Da Nang licenses $419m in new projects; $2.6b proposed

Friday, Mar 01, 2019 08:00

An entrance to an industrial Zone in Da Nang. The city has granted investment licences to seven projects and proposals to 15 more. — VNS Photo Cong Thanh

The central city’s People’s Committee said it had granted licences to seven foreign direct investment projects worth US$419.4 million, and agreed investment research for 15 other projects worth an estimated $2.6 billion.

The city said the projects included three automobile production and accessories projects from Malaysia, Russia and Taiwan, and two tourism property projects from Japan.

Mabuchi Motor also planned to expand its plant in Hoa Khanh Industrial Zone with $30 million, while Tan Chong Group has agreed to pour $50 million to build a second Nissan car manufacturing factory in the zone.

Property companies Katsuura Hotel Mikazuki and Sun Frontier Investment have agreed to spend more than $156.4 million on a five-star resort and riverside tower project.

Russian automotive manufacturer Gorkovsky Avtomobilny Zavod (GAZ) in a joint-venture with local Thanh Dat Group would build an automobile plant at Hoa Khanh IZ, while Taiwanese Hao Hsing Investment Company would start manufacturing exhaust pipes for cars and motorbikes.

In a statement released on Wednesday, the city said it had given permission for a joint-venture between Sakae Holdings and Fission Holdings from Singapore and import-export Newtechco of Viet Nam to survey a finance, trade and casino (Da Nang Gateway) project in Son Tra District with estimated funding of $2 billion.

A ship at a factory in Da Nang. The city eyes investment in hi-tech industries. — VNS Photo Cong Thanh

The Hoa Cam Industrial Zone has given permission for studies into developing the Hoa Cam IZ in the second phase with an expected investment $1.63 billion.

Property developer Sun Group has also proposed two entertainment projects in Hoa Vang and Ngu Hanh Son districts worth $840 million.

IT giants, the Viet Nam Posts and Telecommunications (VNPT) Group and Military Telecommunications Group (Viettel), are looking to develop a software park and an IT centre in downtown Lien Chieu and Hai Chau with total capital of $155 million.

Alton International Enterprises from Hong Kong and Key Tronic EMS from the US have also proposed two electronics manufacturing projects with a total of $137 million in investment.

The Viet Nam Dairy Products Joint Stock Company (Vinamilk) plans to build a dairy farm in Hoa Vang District with $31 million.

The city said investors would be allowed to start their studies for the proposed investment projects before submitting plans to the city for approval. — VNS

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