Business

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
Follow VietnamPlus

Related News

Da Nang museums attracting domestic visitors with free entry policy

Da Nang museums attracting domestic visitors with free entry policy

Due to COVID-19, museums around the country have welcomed substantially fewer visitors. Da Nang, however, has introduced a policy of free entry to museums during all of 2021, which has encouraged a number of domestic travellers to visit the central coastal city and improved the local tourism sector.
Da Nang treasures contributions of foreigners: city leader

Da Nang treasures contributions of foreigners: city leader

Da Nang has appreciated the contributions and accompany of foreigners in the city in a tough year of 2020, and hoped to continue to receive more assistance from foreign individuals, organisations and businesses during the recovery process in the city and the central region as a whole, said Chairman of the municipal People’s Committee Le Trung Chinh.
Da Nang pins hopes on MICE tours

Da Nang pins hopes on MICE tours

Da Nang on January 22 welcomed a group of more than 700 visitors taking a Meetings, Incentives, Conferences and Exhibitions (MICE) tour, one of the largest groups on such a tour to the central city this year.

See more

Prime Minister Pham Minh Chinh and Thai Prime Minister Paetongtarn Shinawatra witnessed the exchange of the MoU between the Ministry of Industry and Trade and Thailand's Central Group. (Photo: VNA)

MoIT, Thailand’s Central Group forge partnership to boost Vietnamese exports

The MoU, signed as part of Thai Prime Minister Paetongtarn Shinawatra’s official visit to Vietnam from May 15-16, was the result of extensive discussions between the two sides, aimed at enhancing the presence and competitiveness of Vietnamese products, particularly consumer goods, and agricultural and aquatic products.

Chu Lai Port welcomes the Chana Bhum, a Singapore-flagged vessel operated by RCL, marking the opening of the Chu Lai–India shipping route. (Photo: VNA)

Vietnamese firm, Thailand-based shipping line cooperate to launch Chu Lai - India direct call service

The direct call service helps cut transportation time, reduce costs, increase competitiveness by bypassing major transshipment ports in northern and southern Vietnam. At the same time, it opens up new trade opportunities, promotes logistics activities, develops supply chains, strengthens regional connectivity, and enhances the position of Chu Lai Port on the international maritime map.

Deputy Minister of Finance Cao Anh Tuan grants an interview to the Vietnam News Agency (VNA). (Photo: VNA)

Vietnam, US foster bilateral economic, financial cooperation

Strengthening the Vietnam - US economic and financial cooperation will open new avenues for collaboration and serve as a symbol of trust and a substantive Comprehensive Strategic Partnership for mutual prosperity, a Vietnamese official has said.

Ba Ria-Vung Tau seaport (Photo: VNA)

Resolution 68: A game-changer for Vietnam’s private sector

Beyond regulatory reform, Resolution 68 provides support policies for access to land, capital, and high-quality human resources, while also promoting digital transformation, innovation, sustainable development, and global value chain integration.

A booth at VietOffice 2024. The first VietOffice held in May last year was a success, generating positive results. (Photo: VNA)

VietOffice 2025 expected to attract 100 exhibitors

The event will see the participation of about 100 exhibitors from eight countries and territories, namerly India, Taiwan (China), China, the Republic of Korea, Japan, Hong Kong (China), the US, and Vietnam.

Illustrative image (Photo: VNA)

Exporters diversify orders to reduce reliance on single market

Facing the risks posed by trade barriers and potential reciprocal tariffs from the US, many businesses have proactively shifted their market strategies, stepped up trade promotion, and diversified their orders to reduce reliance on a single market.

A customer buys petrol at a station in Hanoi. (Photo: VNA)

Government proposes 2-pp VAT reduction on select goods and services until 2026

A 2-percentage-point reduction in the value-added tax (VAT) for goods and services will lead to a decrease in state revenue by approximately 121.74 trillion VND (over 4.69 billion USD) over the proposed period. This includes an estimated 39.54 trillion VND in the second half of 2025 and 82.2 trillion VND in 2026.

Illustrative photo (Photo: VNA)

Petrol prices up in latest adjustment

E5 RON92 petrol is now capped at 19,180 VND (0.74 USD) per litre, up 403 VND from the previous adjustment, while RON95-III petrol costs 19,594 VND per litre, up 415 VND.

Delegates at the groundbreaking ceremony. (Photo: VNA)

Ba Ria-Vung Tau: New phase of luxury resort project kicks off

The nearly 1 billion USD subdivision includes a system of 5-star hotels, resort villas, entertainment facilities, a casino, and an international convention and exhibition centre, with more than 6,000 rooms, serving over 18,000 guests at the same time.