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Saturday, February 4, 2023

Danang wants more foreign investment

The Saigon Times

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HCMC – Danang City is calling for investment into many of its key projects, with new foreign investments projected at around US$7 billion between now and 2030.

Among the central coastal city’s key projects are a financial, commercial and entertainment complex, an international trade and sports center, international hospitals, international schools and the Lien Chieu port, the local media reported.

The large-scale financial and commercial complex on Vo Van Kiet Street is expected to attract at least US$2 billion in foreign investment, said Huynh Lien Phuong, director of the Danang Investment Promotion and Support Board.

In early December last year, the city broke ground on the Lien Chieu port project, which will drive up the logistics, trade and service sectors in the city and leverage its position in Southeast Asia. The city is calling on foreign investors to develop the first two container wharves at the port.

To successfully attract foreign investment, the city will focus on traditional and key markets, such as Japan, South Korea, Singapore, the United States and Germany.

In addition, the city will ramp up promotion for its investment and business climate in various potential markets, including India. In 2023, the city will proactively access major investors.

Phuong said it was necessary to beef up foreign investment attraction as foreign-invested projects play a key role in boosting the city’s socio-economic growth.

Foreign capital has contributed to accelerating the city’s production capacity and creating new key products such as aircraft components, electronics and auto parts. Foreign-invested firms have offered over 190,000 jobs to local workers.

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