Danang’s Target in 2020 is “The Year of Promoting Investment Attraction”

On December 04^th, 2019 Danang city held the conference on the result of the socio-economic development in 2019 and the target of the city in 2020.  The conference affirmed the situation of implementing the city’s political duties, ensuring some criteria for socio-economic development of the city. In 2019, the city has achieved some outstanding results such as: budget revenue exceeded the assigned estimate (estimated at VND 28.170 billion, reached 102,9% of the estimate, up 3,5%; attracted more than 3.696 billion dong of domestic investment and more than 658 million USD of foreign investment capital (newly granted investment certificates of 118 FDI projects with a total registered capital of 437,13 million USD, 8 times higher than the same period); Total tourist arrivals were estimated at 8.69 times, up 13.4%, revenue from tourism activities was estimated at 30.973 billion VND, up 16,7%. In the year, social order and safety were maintained, is considered by many investors and tourists to be a destination for investment and tourism.

In 2020 is particularly important, the last year to implement the 5-year plan from 2016 to 2020 and the year of many political and cultural events. At this 19th Conference, the Conference agreed on the theme of 2020 as “The year of promoting investment attraction” with specific tasks to focus on implementing: promulgate new preferential policies of the city to attract investors; implement plans on improving the quality and efficiency of foreign investment cooperation; continue to improve infrastructure, expand high-tech zones, create land fund to call for investment; continue to remove obstacles in the planning, land management, human resources for businesses and investors. In 2020, the city will actively coordinate with ministries and branches to submit to the National Assembly for approval of the Resolution on Danang construction and development to 2030, with a vision to 2045; on that basis, submit to the Government for promulgation a decree on specific mechanisms and policies on city development.

In addition, with the goal of attracting foreign investors, the city hopes to receive more investors from many countries around the world to invest in high-tech and technology industries, biology, environmental protection projects, tourism development, etc. through setting up company, factory in Danang City. This is a great opportunity for international investors to seize the opportunity to invest in Danang today, in order to enjoy the incentives, as well as the highest investment efficiency in the future.

ANT Lawyers - law firmin Vietnam is pround to support clients and promote Danang as a friendly destination for investment in Vietnam.

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Da Nang To Cooperate With the US Enterprises to Build an IT Center

On Oct 10^th, 2019 representatives of Da Nang city met the US business delegation including Hayward Quartz Technology Inc., Westcoast Precision, Inc., Majestic Beauty Supplies, Inc., Lee’s Sandwiches International, Inc., Hung Phat USA. These are businesses in the field of manufacturing, processing diamonds and gold, silver and gems; production and distribution of beauty accessories, cosmetics; manufacturing and producing metal and hardware, supplying customized high-quality spare parts and semiconductor devices for the medical and biotechnology equipment industry; Manufacturing and distributing semiconductor equipment in the United States, whom shown interest to set up business and expand operation to Vietnam.

Related post: Da Nang Hold Series of International Information Technology Activities

 Representatives of  US enterprises affirmed that Da Nang City is a potential destination for businesses in the High Technology and Information Technology. With the coordination, as well as the city’s incentives in the field of high technology and investment in Da Nang High-Tech Park, enterprises from the United States consider opportunities to invest in the high technology sector in Danang.

Da Nang city has many benefits that investors are interested in such as the safe and stable living environment, the young and highly qualified labours from more than 25 universities and colleges in the city, in addition the city is also a destination for many domestic and foreign investors in many different fields, which is an opportunity for investors to compete, distribute the productions.

Currently, in Da Nang, there are more than 60 investment projects of the US investors with the registered capital of nearly 6 million USD, including large projects such as the Sunshine Aerospace Components Plant Project in Da Nang high-tech park of Universal Alloy Corporation (USA) with total registered capital of USD 170 million; the factory of electronics and electronic equipment manufacturing and assembling project, total capital of USD 50 million, in Hoa Khanh Industry Zone Expansion invested by Key Tronic EMS Group. Besides there are many other projects being implemented and effective in the process of operation.

Da Nang City and investors from the United States hoped to achieve more business achievements in the future to help investors and the city achieve development goals in the future to welcome company to set up company, factory, and invest in Vietnam.

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Sharp Plans to Build A New Factory in Vietnam, Operating in 2020

China will not be Sharp’s place of manufacturing LCD screens for cars sold in the US, this stage will be transferred to Vietnam. Sharp is going to set up factory in Vietnam.

According to Sharp, they will build a new factory in Vietnam to avoid the new tax imposed in the long-running US – China trade war.

The factory in Vietnam will assemble LCD screens for cars sold in the US. At the same time, about 10% of Dynabook’s production of personal computers can also be transferred from China to the new facility.

Sharp has not disclosed the investment amount to build a new factory but said it will operate in 2020 near Ho Chi Minh City. At the same time, Sharp will establish a subsidiary company with a capital of 25 million USD to operate the plant. In addition to LCD screens, this factory will also produce air conditioners and other electronic devices for sale in Vietnam.

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