Korean investors seek opportunities in Da Nang IT Park

Monday, Dec 07, 2020 06:43

Korean investors visit the surface-mount technology (SMT) factory in the Da Nang Hi-Tech Park. — VNS Photo Cong Thanh

Representatives of almost 30 Korean firms have been seeking investment opportunities in the Da Nang Hi-tech Park after paying a field visit to the new operated surface-mount technology (SMT) factory on December 4.

General director Nguyen Anh Huy from Da Nang Hi-tech Park joint-stock development company said the visit was part of the investment promotion programme to attract hi-tech investors from Korea.

Huy said the IT Park, which was built on 131ha in the first phase costing US$47 million, offered good conditions for working and living in a combined urban zone in the northwest region of Da Nang.

He said investors would get special preferential mechanisms from the park with free land rental from five to 50 years depending on investment scale, and preferential corporate income tax for 15 years.

“We offered top priorities for hi-tech investors with positive investment promotion policies in filling up working space in the first phase park in three or five years, Huy said during a meeting with Korean investors including Busan and Incheon Ports, Lotte Land, Hanwha Techwin Security Viet Nam, LS Electric and Posco.

"Investors will be exempted from import tax of production material and information technology service as well as export tax.

“The park had reserved 26ha for eco-living urban near the park in offering living space for investors and their families,” he said.

He added the park has called hi-tech engineers and experts from the US, Singapore, Japan, Europe and Korea to create a ‘Silicon Valley’ in central Viet Nam.

Last month, Korea’s LG Electronics began construction of its research and development (R&D) centre – the second in Viet Nam – at the Da Nang Information Technology Park Tower

Da Nang IT Park company plans to invest $74 million in the second phase on 210ha for investors from Silicon Valley and businesses in healthcare, high-tech industries, Artificial Intelligence (AI), education, real estate and automation.

According to the city’s investment promotion agency, Korea is one of the top five foreign investors in Da Nang with 232 projects worth $390 million – 11 per cent of total foreign direct investment fund.

The Consulate General of the Republic of Korea was opened in Da Nang last month in boosting investment and trade between Korea and central Viet Nam.

The South Korea Trade and Investment Agency (KOTRA) also debuted a representative office in Da Nang to promote investment and connections with Korean investors from 2018. — VNS

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