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FDI inflow in Da Nang hits nearly $700m in 2019

A vehicle assembly plant invested by Nissan Vietnam Ltd - a joint venture between Nissan Motor Co Japan and Tan Chong Motor Holdings Berhad Malaysia in Da Nang.- Photo baochinhphu.vn

Foreign investors pumped nearly US$700 million into the central coastal city of Da Nang in 2019, according to the municipal Department of Planning and Investment.

Of the total, about $440 million was invested in 132 newly-licensed projects during the year, eight times higher than one year ago, while $120 million was added to 16 operating projects, 63 times higher than 2018’s figure.

During the year, foreign investors also spent $135.3 million on capital contribution and share purchase in domestic enterprises, nearly triple that of 2018.

In addition to foreign-invested projects, the city last year also granted in principle approval for nine domestically-financed projects, worth VND8.82 trillion. That brought the number of projects in the locality up to a value of more than VND104 trillion.

The positive figures were attributable to local authorities’ great efforts in accelerating administrative reforms to better facilitate domestic and foreign investors, the department’s director Tran Phuoc Son told online newspaper enternews.vn.

This year, the city will concentrate on developing technical infrastructure of industrial zones and clusters and fostering investment promotion targeting foreign businesses who will invest in the city’s key sectors, such as IT and supporting industries, Son said.

In order to continue luring investment, the city will deploy a number of key projects such as an overall development plan for Da Nang Hi-Tech Park; one-stop shop model for the preparation, licencing and management of investment projects outside industrial parks and hi-tech zones and the improvement of hi-tech innovative features and hi-tech start-ups, the online newspaper nhandan.com.vn cited vice chairman of the municipal People’s Committee, Ho Ky Minh, as saying.

The city also focuses on promoting activities and events which effectively approach strategic investors in key markets, such as Japan, South Korea, Singapore, the US and Europe, he told the newspaper.

Le Tri Hai, Vice Chairman of the Da Nang Young Entrepreneurs’ Association said in order to improve the investment environment and enhance investment attraction, Da Nang needed to accelerate investment procedures, develop environmental impact assessments and issue investment guidelines.

VNA

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