Danang City seeks investment after social distancing

Danang City is seeking co-operation with foreign partners after the virus outbreak was curbed in the area.

Danang City is seeking co-operation with foreign partners after the virus outbreak was curbed in the area.

  

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Danang People's Committee has set up a delegation to call for investments in HCM City in June. During the trip, the delegation met with CMC Corporation to talk about building a technology centre in Danang. The Investment Promotion Board and the Department of Information and Communication in Danang will issue directives and guidance to the investors on the exchange at Danang Investment Forum 2020.

During the trip, the German Chamber of Commerce and Industry (AHK) agreed to introduce German investors to the opportunities in Danang, especially in hi-tech, communication and high-quality healthcare and education sectors.

Also in June, Danang authorities have collaborated with the American Chamber of Commerce in Vietnam (AmCham) to hold a conference about trade between the US and Danang. CEO of AmCham Mary Tarnowka, the Chairman of AmCham in Danang Chad Ovel, and 25 representatives of the US General Consulate in Vietnam along with many investors attended the conference.

Danang has 337 investments outside of the industrial parks with a total investment of VND115trn (USD4,0bn). There are 855 FDI projects with an investment of USD3.5bn, of which 68 projects belong to American investors with USD590m investment.

Import-export turnover between Danang and the US remained at USD193m in the first six months. On-going projects invested by Coca-Cola, Crown and Keytronic and the aero factory by Universal Alloy Corporation have completed their first phases in late March.

The city authorities have offered many incentives for investors at hi-tech parks including incentives for corporate income taxes. According to the authorities, fields that US firms experienced in are also what Danang wants to call investments for like IT, artificial intelligence and supporting industries.

Mary Tarnowka said Danang is among the best investment places with good infrastructure and support from the government. The AmCham in Danang will help promote the city and call for more investments.

Despite the impact from Covid-19, Danang's socio-economic development has been positive. In the first five months of the year, four local projects with VND10.8trn (USD463m) investment and 58 FDI projects with USD78m investment were approved.