ANN/VIET NAM NEWS – The central city of Da Nang is inviting investors to develop eight berths and various infrastructure projects at the crucial Lien Chieu Port. The city hopes to attract Japanese businesses to invest in these projects by the end of 2024.
Director of Da Nang City’s Investment Promotion Agency (IPA), Huyn Thi Lien Phuong was pitching at the Da Nang-Japan Meet, an event in the annual Vietnam-Japan Cultural Exchange Festival, stating that Sumitomo Group from Japan has been trailing the Lien Chieu Port Project.
She said the port, which is designed as a regional port and logistics centre in Asia, needs an initial investment in infrastructure and foundation facilities of an estimated USD2 billion and major investors will be announced later in 2024.
“The city will be building eight berths for docks of container ships, liquefied natural gas vessels, integrated ships and the others. A wave breaker dyke system and a ring-road route connecting the port and key national highways and industrial parks have been developing since last year,” Phuong said.
The beach city has drawn USD4.3 billion investment from foreign domestic investment (FDI) projects, of which Japanese businesses constitute a 30 per cent share, to USD1.14 billion, she added. Chief Representative of the Japanese External Trade Organisation (JETRO), Takeo Nakajima, said Da Nang has potential in information technology (IT) education and many universities have been given investment in human resources training to lure in the information industries.
Chairman of the Japanese Chamber of Commerce and Industry in Vietnam Shiro Muto said that Japanese investors keep an eye on developments in resorts, tourism, the automobile sector, semiconductor developments, chip design and automation.
He said the city should streamline procedures and train hi-quality manpower to meet the demands of Japanese investors.
Vice chairman of the city’s People’s Committee, Tran Chi Cuong said that Da Nang has been given a pilot plan on the development of a municipal government – the first of its kind in Vietnam – to help speeding up the rapid and sustainable growth for the city and build it into a key driving economic power force for the country.
Cuong said the Free Trade Zone project, which has recently been approved by the National Assembly, would create a huge and promising opportunity for all investors.
He emphasised that import-export turnover between Japan and the city reached USD1 billion (Da Nang’s export to Japan was USD650 million) last year.
Cuong said the city has called for further and deeper investment from Japan in a series of major trending industries including semi conductors, artificial intelligence, IT and green growth technologies.
He said Da Nang has been green lit by the central government in offering the most favourable conditions and top priorities for investors.
Lam Thi Thanh Phuong, from the Ministry of Foreign Affairs, underlined that Da Nang has been playing a key role in attracting investment from Japan in terms of infrastructure, human resources, its location and the long historical ties between Japan and Vietnam.
She said Japan and Vietnam shared a similar culture and history, deep and effective co-operation.
“Japan was a major Official Development Assistance (ODA) provider with a 30 per cent share in total ODA in Vietnam. Japan also invested USD76 billion in Vietnam, while hosting 300,000 labourers from Vietnam,” Phuong said.
She said a report from JETRO showed that 64 per cent of Japanese investors plan to expand their current investment in Vietnam, while 600,000 Vietnamese people are currently working and studying in Japan, making them the second biggest expat community in the country.
The number of Japanese nationals in Vietnam has also increased by leaps and bounds to 22,000, making great contributions to the socio-economic development of Vietnam.
Two Japanese investors – Tokyo Keiki Precision Technology Inc and Niwa Foundry – were the first ever investors into the Da Nang Hi-tech Park from 2013, while Fujikin Incorporated from Japan later launched its USD35-million Research, Development and Manufacture Centre there.
Mikazuki Hotel Group of Japan opened the USD168.16 million Da Nang Mikazuki Resort and Spa.
Yokohama and Sakai have supported Da Nang in building a carbon neutral model at Da Nang Port and industrial parks in ‘green’ industries transformation.
