Danang lures over $830 million investment from Singapore

Singapore has been the leading investor in Danang

Speaking at a recent webinar, leaders of Danang People's Committee stated that Singapore is one of Vietnam's most important investment and trading partners. Despite the impact of the COVID-19 pandemic, Singapore remains the leading foreign investor in Vietnam by registering 248 projects worth $9 billion in the country last year.

As of March 15, Danang was home to 895 foreign-invested projects with the total capital of $3.86 trillion. Among them, there are 28 projects invested by Singapore worth $838.4 million. Singapore is currently the second-largest investor in 50 countries and territories investing in the central city, accounting for 22 per cent of the total registered capital.

The city has partnered with the joint venture between Sakae and Surbana Jurong to implement the general planning adjustment of Danang to 2030, with a vision until 2045. The project was approved by the prime minister on March 15, which is an important foundation for the city development in the future.

Singaporean investors and companies highly appreciate the potential and advantages of Danang. According to Holly Bostock, corporate affairs director at HEINEKEN Vietnam, Danang has developed complete infrastructure with land sites for investors. Its industrial zones and high-tech zones boast more convenient location than the neighbouring provinces. Moreover, the city has simple and transparent administrative procedures, creating favourable conditions for investors.

On the same note, Douglas Foo, president of the Singapore Manufacturing Federation (SMF) cum chairman of Sakae Holdings, lauded the potential of investment climate in Danang as a member of the ASEAN Smart Cities Network.

"Danang needs to establish an information centre about the city at SMF's Vietnam Connection Center to connect Singaporean investors and Vietnamese partners. Singaporean investors want to invest in areas in line with the city's development orientation, ensuring the progress and quality of investment projects," he said.

Danang authorities said that they are proceeding with the establishment of the Danang Desk at the Vietnam Connection Center to promote Danang to more Singaporean businesses. With a view to becoming a smart city and startup hub, Danang is actively making changes and implementing innovative strategies. The city is committed to supporting Singaporean investors to do business locally.