Deputy Director of the city’s Investment Promotion Agency (IPA) Huynh Thi Lien Phuong, said an investor – Maxtrix Holdings – had asked the city to allocate 100ha for a race track and 200ha for a farm and training facilities.

Lien said the city had chosen an appropriate area for the project.

The project has the biggest investment of 44 plans approved by the municipal People’s Committee last month.

The city is also looking to develop the Da Nang Software Park No 2 on 5.26ha with an estimated 91.6 million USD, and the Pegasus University urban zone with an investment of 15 million USD.

It said the project would include a software park, a 26-storey apartment building and offices.

Da Nang will reserve land for building a financial centre, casino and resort projects along Vo Van Kiet and Vo Nguyen Giap streets in Spn Trà district.

According to the IPA, Da Nang has granted 322 new licences for domestic investors worth 97 trillion VND (4.2 billion USD), and attracted 675 foreign direct investment projects worth 2.9 billion USD.

The IPA said businesses from Singapore are eying Da Nang as a potential investment destination in central Vietnam, especially in the fields of health care, advanced technology and tourism.-VNA