Danang Reports over US$1Bln FDI So Far

Central Danang city has licensed seven foreign direct investment (FDI) projects capitalized at US$95 million since the beginning this year, bringing total FDI capital to US$1.037 billion for 102 valid projects, according to Danang Investment Promotion Center (DIPC).

 

Investors are moving ahead on 14 other projects with expected capital of US$1.3 billion, the center said. These include a trade, service and high-grade apartment complex project by Korea’s Yunjin Vina, worth US$200 million; the US$100 million Hoa Hai sea tourism complex by Dubai Asia Pacific; and the Non Nuoc golf ecological project by Dia Cau Company, valued at US$150 million.

 

DIPC said the rapid growth of FDI in Danang had resulted in a considerable rise of domestic investment in the city. In April alone, municipal authorities have inked principle agreements on 50 year land allocations with four domestic enterprises.

 

In mid May 2007, Danang authorities received a proposal from a group of seven investors, including PetroVietnam’s Finance Company, G-Bank, and other big names, asking to buy uncultivated land for their project on the Nam Non Nuoc new urban area. These investors plan to a carry out property projects, including high-rise buildings and hotels, on a 550ha area.