Da Nang unleashes resources and attracts investment in economic development

Da Nang still has room for growth with many potentials and advantages to attract all investment resources, especially FDI.

The city is committed to creating all advantages, removing obstacles and maximising the three main development pillars of tourism, high-tech industry, andmarine economy, together with culture, while creating favourable conditions for investors.

Affirming the position and strategic vision of Da Nang City as a pillar and driving force connecting the Centraland Central Highlands regions with the whole country, at a recent meeting with the Standing Committee of the Da Nang City Party Committee, Prime Minister Pham Minh Chinh pointed out the limitations of Da Nang,such as the size and speed of economic development not being commensurate with its advantages and potential;or the economic scale still remaining modest. The city needs to focus on effective planning, creating new development spaces, and promoting comprehensive development.

The city also needs to urgently develop and complete the City Planning for the 2021-2030 period, with a vision to 2050, according to the Law on Planning with strategic vision, breakthrough thinking, synchronous and effective solutions, and then submit it to competent authorities for promulgation.

By committing to maximum support for businesses that have been pouring investment capital into key areas, Da Nang hopes to soon achieve the goal of attracting investment and successfully deploying the theme for 2022 which is "The Year of Safe Adaptation, Flexibility, Effective Disease Control and, Socio-Economic Recovery and Development".

At the recent investment forum in 2022, Da Nang City granted the investment registration certificate; decided to approve the investment policy and investment research policy; informed about the research; exploredinvestment opportunities and contributed ideas on subdivision planning projects; and signed a memorandum of understanding on investment research cooperation for 27 projects with total proposed capital of more than 5.6 billion USD.

Of these projects, 15 have been granted investment registration certificates and decisions on approval of investment policies, with total investment capital of over 369 million USD, creating a premise for Da Nang to continue to receive trust and confidence from investors.

Notably, the accumulated FDI capital by May 2022 forthe whole city of Da Nang saw 920 valid FDI projects with total investment capital of over 3.9 billion USD from 45 countries and territories worldwide.

Da Nang also announced the list of projects on attracting investment to the city in the 2022-2026 period, with a vision to 2030, including 36 projects with a focus on the fields of health, education, real estate-tourism, and services, trade; industrial infrastructure, information technology; high-tech industry; and logistics...

These are the strengths that Da Nang is focusing on to attract more investors, as well as a strategic vision for investors to learn and select in the context that the epidemic has a significant impact on socio-economic activities. The timely removal of obstacles and difficulties for investors and businesses is a very important factor to unleash investment resources.