The central city of Da Nang granted new licences to 126 foreign direct investment (FDI) projects in 2018 with a total investment value of US$155.9 million – double the level it saw in 2017.

Director of the city’s planning and investment department Tran Phuoc Son said the city also agreed to six new projects from domestic investors worth VND6.3 trillion ($278 million).

According to the latest report from the department, Da Nang has attracted a total of 679 FDI projects worth $2.9 billion and 322 domestic projects worth VND95.876 trillion ($4.2 billion).

Son said the city saw 22 projects in industrial zones (IZs) worth a total of $60.5 million and seven projects in the Hi-tech Park worth $204 million in 2018 alone.

To date, the city has drawn 473 projects in IZs worth $1.8 billion, while the Hi-tech Park alone had 15 projects worth $390 million.

Tourism estate and service projects made up 60 per cent of all new FDI projects in 2018, while manufacturing industry projects were the other 40 per cent, a report from the city’s investment promotion agency showed.

Singapore was the biggest source of investment in Da Nang with 23 projects worth $717 million, while Japan came behind with 134 projects worth $598 million.

The US ranked third with 46 projects worth $517 million. South Korea was the fourth with total investment of $244.6 million.

Da Nang will encourage investors in hi-tech industries and high-quality services in the form of PPPs (public-private partnerships) as well as investments in waste treatment, infrastructure and solar and wind power.

The city has 68 PPP projects, 22 of which are in the hi-tech sector, with an estimated investment of $1.4 billion in 2017-20.

Da Nang also designed a 1,010 hectare high-tech park as a hub for green and hi-tech investors from Japan, Thailand, South Korea, Singapore and the US. — VNS