By: Dezan Shira & Associates
Editor: Kurt Nguyen
Many may know of Da Nang as a major U.S. air force base during the Vietnam War, but the modern-day city has few remnants of its war-ravaged history. Nowadays, Da Nang has developed into a major urban center— Vietnam’s third largest economic center with the highest growth rate and urbanization ratio in the country. Endowed with a strategic location along the central coast, Da Nang is easily accessible through major highways, seaport and affordable international flights connecting it to other Asian countries. The local government’s pro- business policies offer many incentives for investors in the fishing, manufacturing, infrastructure, service, and tourism industries. The city has consistently ranked first in USAID’s Vietnam Provincial Competitive Index for the past 3 years, yet Da Nang’s FDI inflow has been low compared to its true potential, leaving future investors with ample opportunities.
By Edward Barbour-Lacey
HCMC – With its burgeoning technology and IT industries and its increasingly attractive business environment, Vietnam’s port of city of Da Nang is well on its way to accomplishing its goal of becoming the Singapore of Vietnam. Over the past five years, the city has undergone a building boom, spending US$4.5 billion on infrastructure projects. Additionally, for eight years in a row, the city has been top ranked in the Vietnam Provincial Competitiveness Index for the categories of good governance and business-friendly policies.
Da Nang is the country’s third largest city and is the main commercial and educational center of central Vietnam. The city is well known for its clean environment, beautiful beaches, and good public services. It is often referred to as the most livable city in Vietnam. Currently, the city has an estimated one million inhabitants in its urban areas, although the city’s master plan calls for a population of over two million by 2020.
HCMC – According to Vietnam’s Foreign Investment Agency, FDI approvals for the first 10 months of 2014 are 23.9 percent lower than the same period last year. However, capital disbursements by FDI enterprises have increased 5.9 percent year-on-year (YoY) to a total of US$10.15 billion.
HCMC – The Vietnam-EU free trade agreement (FTA) negotiations will be held from September 22 to 26 in Vietnam’s coastal city of Da Nang. It is hoped that the agreement will allow Vietnam to further penetrate the EU market, as well as attracting further FDI into the Southeast Asian country.
HCMC – The city of Da Nang is fast becoming one of the premier destinations in Vietnam for both tourism and foreign direct investment (FDI). Seventeen years after the city became an independent municipality, Da Nang has become the third largest economic center and the main commercial and educational center of central Vietnam.
Da Nang, a port city located on Vietnam’s central coast, often has been ignored in favor of the more recognizable cities, such as Hanoi and Ho Chi Minh City (HCMC). However, this began to change last year when the city staged a sort of coming out party with the opening of the Dragon Bridge.
By My Nguyen
Nov. 23 – Da Nang Hi-Tech Park is the newest among three high-technology zones in Vietnam, besides Hoa Lac Hi-Tech Park in Hanoi and the Ho Chi Minh City Hi-Tech Park.
Da Nang City is calling for foreign investment in its hi-tech park by promising attractive incentives. The Vice Chairman of Da Nang Phung Tan Viet presented in front of the Dutch business representatives in an event recently held by the city’s People Committee and the Netherlands general consul that the city shall offer them 100 percent land tax and 100 percent land-use tax exemptions for investment projects in infrastructure, hi-tech research and accommodation for on-site workers.
By Samantha Jones and Julia Gu
May 29 – Vietnam is composed of 63 provinces and five centrally-governed cities, which stand on the same administrative level as provinces (namely Hanoi, Ho Chi Minh City, Can Tho, Da Nang and Hai Phong). The General Statistics Office of Vietnam further groups these provinces and cities into eight regions, listed below:
- Red River Delta
- Mekong River Delta
- North Central Coast
- South Central Coast
- Central Highlands
By Tran Que Chi
Mar. 9 – Vietnam’s food processing, software and environmental technology sectors have been labeled as new industries with great potential.
Hanoi, Ho Chi Minh City and the Central Highlands in particular have been identified as future centers for the food processing industry, with Da Nang, Hanoi and HCMC expected to become major software hubs.
Sept. 7 – The country’s flag carrier, Vietnam Airlines, has announced it will slash fares on domestic flights by 50 percent from September 15 to October 30.
The heavily discounted rates will include routes coming from the capital, Hanoi and the financial center, Ho Chi Minh City. The discounted prices will range from VND400,000 to VND860,000 per flight following the routes below:
Aug. 3 – Electronic customs declaration and clearance is now available for trade passing by the Lao Cai border gate beginning August 1.
The province is the eleventh one to adopt the process for trading goods.This will make it easier for companies selling goods to China via the Lao Cai border to easily declare customs procedures and have the option to pay fees on a monthly or per customs declaration form basis.
Lao Cai Province’s main economic activities include agriculture and forestry. It is trying to attract more foreign direct investment in the area while developing cross-border trade with China and ecotourism.