02:52 (GMT +7) - Sunday 18/11/2018

Vietnam Today

PM: Da Nang must surge forward

Released at: 11:29, 16/10/2017 APEC Viet Nam 2017

PM: Da Nang must surge forward

Prime Minister Nguyen Xuan Phuc addresses the business forum "Invest in Da Nang" (Photo: VNA)

PM calls on central city to build upon its development as APEC host and become a driver of the central region's economy.

by Quang Huy

As next month’s APEC Summit 2017 approaches, Prime Minister Nguyen Xuan Phuc has called on Da Nang to become the most livable city in the country, a must-see tourism destination, and a major investment magnet.

Attending an investment promotion forum entitled “Invest Da Nang 2017” on October 15, he instructed the city to complete eight urgent tasks, including completing all preparations for successfully hosting the APEC Leaders’ Week slated for November 6-11.

“The APEC Summit 2017 will be a positive introduction to Da Nang as a young and dynamic city in central Vietnam and an attractive location for leading global investors,” the PM said in his keynote address. “The city should spare no effort in hosting a summit that impresses investors, tourists, and friends.”

“Da Nang should strive to boost its growth as a key city and a driving force for the central coastal region in the years to come. If it does not do so, it will be replaced by Khanh Hoa or Quang Nam as the driver of the central region’s economy.”

The city needs to take stronger action to fulfill its potential as a regional metropolis, a smart city, and one of three key cities in the country, joining Hanoi in the north and Ho Chi Minh City in the south.

He suggested that Da Nang reform its institutions and promote transparency to create more favorable conditions for both domestic and foreign investors, as this would help it win the trust of both investors and residents. It must also commit to protecting investors’ assets from any risk, while improving land procedures, public services, and competitiveness.

Deputy Chairman of the city’s People’s Committee Ho Ky Minh said that Da Nang now has 408 domestic projects worth $4.5 billion and 525 foreign direct investment (FDI) projects worth $3 billion, adding that the city offers rent-free land for environmental projects or land tax exemptions of 13-19 years for high-tech industries, while software exporters are supported with trade promotions, preferential taxation regimes, and human resources training subsidies.

In a recent survey conducted by the Vietnam Chamber of Commerce and Industry (VCCI), VCCI Chairman Mr. Vu Tien Loc said that 51 per cent of foreign investors selected Da Nang as their preferred investment destination, citing its sound and flexible governance. He warned, however, that 33 per cent of FDI businesses still complain about complex land procedures, while 40 per cent say they have difficulties in accessing bank loans.

On the same day, the Ariyana Convention Center, a key venue of the APEC Leaders’ Week, was opened. Covering an area of 12,000 sq m, the center has a grand ballroom that can seat 2,500 people. Connected to the Furama Da Nang International Convention Palace, the Ariyana Convention Center is Vietnam’s largest international conference complex, with a total of 5,000 seats.

The center and the nearby palace will host most of the week’s events, including the APEC CEO Summit. Leaders from 21 APEC member economies and some 10,000 Vietnamese and foreign delegates are expected to attend the range of events.

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