More than $500 million poured into Danang in the first quarter this year

More than $500 million in foreign direct investment was poured into Danang in the first quarter this year

Specifically, the city wooed 32 new projects with the total registered capital surpassing $355 million, whereas in the same period last year the city lured in 15 projects with the total registered capital touching $1.352 billion.

Five projects have registered capital expansion with the total capital sum of $114.2 million, while 51 foreign investors either bought shares or contributed capital to local business entities with a total capital of $43.286 million.

Of foreign investment projects, one project in Danang High-Tech Park comes from US-based UAC Group which will be investing in the construction of a SunShine aerospace components factory with $170 million in total investment capital. Three other projects would be based in industrial parks with a combined registered capital of $83 million and 28 other projects will be outside industrial parks and hi-tech parks with the total capital exceeding $102 million.

To date, the city has attracted 323 domestic investment projects with the total investment of around VND97.700 trillion ($4.247 billion) and 716 foreign investment projects with a total investment capital of $3.352 billion.

Total investment and development capital in the city in the first quarter of 2019 was estimated at VND7.454 trillion ($324 million), equal to 17.9 per cent of the full-year target, up 1.1 per cent compared to the same period of 2018.

This included VND1.429 trillion ($62 million) coming from the public sector (down 2 per cent), VND5.376 trillion ($233 million) from the non-state sector (up 1.6 per cent), and VND648.7 billion ($28 million) from foreign entities (up 3.9 per cent).

According to the Danang City People's Committee, in the first quarter of this year, 97 international delegations visited and had working sessions in the city, of which the city leaders received 23 international delegations.

Diverse investment promotion programmes with Japanese partners were successfully hosted, for instance, the networking programme between Danang city and Yamanashi prefecture or the discussions between city leaders and enterprises from the Okayama International Trade Association.

Currently, the city is home to four projects using official development assistance (ODA) capital managed by the city with a total investment capital of about $420.3 million, $328.6 million of which is ODA capital, accounting for 78.2 per cent of the total, while counter-funding capital reached $76.67 million, accounting for 21.8 per cent.

In addition, the city is home to two centrally-governed World Bank-funded projects, including WB5 Disaster Management Project in Danang and the Hospital Waste Treatment Support Project.