Da Nang licenses 14 foreign-invested projects in January

The central coastal city of Da Nang granted licences to 14 foreign-invested projects with total registered capital of nearly 1.69 billion USD in January, the municipal Department of Planning and Investment announced on February 4.

Most of the projects are in restaurant and catering services, information and technology as well as language training, the department said, adding that Da Nang is considering launching the city’s investment promotion programme in 2020. That would facilitate its promotion activities during the year.

Last year, the city attracted nearly 700 million USD in foreign investment, with 130 newly licensed projects with total registered capital of 410 million USD, eight times higher than one year ago and 16 operational projects raising 120 million USD, 63 times higher than 2018’s figure.

The city has seen 208 foreign investors contributing capital and acquiring shares with a combined value of 133.3 million USD, nearly triple that of 2018.

These positive figures were thanks to the city authorities’ great efforts to improve the investment and business environment to create more favourable conditions for investors in the city. Also, the city’s leaders have removed obstacles hindering investors.

Pham Bac Binh, Chairman of the Da Nang Association of Small- and Medium-sized Enterprises, said the city’s efforts in investment attraction have gradually brought positive results.

Binh told the online newpaper baodanang.vn that there remained room for the city to absorb more investment in the near future. To this end, Da Nang should seek strategic investors who could pump investment into the city’s key industries, he said.

Meanwhile, Pham Truong Son, head of the Da Nang High-Tech Park and Industrial Zones Management Board, emphasised the importance of perfecting the database for investment promotion and to effectively organising domestic and overseas promotion activities, focusing on potential markets such as Japan, the Republic of Korea, the US and Europe.

Between now and 2025, the city is calling for domestic and foreign investment into 57 key projects, following recent approval from the municipal People’s Committee.

The approved projects are involved in various sectors, namely education, healthcare, tourism-services-commerce, culture and sports, information technology-industrial infrastructure, hi-tech industry, environmental improvement, transport-infrastructure-logistics, and hi-tech agriculture.

Notable amongst these projects are such large-scale ones as the Lien Chieu mega-port, which is expected to use 3.42 trillion VND from the State budget and 3.95 trillion VND from the private sector; a 54.5-trillion VND mass transit system featuring metros and tramways; the relocation of the city’s railway station and urban redevelopment totalling 12.63 trillion VND and parking areas worth a total of 2.5 trillion VND.

Other projects included a solid waste treatment plant valued at 3 trillion VND; a 2.13-trillion VND smart city building project; horse-racing course and horse breeding centre totalling an estimated 4.55 trillion VND; and an underground entertainment and shopping centre capitalised at 900 billion VND.

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