Commitment to Creating Favorable Environment
According to Mr. Le Trung Chinh, Chairman of the People’s Committee of Da Nang City, in the current and future stages, Da Nang has planned to attract investment as well as prepare infrastructure, human resources, mechanisms… to attract domestic and foreign businesses for investment and development. At the local level, Mr. Le Trung Chinh believes that unlocking resources will contribute to the city’s socio-economic development. Speaking to investors and the head of the city’s People’s Committee, he affirmed that the locality is ready and welcomes partners and investors, and will create the most favorable conditions for effective cooperation, investment, and business in Da Nang.
Da Nang has set a target to achieve a GRDP growth rate of 8-8.5% in 2024. In order to achieve this goal, it is necessary to attract more and more big investors to the locality. In terms of policy mechanisms, the city government has made commitments to create a favorable investment environment.
Da Nang is focusing on preparing infrastructure, human resources, mechanisms… to attract investors
Specifically, the city has committed to creating the best conditions for international integration and foreign affairs activities to further connect Da Nang with the world; significantly improve the business investment environment, promote administrative procedure reform; fully prepare in terms of planning, infrastructure to be ready to attract investment capital, especially in information technology zones, high-tech zones, industrial zones, and clusters.
In particular, the city is accelerating the progress of investing in important transport infrastructure such as the Cargo Terminal at Da Nang International Airport, promoting the opening of additional international routes, and promoting the Construction Investment Project of Lien Chieu Port and many other projects, technical infrastructure.
In addition, Da Nang also commits to enhance the development of high-quality human resources to meet the increasing requirements of businesses, especially in the fields of semiconductor chips, microcircuits, artificial intelligence…
We are committed to creating a transparent, fair, and open investment environment and continue to carry out administrative reforms. With such policies, investors can invest in Da Nang with peace of mind, Mr. Le Trung Chinh emphasized.
The efforts of Da Nang City in the past period have been highly appreciated by investors. Mr. Park Jihoon, Director of KP Aero Viet Nam Company, shared that before deciding to invest in Da Nang, he also had concerns. However, since officially deciding to invest here, everything has changed, in just one month the company has obtained an investment certificate. Administrative procedures are very fast, very flexible, and the functional agencies of Da Nang coordinate with us wonderfully. We are very satisfied with the investment environment here.
Promising Signs…
Da Nang is the first locality in Vietnam to issue the Project on Integration and International Cooperation until 2030.
It is known that in 2023, Da Nang granted new and adjusted investment project decisions/investment registration certificates for 57 projects with a total registered investment capital of VND 58,172.53 billion; attracted USD 202.643 million of foreign direct investment (FDI), of which 110 new projects were registered with newly registered capital of USD 171.407 million. Up to now, there have been 1,020 FDI projects (in and out of industrial zones) with a total registered investment capital of over USD 4.27 billion in the city area.
Da Nang High-Tech Zone – The only high-tech zone in Central – Highlands region.
Also in 2023, Da Nang attracted many significant investment projects. Notably, Foxlink International Investment Ltd (Taiwan, China) invested in the Foxlink Da Nang Electronics Factory project in the High-Tech Zone with a total investment capital of USD 135 million and a land area of 11.35ha. The project aims to manufacture touch pens, wireless headphones, batteries, charging stations, electronic boards, and when operational, it will create jobs for nearly 2 thousand workers.
With its efforts, as the first months of 2024 start, attracting investment, especially foreign investment in Da Nang, has shown promising signs. Accordingly, KP AERO INDUSTRIES CO., LTD (South Korea) held a groundbreaking ceremony for the KP VINA Aviation Component Factory project, with a total investment capital of USD 20 million in the High-Tech Zone Da Nang. The factory will be the production, processing, and assembly place for aircraft components, including auxiliary engine doors, MIC heads, wing boxes, wings, and the flaps of Boeing 787 and Boeing 737 Max aircraft. According to the plan, the KP VINA Aviation Component Factory will be completed and put into operation in September 2024.
Similarly, local functional agencies have also issued investment certificates to MM Mega Market Vietnam Co., Ltd. with the MM Mega Market Danang Commercial Center project with a total investment value of nearly USD 20 million. The project is being built in Lien Chieu district. It is known that the upcoming supermarket project will be built according to the hypermarket standards based on the model of BigC Thailand with accompanying utilities such as supermarkets, shops, restaurants, and cinemas…
According to the representatives of the Management Board of the High-Tech Zone and industrial zones in Da Nang, 2024 and 2025 will welcome some potential investors to the locality. Apart from the possibility that Foxlink Electronics Company Da Nang will invest in phase 2 and subsequent phases, there are some semiconductor chip businesses from Taiwan (China), Japan expected to build factories on 50ha of land at the High-Tech Zone. Therefore, the unit is applying for approval to adjust the High-Tech Zone to set aside land for production. In the future, when expanding, it will study the production land ratio and other suitable zones.
The target in 2024, the Management Board of the High-Tech Zone and industrial zones in Da Nang, along with related units, strive to attract at least 3 investment projects to the Da Nang High-Tech Zone with a total investment capital of about USD 200 million. The projects focus on 3 main industries, including aerospace technology, semiconductor chips, and high-quality medical field…
