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Central Da Nang city to build duty-free zone

Da Nang’s 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.
Central Da Nang city to build duty-free zone ảnh 1A new urban area in Lien Chieu district of Da Nang. (Photo: VNA)
DaNang (VNS/VNA) - Da Nang’s authorities are building a detailedplan for the city's first international duty-free zone and smart urban area forinvestors, with construction set to commence soon as the Import-Export PanPacific Group (IPPG) has asked the city to allocate land for the project.

Directorof the city’s Investment Promotion Agency Huynh Thi Lien Phuong told Vietnam News that the projecthad been finalising the city's first international standard downtownduty-free zone and factory outlet centre.

Liensaid the city would offer the best conditions for the investor tostart the project.

Shesaid the city also planned a downtown free-duty shop at the coastal crown plazain Ngu Hanh Son District to seek investment.

In2019, IPPG proposed the project with an investment of 434 million USD, but anappropriate land area was yet to be offered.   

In2018, chairman of the group, Jonathan Hanh Nguyen, urged the city to build athird terminal to ease congestion and design an international standardduty-free zone and recreational area to funnel tourism towards Hoi An, Hueand Da Nang.

Hesaid Da Nang would be a new location for a luxury shopping centre for futuredevelopment and investment attraction.

DaNang has been designing the 1,100ha Hi-Tech Park as Vietnam’s ‘SiliconValley’ to earn revenue of 1.5 billion USD each year with 25,000 jobs and asatellite city of 100,000 people after 2023.

TheUS-based aviation firm Universal Alloy Corporation (UAC) put the SunshineAerospace Components Factory into operation in the first phase in 2020.

TheRepublic of Korea’s LG Electronics also debuted its research and development(R&D) centre – the second in Vietnam – at the Da Nang InformationTechnology Park Tower

CMCCorporation, the second-largest information and communications technology (ICT)group in Vietnam, plans to build the Da Nang-based CMC creative space – adigital hub in the Asia-Pacific region – with an estimated investment of 522million USD.

Todate, Da Nang has 876 foreign direct investment projects worth a total of 3.52billion USD./.
VNA
#Da Nang #international duty-free zone #smart urban area #Import-Export Pan Pacific Group #Vietnam #VietnamPlus #Vietnam news Da Nang
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