Enhancing Foreign Investment Cooperation

9:51:12 PM | 5/17/2022

Da Nang Investment Promotion Program in 2022 advocates improving the effect of foreign investment cooperation, prioritizing projects with advanced technology, new technology, modern management, innovation, global supply chain connection, spillover effect, and close connection with the domestic economic sector.

According to Decision 593/QD-UBND, Da Nang Investment Promotion Program for 2022 is expected to include the following contents: Researching and assessing market potential, trends and investment partners; Building images, informing, promoting and introducing investment environment, policies, potential, opportunities and connections; Supporting, guiding and facilitating investment activities; Building an information system and database for investment promotion; Building a list of investment attraction projects; Developing publications and documents for investment promotion; Training and building capacity of investment promotion; and Carry out domestic and international cooperation in investment promotion.

At the same time, Da Nang City will effectively carry out the resolution of the 22nd Municipal Party Congress for the 2020-2025 term, focusing on drawing investment to drastically renew the growth pattern and restructure the economy. The focus is placed on strongly developing high-tech industry and information technology, linking innovative startup city and smart city construction, creating a foundation for fostering the development of new industries, especially digital economy, digital society and digital government.

The city will further boost investment attraction, local socioeconomic recovery and development after the COVID-19 epidemic: Transforming and fostering investment attraction from offline to online; further wooing investors from traditional and potential markets such as Japan, South Korea, Singapore and the United States; adopting solutions to support companies suffered from disrupted input and labor supply chains; accelerating public investment disbursement; attracting investors in important fields, supporting Da Nang City to build a highly adaptive and resilient economy in a complex and unpredictable world.

The city will concentrate on drawing investment flows into sectors and fields to build Da Nang City into a major socioeconomic center of the country and Southeast Asia and a livable coastal city of a high living standard in Asia as per Resolution 43-NQ/TW dated January 24, 2018 of the Politburo on Da Nang City construction and development to 2030, with a vision to 2045. It will prioritize attracting FDI fund into industries to capture Industry 4.0 megatrends such as ICT, digital, nano engineering, biotech, new materials, high-tech industries and supporting industries. Priority is given to investment promotion in agricultural production towards high efficiency, technology application and sustainable development. The city will further draw investment capital into high-quality services and industries to accelerate economic restructuring and build Da Nang into an environment-friendly city.

The Investment Promotion Program 2022 will have seven goals: (1) Effectively carrying out the 2022 theme of "The year of safe, flexible adaptation, effective control of epidemic and socioeconomic recovery and development” - preventing, combating and controlling the COVID-19 epidemic, fostering investment attraction, removing difficulties, boosting production and business activities, and soon restoring economic growth; speeding the progress of key and motivational projects, increasing public investment disbursement; ensuring social security and order and people's lives; (2) building a highly competitive investment environment, utilizing local potential in many aspects such as infrastructure, policies, natural resources and human resources to appeal investors, with focus placed on traditional markets that it already established relationships and on new potential markets; (3) Focusing resources on attracting investment for post-COVID-19 economic recovery, enhancing business performances of companies, fulfilling the targets of economic growth, production value, export value, budget revenue, labor and employment; (4) Meeting investors’ needs for mechanisms, infrastructure, and human resources; (5) Constantly innovating and diversifying the way of investment promotion and support for achieving high results and avoiding waste by increasing online investment promotion and taking advantage of established international cooperation relations; (6) further researching and promoting regional economic connectivity, especially the high-tech industry. Focus will be given to developing Da Nang Hi-Tech Park in line with Hoa Lac Hi-Tech Park (Hanoi) and Saigon Hi-Tech Park to become a nucleus of socioeconomic development in the Central Coast and the Central Highlands. Priority is given to developed centralized information technology zones (first phase) and software parks; (7) Ensuring that investment attraction will bring about sustainable economic development results in relation to society and environment while ensuring national defense and security.n

By Vietnam Business Forum