Da Nang City calls for investment

Sunday, Jun 26, 2022 15:47

Prime Minister Pham Minh Chinh speaks at the Da Nang investment Forum. The event offers more investment opportunities for domestic and foreign investors. — Photo courtesy of Da Nang Investment Forum

The Government of Viet Nam will keep reforming policies in administrative procedure, legal environment, more transparency and publicity in creating trust and confidence among domestic and foreign businesses investing in Viet Nam and Da Nang.

Prime Minister Pham Minh Chinh made the comments at the Invest Da Nang Forum in the central city on Saturday, urging businesses to invest more in Viet Nam and Da Nang for both the benefit of business and the country’s prosperous development.

“The Government of Viet Nam is developing a wide-open economy to attract multi-sector businesses and investors for sustainable growth in climate change and global crisis and conflicts. We must strongly change institutions to be cooperative in dealing with market shocks,” PM Chinh said.

“We do all the best in preventing corruption, inflation control, flexible money policy, diversifying supply chains to create trust and stable conditions for investors when doing business in Viet Nam.”

The PM also highlighted the efforts in the control of the COVID-19 and support from partners in helping Viet Nam in the difficulties of the 2020-21 pandemic.

Investment licences and proposals are granted to investors at the Da Nang Investment Forum. — Photo courtesy of Da Nang Investment Forum

Despite COVID-19 not yet being fully controlled, Viet Nam actively organised the Southwest Asian (SEA) Games successfully while opening the market positively last October.

He urged businesses to invest in information technology, digitalisation, climate change, supply chains, urban infrastructure, human resources education, capital market, pharmaceuticals, medical equipment production, electronics, and innovation in Da Nang.

He said Da Nang and relevant ministries should offer the most favourable conditions for investors flocking to Viet Nam and Da Nang in the future.

Chinh said Viet Nam allocated a huge investment in infrastructure, health prevention, social security and welfare, business support and tax cut to balance the economy in dealing with unstable global conditions.

Japanese Ambassador to Viet Nam Yamada Takio said the Japan-Viet Nam relationship had been warmly promoted with visits by the two PMs of Viet Nam and Japan recently.

He said in the visit to Japan by the Vietnamese PM Chinh, 45 Memorandums of Understanding (MoU) had been signed worth $12 billion, while 22 MoUs with a total $910 million were inked during the visit by the Japanese PM Kishida Fumio to Viet Nam in May of 2022.

Sumitomo-BRG partnership wishes to join hand in developing Lien Chieu deepsea port in Da Nang that would share experience and knowledge from Yokohama port from Japan, the ambassador said.

He said 140 Japanese businesses with 216 projects worth $800 million have already docked at the city, and Mikazuki Spa&Resort was seen as the latest investment from Japan that was opened last week.

Fujikin International Incorporated from Japan commenced construction of an R&D centre at Da Nang High-Tech Park for operation in the third quarter of 2022.

The Japanese Government considers Da Nang as an important role in central Viet Nam, he added.

Carolyn Turk, Country Director for the World Bank in Viet Nam, appreciated the investment from the private sector as she said it would be a key element for the future development of Da Nang.

She said she believed the city’s authorities would keep improving the investment environment for private businesses.

Turk said the city had developed as a favourite destination with nearly 9 million tourists per year and a hub of trade, industry and service in Viet Nam.

She said Da Nang should eye on ‘green’ infrastructure, public space, traffic, and waste management to make it livable and improve climate change resilience.

"I am pleased to inform you that Da Nang City and the World Bank has commenced a joint-working group using cross-sectoral approach to holistically support the city in maximising its growth potentials by jointly addressing the city’s most complex challenges. We are committed to bring our global knowledge and experience, convening power, and financing to work with the city, development partners, private sectors and all stakeholders for the sustainable development of Da Nang," the World Bank official stated.

Speaking at the forum, the chairman of FPT Group, Truong Gia Binh, said the city had potential manpower in the IT industry with 44,000, of which 50 per cent were programmers, creating nearly $100 million of software export turnover in 2021, a 6.2 per cent growth year-on-year.

The city’s IT and communications industry contributed 8.2 per cent to its Gross Regional Domestic Product.

FPT, which supplies a fifth of the city’s IT manpower, is committed to investing in an education complex, training 10,000 IT engineers in 2024, making Da Nang a digital innovation centre worldwide.

Ho Ky Minh, vice chairman of the city’s People’s Committee, said Da Nang has called for investment in key industries and services, including sea and air ports, supportive sectors, logistics, luxury tourism, casino, fintech, innovation space, high-quality human resources, international hospitals and nursing home projects, international school.

Minh said the new Lien Chieu Port was planned for construction with an investment of VND10 trillion ($435 million).

A cruise docks at Da Nang's Tien Sa Port. The central city has called for investment in a new Lien Chieu Port for future development of logistics and a seaport urban. — VNS Photo Cong Thanh

He said the city would speed up construction infrastructure projects from the end of 2022, calling for international and domestic investments.

Six IZs and a high-tech park have attracted a total of 510 projects worth $3 billion, creating 75,000 jobs.

Local property developer BRG Group and Japan's Sumitomo Group have submitted investment proposals as part of their ongoing development of key infrastructure and logistics network upgrades in the central city.

Six industrial zones and a high-tech park in Da Nang drew 503 projects, including 130 FDI projects, worth $1.8 billion and $1.2 billion, respectively, from domestic investors.

At the forum, the city granted investment licences and proposals for 27 projects with an estimated value of $5.6 billion. — VNS

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