A new urban area in Liên Chiểu District of Đà Nẵng. The city has been finalising the detailed plan for the first international duty-free zone and smart urban project. Photo courtesy of Trung Nam Group

ĐÀ NẴNG — Đà Nẵng authorities are building a detailed plan for the city's first international duty-free zone and smart urban area for investors, with construction set to commence soon as the Import-Export Pan Pacific Group (IPPG) has asked the city to allocate land for the project.

Director of the city’s Investment Promotion Agency Huỳnh Thị Liên Phương told Việt Nam News that the project had been finalising the city's first international standard downtown duty-free zone and factory outlet centre.

Liên said the city would offer the best conditions for the investor to start the project.

She said the city also planned a downtown free-duty shop at the coastal crown plaza in Ngũ Hành Sơn District to seek investment.

In 2019, IPPG proposed the project with an investment of US$434 million, but an appropriate land area was yet to be offered.   

In 2018, chairman of the group, Jonathan Hạnh Nguyễn, urged the city to build a third terminal to ease congestion and design an international standard duty-free zone and recreational area to funnel tourism towards Hội An, Huế and Đà Nẵng.

He said Đà Nẵng would be a new location for a luxury shopping centre for future development and investment attraction.

Đà Nẵng has been designing the 1,100ha Hi-Tech Park as Việt Nam’s ‘Silicon Valley’ to earn revenue of $1.5 billion each year with 25,000 jobs and a satellite city of 100,000 people after 2023.

The US-based aviation firm Universal Alloy Corporation (UAC) put the Sunshine Aerospace Components Factory into operation in the first phase in 2020.

Korea’s LG Electronics also debuted its research and development (R&D) centre – the second in Việt Nam – at the Đà Nẵng Information Technology Park Tower

CMC Corporation, the second-largest information and communications technology (ICT) group in Việt Nam, plans to build the Đà Nẵng-based CMC creative space – a digital hub in the Asia-Pacific region – with an estimated investment of $522 million.

To date, Đà Nẵng has 876 foreign direct investment projects worth a total of $3.52 billion. — VNS