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.
A new urban area in Lien Chieu district of Da Nang. (Photo: VNA)Director of the city’s Investment Promotion Agency Huynh Thi Lien Phuong told Vietnam News that the project had been finalising the city's first international standard downtown duty-free zone and factory outlet centre.
Lien said the city would offer the best conditions for the investor to start the project.
She said the city also planned a downtown free-duty shop at the coastal crown plaza in Ngu Hanh Son District to seek investment.
In 2019, IPPG proposed the project with an investment of 434 million USD, but an appropriate land area was yet to be offered.
In 2018, chairman of the group, Jonathan Hanh Nguyen, urged the city to build a third terminal to ease congestion and design an international standard duty-free zone and recreational area to funnel tourism towards Hoi An, Hue and Da Nang.
He said Da Nang would be a new location for a luxury shopping centre for future development and investment attraction.
Da Nang has been designing the 1,100ha Hi-Tech Park as Vietnam’s ‘Silicon Valley’ to earn revenue of 1.5 billion USD each year with 25,000 jobs and a satellite city of 100,000 people after 2023.
The US-based aviation firm Universal Alloy Corporation (UAC) put the Sunshine Aerospace Components Factory into operation in the first phase in 2020.
The Republic of Korea’s LG Electronics also debuted its research and development (R&D) centre – the second in Vietnam – at the Da Nang Information Technology Park Tower
CMC Corporation, the second-largest information and communications technology (ICT) group in Vietnam, plans to build the Da Nang-based CMC creative space – a digital hub in the Asia-Pacific region – with an estimated investment of 522 million USD.
To date, Da Nang has 876 foreign direct investment projects worth a total of 3.52 billion USD./.
You should also see
China’s fishing ban in East Sea violates Vietnam’s sovereignty: spokesperson
Foreign Ministry spokesperson Pham Thu Hang on April 25 said Vietnam’s consistent stance on China’s fishing ban in the East Sea, which has been affirmed clearly over the past years.
See more
Business
Vietnam needs drastic reforms to create firm ground for economic growth: experts
Drastic institutional reforms are needed to create firm ground for economic growth in the context that persistent challenges, both external and internal, still cloud the growth prospect, experts have said.
Business
Dak Lak firm pioneers in following EUDR in coffee production
The Dak Lak September 2 Import-Export Company Limited (Simexco) has pioneered in building coffee growing areas following the EU Deforestation Regulation (EUDR), it announced on April 25.
Business
Energy industry needs nearly 5 trillion VND of investment in 2021-2030
The total investment capital demand for the whole energy sector in the 2021-2030 period is between 4.13-4.8 trillion VND (163.01-189.46 million USD), according to a plan to implement the National Power Planning in the 2021-2030 period with a vision to 2050.
Business
Dong Nai calls for Korean investment into green growth
The southern province Dong Nai introduced its investment projects and incentives to the Republic of Korea (RoK)’s firms at a workshop in Seoul on April 25.
Business
Vietnam ranks fifth among aquatic product suppliers for Singapore
Vietnam jumped one place to become the fifth largest exporter of aquatic products to Singapore for the first time in the first quarter of this year, according to its Trade Office in the city state.
