The city records impressive results from attracting investment inflows despite Covid-19 effects
Author: Yên Updated: 28/04/2020 Views: 4

The latest figures released by the Da Nang Statistics Bureau show that investment inflows to Da Nang in the first quarter of this year amounted to over 7 trillion VND (nearly 300 million USD).

In details, inflow of investment from State- run enterprises stood at more than 1,200 billion VND (around 51 million USD), a decrease of 18% compared with the same period last year, whilst the amount from the non-State sector went down by 23% against 2019 to reach over 4 trillion VND (170 million USD), and foreign direct investment (FDI) inflows to the city jumped by 92% to hit around 1,800 billion VND (over 76 million USD).

The Da Nang Information Technology Park (DITP) Development JSC has spent dozens of thousands of billion VND on developing infrastructure on the 1st stage of the Dedicated Information Technology Park project in Hoa Vang District’s Hoa Lien Commune.
The Da Nang Information Technology Park (DITP) Development JSC has poured thousands of billion VND in developing infrastructure on the 1st stage of the Dedicated Information Technology Park project in Hoa Vang District’s Hoa Lien Commune.

The results have been impressive and remarkable in the wake of the coronavirus pandemic.

The significant increase in FDI inflows to the city has been mainly attributed to the increased number of FDI projects that were put into operation between January and March. Included were the Mikazuki Spa & Hotel Resort project in Lien Chieu District’s Hoa Hiep Nam Ward, and the 1st stage of the Sunshine aerospace components plant at the Hi-Tech Park.

Also, the other reason is thought that the municipal authorities have been prioritised attracting FDI inflows, with a focus on enhancing the quality rather than the number of projects.

Besides, some key projects are underway in the city despite the impact of the virus pandemic.

Most notably, the city has recorded impressive results in the disbursement of public investment funds.

So far this year, the city has disbursed 1,600 billion VND (nearly 68 million USD) of public investment funds, representing 13% of the city's target figure for 2020. Of this, more than 1,100 billion VND (over 43 million USD) has been granted for some key projects, equivalent to 63.3% of the total State funds.

Although the first 3 months of the year saw a significant decrease in FDI inflows to Da Nang as compared to the same period last year due to the effects of the Covid-19 outbreak, the city attracted huge amount of domestic investment.

Work began on the 1st stage of the Hoa Lien Water Plant in Hoa Vang District in late March
Work began on the 1st stage of the Hoa Lien Water Plant in Hoa Vang District in late March

During the 3-month period, the municipal government granted investment policy decisions to four new domestic investment projects, totalling  8,612 billion VND  (approximately 366 million USD), a 4.72-fold increase in the total capital compared with the same period last year. This figure has brought the total number of domestic investment projects in the city to 335 with a total registered investment capital of 112,600  billion VND (approximately 5 billion USD) .

Mr Araki Shinya, General Director of Japan's Hatsuta Automatic Safety Solutions Co., Ltd, spoke highly of the city's favourable investment environment and its infrastructure systems.

He said that his company has rented the Long Hau JSC-developed 6,000m2 ready-built factory J401 at the Hi-Tech Park. He revealed that his plant would be put into operation this year.

Most recently, the city has disbursed thousands of billions of VND in public investment funds for the implementation of some key projects. Included are the 1st stage of the Hoa Lien Water Plant in Hoa Vang District, the rearrangement of traffic at western end of Tran Thi Ly Bridge, the upgrade and expansion of the Da Nang Maternity and Pediatrics Hospital, and the 3rd stage of the Hoa Xuan wastewater treatment plant.

Once completed, these projects will become the driving force of the city’s economic growth in the coming time.

Read more at https://baodanang.vn/english

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