city is also stepping up efforts to attract investment into the International Financial Center, a planned free trade zone, and major urban and economic areas such as Dien Ban Urban Area, Southern Hoi An New Urban Area, Chu Lai Open Economic Zone, and Nam Giang Border-gate Economic Zone.

Samsung Home Corp vice chairman Lee Sang Pil said the company is a member of Samsung Home E&C, headquartered in Gyeonggi province, South Korea, with strengths in areas like project management and urban and real estate development.

Lee said Samsung Home Corp is seeking investment opportunities in Danang, particularly in industrial parks, smart cities, urban infrastructure, housing and commercial spaces in line with the city’s planning and development orientation.

He added that the company began studying the Danang market around three years ago and is now considering projects worth billions of dollars in the area, with a focus on industrial parks and smart urban developments.

The executive called for continued support from local authorities, including access to information and data to facilitate investment decisions.

In responsee, Danang Chairman An said he welcomes Samsung Home Corp’s interest, saying the city is currently rolling out a new planning framework aimed at building a modern, integrated and sustainable urban area.

Danang is pursuing a multi-center development model linked to strategic infrastructure, prioritizing investment in services, logistics, high-tech industries, and smart urban projects, An said, adding that the city is ready to facilitate site surveys and investment preparations in line with regulations.

On smart city development, the city leader noted that the approach remains a long-term priority but must be implemented in line with detailed planning for each area.

For industrial parks, An assigned the Danang High-Tech Park and Industrial Zones Authority and the Chu Lai Open Economic Zone Authority to proactively provide investors with full information on policies and investment conditions to support the next steps.

South Korea ranks fourth among 45 countries and territories investing Danang. The city has licensed 345 South Korean-invested projects with total registered capital exceeding $1.3 billion, mainly in manufacturing, garments, and services, local official data shows.

Among the largest investors is HS Hyosung Quang Nam Co Ltd, a unit of HS Hyosung Group, which has registered a 100-hectare investment worth $1.3 billion at Tam Thang Industrial Park to support the automotive supply industry.

Since 2018, HS Hyosung Quang Nam has invested nearly $470 million in tyre cord fabric and airbag fabric manufacturing plants covering almost 40 hectares at the same industrial park.

More recently, the company signed an MoU to invest $100 million in a commercial and automotive carpet manufacturing plant at the expanded Tam Thang Industrial Park, covering about 10.9 hectares.

Dentium Co Ltd has invested in three projects at the Danang Hi-Tech Park with total capital of $257 million, including the ICT VINA 3 manufacturing plant, licensed in 2024 with investment of $177 million, alongside earlier projects approved in 2018 and 2020. Dentium’s facilities focus on research and production of high-tech medical equipment.

City Chairman An said that alongside cultural exchanges and sustainable tourism cooperation, Danang is prioritizing investment partnerships with South Korean firms in areas such as semiconductors, artificial intelligence, Internet of Things platforms for industrial parks and smart cities, gene and stem cell technologies, logistics and air logistics, pharmaceuticals, and the development of the Ngoc Linh ginseng brand.