Central city to build duty-free zone

Saturday, Feb 13, 2021 15:19

A new urban area in Lien Chieu District of Da Nang. The city has been finalising the detailed plan for the first international duty-free zone and smart urban project. — Photo courtesy of Trung Nam Group

Da Nang authorities are building a detailed plan for the city's first international duty-free zone and smart urban area for investors, with construction set to commence soon as the Import-Export Pan Pacific Group (IPPG) has asked the city to allocate land for the project.

Director of the city’s Investment Promotion Agency Huynh Thi Lien Phuong told Viet Nam News that the project had been finalising the city's first international standard downtown duty-free zone and factory outlet centre.

Lien said the city would offer the best conditions for the investor to start the project.

She said the city also planned a downtown free-duty shop at the coastal crown plaza in Ngu Hanh Son District to seek investment.

In 2019, IPPG proposed the project with an investment of US$434 million, but an appropriate land area was yet to be offered.

In 2018, chairman of the group, Jonathan Hanh Nguyen, urged the city to build a third terminal to ease congestion and design an international standard duty-free zone and recreational area to funnel tourism towards Hoi An, Hue and Da Nang.

He said Da Nang would be a new location for a luxury shopping centre for future development and investment attraction.

Da Nang has been designing the 1,100ha Hi-Tech Park as Viet Nam’s ‘Silicon Valley’ to earn revenue of $1.5 billion each year with 25,000 jobs and a satellite city of 100,000 people after 2023.

The US-based aviation firm Universal Alloy Corporation (UAC) put the Sunshine Aerospace Components Factory into operation in the first phase in 2020.

Korea’s LG Electronics also debuted its research and development (R&D) centre – the second in Viet Nam – at the Da Nang Information Technology Park Tower

CMC Corporation, the second-largest information and communications technology (ICT) group in Viet Nam, plans to build the Da Nang-based CMC creative space – a digital hub in the Asia-Pacific region – with an estimated investment of $522 million.

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

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