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Da Nang looks to attract investors in hi-tech park

Da Nang looks to attract investors in hi-tech park

Monday, May 22, 2023, 17:02 GMT+7
Da Nang looks to attract investors in hi-tech park
A bird’s-eye view of the Da Nang hi-tech park in the namesake city in the central region of Vietnam. Photo: Nguyen Trinh / Tuoi Tre

Authorities in Da Nang City are offering numerous preferential policies and incentives to attract investments in the Da Nang hi-tech zone, which is the only one of its kind in central Vietnam.

The management board of the Da Nang hi-tech and industrial zones will connect investors in the hi-tech park with the Da Nang University of Science and Technology to enhance the workforce.

Vu Quang Hung, head of the management board, said that aside from the supportive policies for firms active in the hi-tech park, the city would employ special incentives to make life easier for them to do business.

Furthermore, the city will also promote urban infrastructure development to smooth the path for local and international investors.

“The management board always stands alongside enterprises and is willing to remove obstacles facing investment certification,” said the leader of the management board.

The board said that city authorities joined some delegations for foreign investment promotion, apart from calling on investors to tap the city’s hi-tech park.

The Da Nang Investment Promotion Agency, the management board, and Long Hau Corporation recently organized a seminar titled 'The Hi-Tech Field in Da Nang City' to highlight the city’s potential for hi-tech growth and lure investors.

The seminar was attended by 80 representatives of local and international trade organizations, American, Australian, Canadian, and European chambers of commerce in Vietnam, as well as domestic and foreign firms.

Employees at work at a facility in the Da Nang hi-tech park in the namesake city in the central region of Vietnam. Photo: H.B. / Tuoi Tre

Employees at work at a facility of the Da Nang hi-tech park in the namesake city in the central region of Vietnam. Photo: H.B. / Tuoi Tre

Le Thang Binh, CEO of Danapha Pharmaceutical JSC, which is active in the Da Nang hi-tech park and is developing a pharmaceutical production plant with a total capital of over VND900 billion (US$38.3 million), said that when making investment in the park, the firm was exempted from land rental.

When the plant project is put into operation, the firm will be exempted from corporate income tax and the duty of importing machines and equipment.

“Investing in the Da Nang hi-tech park, we were welcomed and supported by the Da Nang City People’s Committee and the management board to complete all relevant procedures quickly,” Binh said.

In late October 2021, Danapha broke ground for the hi-tech develop and research center and pharmaceutical production facility project, which covers 30,000 square meters. The plant will be put into service in late 2023, Binh noted.

Long Hau Corporation said that two Japanese investors registered to rent its factories in the hi-tech park.

Similarly, Universal Alloy Corporation Vietnam said that after surveying many locations, the firm decided to choose the Da Nang hi-tech park to build a facility to produce aircraft components as the park meets all international standards and offers various preferential policies.

As of the end of the first quarter of 2023, the Da Nang hi-tech park had attracted 29 projects with total pledged capital of VND21.3 trillion ($905 million). The park’s occupancy rate reached 44 percent.

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Tieu Bac - Doan Cuong / Tuoi Tre News

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