Connect with us

What are you looking for?

ECONOMY

Da Nang urged to improve investment environment

Despite attracting 341 investment projects with 847.3 million USD in 2018-2020, Da Nang City has to cope with poor development of supportive industries and the skilled labour force for high-tech industries in its efforts to build the city into an investment hub in central Vietnam.

and-use, administrative procedures and investment papers were reviewed at a conference on 2016-2020 investment attraction in Da Nang last week.

The event was a chance for the city to review its five-year development policy and plan for the future.

The Honorary Deputy Consul of Spain in Da Nang, Jose Sanchez Barroso Gonzalez, said the city needed to improve transparency in land-use, administrative procedures and investment licences for investors.

He said many companies from Europe wish to invest in waste treatment, education and tourism in Da Nang.

He said Eurocham would act as a bridge to build business links between Da Nang and Europe.

General Director of the Korea Trade and Investment Promotion Agency (KOTRA) Da Nang, Lee Sung-nyung said: “Vietnam has built an image of a ‘stable country’ by effectively controlling the first and second waves of the coronavirus pandemic, and the good image will provide a huge opportunity to attract investment in Vietnam and Da Nang in the post-COVID-19 era.”

He added that Da Nang has most of the fundamental conditions including location, abundant well-trained workforce, competitive investment costs and safe living conditions that may lure foreign investment.

“It was appreciative that Da Nang held a webinar early this month for Korean companies. It is the time to focus on encouraging existing investment companies to expand their investment by aftercare management including collecting and solving their difficulties.”

Lee also recommended that the local government create more platforms to listen to businesses and investors, improving in procedure processing time and faster administrative procedures related to investment.

He said many Korean companies still face invisible barriers and delays in the investment process.

General manager of the Universal Alloy Corporation – a leading global manufacturer of aircraft components for aerospace companies – from the US, Liviu Lese said: “After two years investing into Da Nang City, we recognise that our decision on choosing Da Nang as an investment destination is the right choice with multiple advantages.”

“It’s the transparency, professional and enthusiastic support from Da Nang authority and Hi-tech Park, and relevant departments. High-quality workforce meeting the company hiring demand and recruited from famous universities, colleges in the city,” Lese added.

“The infrastructure system and global logistics solutions from Da Nang allow UAC to easily reach a global aerospace industry. So, we completed the first phase ahead of committed schedule, receive the international aerospace certifications, and ensure products to be exported to our customers on time and with top quality,” he said.

“The COVID-19 pandemic has a global impact on the economy and companies in general. In order to attract more investment and support the enterprises for future development, we are looking forward to a new 2021 with the international air travel open, hoping that this pandemic will soon be controlled all over the world, and Da Nang will be able to welcome even more investors to this beautiful and potential city in the future.”

Ikeda Naoatsu, general director of Daiwa Vietnam, said Da Nang has advantages of human resources and close distance from the airport to industrial zones, but the city should improve education for high-quality labour for the future.

He also suggested the city offer cheap apartments for rent for labourers working and living in Da Nang.

The Japanese director warned about the lack of water and power supply at the IZs as well as the legal system among companies.

Daiwa has just opened its third factory in Da Nang after a 15-year investment course in the city, worth a total $90 million.

Nguyen Trung Chinh, Chairman of CMC Corporation, the second-largest information and communications technology (ICT) group in Vietnam, praised Da Nang for quick investment licence and planning grants.

He said the Da Nang-based CMC creative space – a digital hub in the Asia-Pacific region – would be built with an estimated investment of 522 million USD.

Tran Hong Son, from Long Hau Corporation, said the city should reserve space for supportive industries companies to serve key high-tech investors in the coming years.

To date, Da Nang has 876 foreign direct investment projects worth a total of 3.52 billion USD.

VNA

CORPORATE

Vietnamese conglomerate Vingroup will develop a vaccine factory with an annual capacity of 100-200 million doses in Hoa Lac Hi-Tech Park in Hanoi. This...

CORPORATE

Vietnam’s conglomerate VinGroup announced on July 27 that it has appointed Michael Lohscheller as CEO of its automotive division VinFast Global. Lohscheller, who used...

ECONOMY

After the first year in effect, the EU-Vietnam Free Trade Agreement brought about remarkable achievements even in the midst of an unprecedented global pandemic....

ECONOMY

Vietnam’s electronics industry has been affected by the pandemic, a trend that could increase global chip shortages and lower electronics output. Vietnam has four...

Scroll Up