Da Nang was the third urban centre listed in Viet Nam, after Ha Noi and HCM City, on the comparison board which included 30 major Asian cities.

The city has emerged as an attractive investment destination for Japanese businesses and has so far attracted US$250 million from 29 Japanese businesses thanks to its improved infrastructure, large seaport and international airport, as well as low costs of office rental and accommodation for foreign investors. However, JETRO said that transportation costs from the city’s Tien Sa port to Japan’s Yokohama port were still high compared to other ports in Viet Nam.

The city’s representative office in Japan has joined hands with Japanese businesses to carry out studies on investment, supporting industries and hi-tech industrial zones in the area.

Money rolls in

Da Nang has granted licenses to 23 new projects worth a total $986.5 million during the first eight months of this year, according to the city’s Investment Promotion Centre.

Of the total, 18 were foreign-invested worth $614 million, up 15 percent year-on-year, the centre said, adding that the British Virgin Islands were the city’s number one foreign investors with two projects valued at $330 million.

From January to August, the city also approved three new projects, increasing their level of capital by $33.2 million. The city’s investment promotion centre said that it plans to intensify promotion of certain industries, especially hi-tech and services such as real estates, tourism, health, education, logistics, transport, and finance-banking.

Investment promotion activities will be closely connected with trade and tourism promotion activities of the city and central region and national investment promotion activities.

Da Nang plans to organize investment promotion workshops overseas to attract investment in auxiliary industries and hi-tech industries in Japan; seaport, logistical and financial-banking services in Singapore and Hong Kong; and hi-tech industries and services including health, education and distribution in the US.

The city wants to advertise its investment environment via improved training for its officers in investment promotion, project preparation and evaluation, event organization, international relations and foreign languages.

Da Nang has issued a list of 78 projects calling for foreign direct investment in the next three years, according to the city’s Department of Planning and Investment.