Business

Da Nang city welcomes new investment waves

Many major domestic and foreign investors have pumped capital into the central city of Da Nang in the first months of this year.
Da Nang city welcomes new investment waves ảnh 1A corner of Da Nang (Photo: VNA)

Da Nang (VNA) – Many majordomestic and foreign investors have pumped capital into the central city of DaNang in the first months of this year.

The US’s Universal Alloy Corporation (UAC), a leading global manufacturer ofaircraft components, has injected 170 million USD into a project producingfuselage components and engine elements.

UAC Vietnam is expected to promote other projects in the Da Nang High-techPark.

Once operational, the project is set to churn out aircraft components for theworld’s aviation market, and employ 1,200 skilled labourers in mechanics,electricity and automation, along with 2,000 others in the support industry.

UAC General Manager Jon Kevin Loebbaka said his group would work as a bridgefor aircraft manufacturers like Boeing and Airbus if they want to expandproduction in Da Nang in the future.

He said the firm is committed to ensuring health for its staff and protectingthe environment.

In early March, the municipal People’s Committee granted investment licences toeight projects with total capital exceeding 469 million USD.

The city also gave approval to scrutinising the feasibility of other 13 projects worth a combined 3.6billion USD, up more than 13 times compared with the same period last year.

Da Nang employed various solutions to facilitate investments in 2018, whichwas designated as the year of investment attraction promotion in the locality.

However, businesses and investors have still faced difficulties in seekingspace for their business activities due to limited local land funds, accordingto Nguyen Tien Quang, Director of the Vietnam Chamber of Commerce and Industry(VCCI)’s Da Nang chapter.

In 2019, the city will maintain cooperative relations with internationalorganisations, foreign business associations and investors to attract moreinvestment.

At the same time, Da Nang will introduce investment opportunities in high-techagriculture, education, healthcare and information-technology.

Huynh Duc Tho, Chairman of the municipal People’s Committee, pointed outplanning work as the bottleneck to investment attraction, especially foreigninvestors.

Unclear planning has made foreign investors struggle to access land, heexplained, adding that the city is consulting foreign experts about planningadjustments.-VNA


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#Universal Alloy Corporation #US #global manufacturer #aircraft components #UAC General Manager Jon Kevin Loebbaka #Vietnam Chamber of Commerce and Industry #Vietnam #Da Nang #VietnamPlus #Viet Nam News Da Nang
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