With the permission to implement unique and superior policies, Da Nang is welcoming a new wave of investment from strategic investors, expected to create momentum to propel the city to new heights.
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| Da Nang City has signed cooperation agreements with many foreign partners to promote the development of key sectors. |
The sweet fruits attract investment.
With its strategic location, Da Nang has always received attention from the central government in the city's construction and development. The Politburo has issued two resolutions on the construction and development of Da Nang: Resolution No. 33-NQ/TW in 2003 and Resolution No. 43-NQ/TW in 2019, on the construction and development of Da Nang City until 2030, with a vision to 2045. These important decisions have created momentum for the city's development.
In fact, after being separated from the province and established as a centrally-governed city in 1997, Da Nang has transformed and developed from a poor place into a livable city with a per capita income among the highest in the country. Da Nang has risen to become one of the major economic centers of the Central and Central Highlands regions.
To attract strategic investors into information technology and high-tech sectors, in addition to the High-Tech Park, Da Nang City also has the Da Nang Software Park, the FPT Complex, and the Da Nang Concentrated Information Technology Zone Phase I. The city has also invested in building Software Park No. 2; attracted investment in the Hoa Xuan Creative Space; and supported the implementation of investment procedures for the construction of the Viettel High-Tech Building and the Da Nang Bay Information Technology Park. Da Nang currently has approximately 46,000 digital technology personnel and 2,450 digital technology enterprises, ranking second nationwide…
Statistics show that, despite occupying only about 0.8% of the area, Da Nang City concentrates more than one-sixth of the entire region's businesses, generating nearly one-thirteenth of the GRDP and more than one-ninth of the total budget revenue of the 19 provinces in Central and Central Highlands regions in 2020. Da Nang's GRDP ranked 16th nationwide, 4th out of 5 major cities in the country, with a total GRDP at current prices in 2020 exceeding 103,000 billion VND…
Da Nang City has also positioned itself as a top destination on the world tourism map, a favorite tourist spot for both domestic and international visitors. Furthermore, Da Nang has established itself as a center attracting high-tech industries; a logistics hub and a center for startups, innovation, and creativity in the Central and Central Highlands regions. Experts affirm that Da Nang's socio-economic development achievements are "outstanding and distinctive."
Indeed, Da Nang has experienced a period of miraculous development. One of the reasons for this success is its ability to attract significant investment from both domestic and international investors.
According to the Da Nang Department of Planning and Investment, the city has 777 domestic projects with a total investment of over 255,143 billion VND. Of these, 378 projects are located outside industrial zones, with a total investment of 220,676 billion VND; and 399 projects are located within industrial zones, with a total investment of 34,466 billion VND.
Foreign direct investment (FDI) has also been continuously poured into Da Nang by investors. During the period 2019-2023, the city attracted US$1.41 billion in FDI, ranking third among the 14 provinces and cities in the North Central and Central Coastal regions. FDI into Da Nang is concentrated in key sectors such as real estate business (57 projects, total registered capital of US$2.58 billion), processing and manufacturing industries (177 projects, total registered capital of US$1.86 billion), and accommodation and food services (181 projects, total registered capital of nearly US$1.3 billion)... To date, Da Nang has 1,012 FDI projects with a total investment of over US$4.35 billion from 58 countries and territories…
In addition to its strategic location and modern infrastructure, Da Nang City has created the most favorable investment environment for businesses. Da Nang has accelerated administrative reforms, creating a transparent investment and business environment; established an inter-agency task force on investment promotion and support; and reviewed and streamlined procedures related to investment and land. As a result, Da Nang's Public Administration Reform Index (PAR INDEX) and Provincial Competitiveness Index (PCI) consistently rank among the top in the country.
This has become the "secret" to Da Nang's success in attracting investment.
New opportunities
In May 2024, representatives of Marvell Technology Corporation (USA) announced plans to open additional integrated circuit design centers in Ho Chi Minh City and Da Nang. According to Mr. Le Quang Dam, General Director of Marvell Technology Vietnam, the corporation chose Da Nang for three reasons to open its integrated circuit design center.
Firstly, Da Nang has an advantage in terms of human resources in the fields of analog signal processing, mixed signals, and artificial intelligence (AI) applications.
Secondly, Da Nang's infrastructure, from transportation and housing to the living environment, is excellent.
Thirdly, there is a strong commitment from Da Nang's leadership to investing in the microchip and semiconductor industry.
Not only Marvell, but recently, a number of leading global companies, such as Qualcomm and Nvidia, have also worked with Da Nang City to promote specific cooperation programs in the development of microchips, semiconductors, and AI.
This shows that Da Nang City has strong investment appeal, especially in the context of Resolution No. 136/2024/QH15 of the National Assembly on the organization of urban government and piloting some specific mechanisms and policies for the development of Da Nang City, which has just been passed.
This important policy decision grants Da Nang many unique and superior mechanisms with broad impacts across many fields. In particular, in attracting investment, Da Nang will focus on strategic investors.
Accordingly, priority projects to attract strategic investors to Da Nang City will include: investment in the construction of innovation centers, data centers, and research and development (R&D) centers linked with training; investment in research and support for the transfer of high technology in the fields of information technology, AI technology, clean energy, etc., with an investment capital of VND 2,000 billion or more; and projects in the fields of semiconductor chip technology, semiconductor integrated circuit industry, component manufacturing, integrated circuits (ICs), flexible electronics (PE), new battery technologies, and defense industry, etc., with an investment capital of VND 4,000 billion or more.
In addition, priority will be given to attracting investment in the construction and operation of infrastructure in functional areas within the Da Nang Free Trade Zone, including a trade and service zone with an investment capital of VND 3,000 billion or more; a logistics center connected to Lien Chieu Seaport with an investment capital of VND 3,000 billion or more; and a production zone with an investment capital of VND 3,000 billion or more.
In addition, Da Nang is attracting investment in the construction and operation of inland waterway tourism with an investment capital of VND 8,000 billion or more; and investment in the construction of the Lien Chieu seaport master plan with an investment capital of VND 45,000 billion or more…
When investing in Da Nang in the aforementioned sectors, strategic investors enjoy many outstanding incentives.
It is evident that the Party's strategic decisions have had a strong impact, attracting the attention of large businesses and corporations to Da Nang. Therefore, Da Nang is urgently working to put these decisions into practice.
The Secretary of the Da Nang City Party Committee, Mr. Nguyen Van Quang, affirmed that the city's most important and urgent task currently is to implement Resolution No. 136/2024/QH15 of the National Assembly on the organization of urban government and to pilot some specific mechanisms and policies for the development of Da Nang City, when the Resolution takes effect from January 1, 2025.
The resolution includes new, groundbreaking, and unprecedented policies, such as allowing the establishment of the Da Nang Free Trade Zone. This economic model has proven effective in attracting resources to promote development, but it is a new model in Vietnam, lacking specific regulations, and posing numerous challenges. Therefore, it requires effort and determination to concretize the policy and put it into practice.
"We must be deeply aware of the importance of the Resolution. This is a crucial legal basis, a solid foundation to open up many new opportunities, driving forces, and specific policies to attract resources and effectively utilize the potential and advantages of the City, creating breakthroughs for the City's rapid and sustainable development," Mr. Quang affirmed.
Source: https://baodautu.vn/thu-hut-nha-dau-tu-chien-luoc-van-hoi-moi-cua-da-nang-d223898.html
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