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VietNamNews

Da Nang draws in $26m in FDI so far this year

Update: March, 15/2012 - 10:08

DA NANG — The central city of Da Nang has attracted foreign investment worth US$26.4 million so far this year, including in five new projects.

The five include a 2.5MW solar energy plant costing $9.1 million to be built by Methis Environmental Viet Nam Ltd of Belgium, according to Le Canh Duong, deputy director of the Investment Promotion Centre.

Last week authorities permitted Korean company Daewon Engineering & Construction Co Ltd to increase its investment by $16 million in its Da Nang project.

The city now has 213 foreign-invested projects with investment of over $3.1 billion, mostly in the tourism, services, property, and manufacturing industries.

The investments have come from British Virgin Island, South Korea, the US, Hong Kong, Japan and 25 other countries and territories.

The biggest are the $325 million Capital Square Complex (the US); $250 million Da Phuoc Urban Area (South Korea); $116 million Hyatt Regency Da Nang Resort & Spa (the US); and $60 million Blooming Tower (South Korea).

Foreign firms export a combined $400 million annually, with their products shipped mainly to the US, the EU and northeast Asia.

Van Huu Chien, chairman of the city People's Committee, said the city had turned its investment focus from tourism and property — which appear saturated — to hi-tech industries and high-quality services.

Japanese firms had invested $240 million in 51 projects in these sectors.

The city also hoped to attract investment in the sectors from European and American firms.

Da Nang would focus on attracting FDI in the form of PPP (public-private partnership) investment in waste treatment and infrastructure development.

"We are enhancing our partnership with foreign investors with financial capacity and expertise such as ITG (the US), Vinacapital, Indochinacapital, Mabuchi, Metro, and Big C," Chien said.

The city had established external and economic relations with nearly 80 countries and territories around the world. —VNS

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