A new urban area in Lien Chieu district of Da Nang. VNA
Danang authorities are building a detailed plan for the Vietnamese city’s first international duty-free zone and smart urban area for investors, with construction set to commence soon after the Import-Export Pan Pacific Group (IPPG) asked the city to allocate land for the project.
Huynh Thi Lien Phuong, director of the city’s Investment Promotion Agency, told Viet Nam News that the project had been finalising the city’s first international standard downtown duty-free zone and factory outlet centre.
Lien said the city would offer the best conditions for the investor to start the project.
She said the city also planned a downtown free-duty shop at the coastal crown plaza in Ngu Hanh Son district to seek investment.
In 2019, IPPG proposed the project with an investment of $434 million, but an appropriate land area was yet to be offered.
In 2018, group chairman Jonathan Hạnh Nguyen urged the city to build a third terminal to ease congestion and design an international standard duty-free zone and recreational area to funnel tourism towards Hoi An, Hue and Danang.
He said Danang would be a new location for a luxury shopping centre for future development and investment attraction.
Danang has been designing the 1,100ha Hi-Tech Park as Viet Nam’s ‘Silicon Valley’ to earn revenue of $1.5 billion each year with 25,000 jobs and a satellite city of 100,000 people after 2023.
The US-based aviation firm Universal Alloy Corporation (UAC) put the Sunshine Aerospace Components Factory into operation in the first phase last year.
South Korea’s LG Electronics also debuted its research and development (R&D) centre – the second in Vietnam – at the Danang Information Technology Park Tower.
CMC Corp, the second-largest information and communications technology (ICT) group in Vietnam, plans to build the Danang-based CMC creative space – a digital hub in the Asia-Pacific region – with an estimated investment of $522 million.
To date, Danang has 876 foreign direct investment projects worth a total of $3.52 billion.
VIET NAM NEWS/ASIA NEWS NETWORK
