Central Da Nang city has committed to offering the most favorable conditions possible for investors, Chairman of the city’s People’s Committee Le Trung Chinh has said.

He made the comment while delivering a speech at a forum on March 17 introducing Da Nang’s investment environment, held on the sidelines of the Vietnam Connect 2023 forum, which is being co-hosted by the Ministry of Foreign Affairs, VnEconomy / Vietnam Economic Times, and the Da Nang City People’s Committee on the same day.

The forum on March 17 introducing Da Nang’s investment environment, held on the sidelines of the Vietnam Connect 2023 forum. (Photo: VET)

The city prioritizes attracting investment projects with advanced technology, modern administration methods, and innovation, and with the ability to connect global supply chains, he said.

Da Nang is one of five centrally-run cities in Vietnam and a locomotive of socio-economic development in the key central economic region. It posted gross regional domestic product (GRDP) of over VND125 trillion ($5.3 billion) in 2022 and ranked third in the country with growth of 14.05 per cent.

It leads the five centrally-run cities in terms of growth and is fourth in terms of development scale.

The city also leads the central key economic region in both growth and scale.

Da Nang has prepared a development plan by 2030 and vision to 2045 with the aim of tapping local potential and strengths to boost economic development in a rapid and sustainable manner. The plan targets developing Da Nang into a smart eco-city, a center for startups and innovation, and a livable coastal city of Asian standard. To reach these targets, it will focus on developing three key pillars: tourism, high-tech industry, and a marine-based economy.

Director of the Investment Promotion Agency of Da Nang Huynh Le Phuong said the city has to date attracted 977 FDI projects from 45 countries and territories with total investment of more than $4.06 billion. These projects are primarily in manufacturing and processing (48.2 per cent), real estate and tourism (33.8 per cent), and services (16.4 per cent).

It posted total trade revenue of over $3.57 billion last year, including more than $2.07 billion worth of exports, a year-on-year rise of 15.8 per cent.

As a popular tourism destination, visitor numbers continued to increase during the 2016-2019 period. Da Nang currently has 1,272 hotels and resorts with more than 44,800 rooms, as well as 23,000 trained workers.

To continue developing into the future, the city plans to speed up the completion of infrastructure, including the construction of Lien Chieu Port. It will also introduce preferential investment policies such as tax reductions and support in administrative procedures.

The forum he addressed is expected to help businesses, agencies, and organizations understand more about the potential of and advantages in Da Nang, according to Mr. Chinh.

“I hope we will continue to see opportunities to welcome you at the earliest possible time to discuss in more detail the implementation of investment and business projects,” he told the gathering. “City leaders are committed to creating the best conditions for investors to come to Da Nang and establish and implement projects effectively.”