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

An overview of Danang. The central coastal city is emerging as an attraction
destination for foreign investors. Photo nhadautu.vn

Most of the projects are in restaurant and catering services, information and technology as well as language training, the department said, adding that Danang 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 in foreign investment, with 130 newly licensed projects with total registered capital of $410 million, eight times higher than one year ago and 16 operational projects raising $120 million, 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, 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 Danang 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, Danang should seek strategic investors who could pump investment into the city’s key industries, he said.

Meanwhile, Pham Truong Son, head of Danang 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 VND3.42 trillion from the State budget and VND3.95 trillion from the private sector; a VND54.5-trillion mass transit system featuring metros and tramways; the relocation of the city’s railway station and urban redevelopment totalling VND12.63 trillion and parking areas worth a total of VND2.5 trillion.

Other projects included a solid waste treatment plant valued at VND3 trillion; a VND2.13-trillion smart city building project; horse-racing course and horse breeding centre totalling an estimated VND4.55 trillion; and an underground entertainment and shopping centre capitalised at VND900 billion.