“Silicon Valley” of Vietnam in the Near Future
The Northwest area of Da Nang is planned to focus on the development of two-thirds of its pillars: High-tech Industry and Marine Economy, aiming to become Vietnam’s “Silicon Valley”. In the list of investment projects in Da Nang city for the period of 2022 – 2026, with an orientation towards 2030, Da Nang calls for many high-tech and information technology projects in this area.
As of the first quarter of 2024, there have been 30 investment projects in the Da Nang High-Tech Park, including: 17 domestic projects with a registered investment capital of 8,198 billion VND (equivalent to 334.67 million USD); and 13 foreign direct investment (FDI) projects with a registered investment capital of 726.70 million USD.
Notable among these are several large-scale projects such as: a data center and office complex, an information technology exhibition and showroom; specialized ICT supporting factories; R&D centers; the Da Nang IT Concentration Area, and several projects in the field of aerospace technology, robotics design and manufacturing, etc.
In addition, the Northwest region is home to the majority of Da Nang’s industrial parks, such as Da Nang Industrial Park, Hoa Khanh Industrial Park, Hoa Khanh Expanded Industrial Park, Lien Chieu Industrial Park, Hoa Cam Industrial Park, and Da Nang Fisheries Service Area, with a total land area of over 1,160 hectares… This area promises to be a forefront in capturing the trend of economic group migration, promoting local and regional economic development.
The high-tech park here is oriented to become an IT community of similar quality to the Silicon Valley model in the US. It promises to maximize the attraction of scientists, engineers, and technology experts from home and abroad when it comes into operation. The project is expected to generate revenue of about 3 billion USD/year, along with about 25,000 employees. This place will become a satellite city in the Northwest of Da Nang with about 100,000 residents.
Lien Chieu Port – A Great Driving Force for Da Nang’s Marine Economic Development
In addition to high-tech industry, one of the three pillars planned as a key focus in the Northwest of Da Nang is the development of the marine economy. Accordingly, the investment in the construction of Lien Chieu seaport, with a total investment of more than 3,400 billion VND, is expected to change the face of Da Nang city.
Lien Chieu Port is classified as a type I deep-water port and is one of the three largest ports in the country and the largest in the Central region. According to the People’s Committee of Da Nang city, the quantifiable values when Lien Chieu Port comes into operation can reach up to tens to hundreds of trillions of VND each year, similar to Hai Phong Port and Ho Chi Minh City Port.
Not only does it play a significant role in the economy and national security, Lien Chieu Port is also of particular importance in promoting investment attraction and creating favorable regional linkages. As a result, the port will become a driving force for the sustainable socio-economic development of not only Da Nang but also the Central region.
Da Nang Free Trade Zone – A Pioneering Breakthrough Model in Vietnam
In line with Lien Chieu Port is the policy to establish the Da Nang Free Trade Zone (FTZ) to maximize the advantages of trade. This will form a dynamic area with great potential to attract international corporations to build shopping malls with high-quality services, diverse trade and service activities associated with the central role of Da Nang city.
In the world, the FTZ model is quite developed, such as the Shanghai FTZ, Dubai FTZ, Icheon FTZ (South Korea), and Singapore FTZ… These FTZs attract billions of USD in foreign investment, create jobs for millions of workers, and become symbols and dynamic trading centers in the region.
The above-mentioned FTZ models have in common their proximity to seaports and well-invested infrastructure, similar to Da Nang’s current position. Therefore, the formation of the FTZ also helps Da Nang city accelerate the process of capital and technology accumulation, contributing to the enhancement of foreign economic activities; playing a leading role in driving the development of other regions and the country.
Northwest Da Nang – The New Development Spearhead of Da Nang City
Taking advantage of many strengths, Da Nang city is promoting urban development towards a multi-polar model, forming two economic belts, focusing on four priority groups of jobs: High-Tech Industry Cluster; Port and Logistics Cluster; High-Tech Agriculture Cluster, and Innovation Cluster.
Benefiting from its location and synchronous planning, the Northwest of Da Nang is undergoing a spectacular change in infrastructure, attracting the development of many large-scale projects that are significant to the common goal. Towards 2030, with a vision towards 2045, Da Nang’s economy will become a center of high technology and marine economy, forming a key logistics service supply chain in the Central region.
Special offers and incentives for investing in the high-tech zone
A wide range of preferential policies and investment support in high-tech zones are stipulated in Decree No. 10/2024/NĐ-CP by the Government.
Investment of nearly 9,200 billion VND for Trà Vinh coastal corridor construction
The Prime Minister has just approved the proposal for the “Construction of a coastal corridor in Trà Vinh province”. The project is under the management of the People’s Committee of Trà Vinh province, with a total estimated investment of nearly 9,187 billion VND; of which, the loan from the Asian Development Bank (ADB) is over 6,716 billion VND, and Trà Vinh province will contribute over 2,470 billion VND.
Vietnamese diaspora entrepreneurs looking to invest in the semiconductor industry in Vietnam.
In addition to supporting the export of Vietnamese goods to over 40 countries and territories, the overseas Vietnamese community also aims to invest in the semiconductor chip manufacturing sector, development projects, and workforce training for Vietnam’s digital transformation.
Major provincial city set to become two districts as province transforms into centrally-governed municipality
In early 2024, The People’s Committee of Thua Thien Hue Province issued Plan No. 40/KH-UBND along with a Summary of the “Project for the Central City and the Arrangement and Establishment of District-level and Commune-level Administrative Units Based on Administrative Boundaries of Thua Thien Hue Province”.
