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Da Nang City calls for investment

The Government will keep following reform policies in administrative procedure, legal environment, more transparency and publicity in creating trusts and confidence among businesses investing in VN and Danang with the win-win target.

Prime Minister Phạm Minh Chính speaks at the Đà Nẵng investment Forum. The event offers more investment opportunities for domestic and foreign investors. Photo courtesy of Đà Nẵng Investment Forum

Prime Minister Phạm Minh Chính made the comments at the Invest Đà Nẵng Forum in the central city on Saturday, urging businesses to invest more in Việt Nam and Đà Nẵng for both the benefit of business and the country’s prosperous development.

“The Government of Việt 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 Chính 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 Việt Nam.”

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

Investment licences and proposals are granted to investors at the Đà Nẵng Investment Forum. Photo courtesy of Đà Nẵng Investment Forum 

Despite COVID-19 not yet being fully controlled, Việt 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 Đà Nẵng.

He said Đà Nẵng and relevant ministries should offer the most favourable conditions for investors flocking to Việt Nam and Đà Nẵng in the future.

Chính said Việt 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 Việt Nam Yamada Takio said the Japan-Việt Nam relationship had been warmly promoted with visits by the two PMs of Việt Nam and Japan recently.

He said in the visit to Japan by the Vietnamese PM Chính, 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 Việt Nam in May of 2022.

Sumitomo-BRG partnership wishes to join hand in developing Liên Chiểu deepsea port in Đà Nẵng 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 Đà Nẵng High-Tech Park for operation in the third quarter of 2022.

The Japanese Government considers Đà Nẵng as an important role in central Việt Nam, he added.

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

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 Việt Nam.

She said Đà Nẵng 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 Đà Nẵng 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 Đà Nẵng," the World Bank official stated.

Speaking at the forum, the chairman of FPT Group, Trương Gia Bình, 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 Đà Nẵng a digital innovation centre worldwide.

Hồ Kỳ Minh, vice chairman of the city’s People’s Committee, said Đà Nẵng 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 Liên Chiểu Port was planned for construction with an investment of VNĐ10 trillion ($435 million).

A cruise docks at Đà Nẵng's Tiên Sa Port. The central city has called for investment in a new Liên Chiểu Port for future development of logistics and a seaport urban. VNS Photo Công Thành 

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 Đà Nẵng 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.

Source: VNS

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