Maintaining Investment Promotion and Support during Epidemic

4:00:13 PM | 17/5/2022

Despite facing difficulties due to the COVID-19 pandemic, thanks to active renovations in investment promotion methods, the Danang Investment Promotion Agency (IPA Da Nang) has still striven to fulfill its tasks and made important contributions to the city's investment attraction results.

In 2021, despite being hit by the epidemic, IPA Da Nang still actively promoted and introduced the investment environment, policies, potential and opportunities of Da Nang City. It compiled investment promotion documents to introduce local potential and opportunities for investment, trade and tourism cooperation and listed key investment attraction projects in 2021-2025. It communicated, advertised and introduced the city's investment environment, policies, potential and opportunities on well-reputed domestic and international mass media and press agencies and on websites of investment promotion agencies like the Vietnam Foreign Investment Agency (FIA), Vietnam Trade Promotion Agency (Vietrade), JETRO, AMCHAM, EUROCHAM and AHK.

Also in 2021, IPA Da Nang organized and participated in many investment promotion events. Specifically, the agency advised the City People’s Committee to issue an investment promotion program for 2021 and another for 2022; consulted it to plan the Da Nang Online Investment Promotion Conference 2021 and chaired and coordinated with relevant bodies to successfully carry out many activities such as a ceremony to announce the central government’s and Prime Minister’s decree and decision on Da Nang development, hosted two online-offline conferences like Business Dialogue and Korea ICT Investment Promotion Forum Danang; and chaired 17 live webinars.

With its investment support, IPA Da Nang assisted and guided more than 80 investors and enterprises to carry out investment procedures, choose investment locations and deal with emerging problems before, during and after they were licensed. Due to the epidemic outbreak, the agency mainly supported investors via email and telephone, and hosted online working sessions. It also researched and assessed potential, markets, trends and investment partners; proposed mechanisms and policies on investment promotion; and boosted domestic and international cooperation on investment promotion.

In particular, IPA Da Nang consulted the city government to make a plan to organize the Danang Online Investment Promotion Conference in 2021; and flexibly advised and organized suite conferences and seminars amid the epidemic outbreak such as the online-offline Business Dialogue 2021 held on September 24, 2021.

IPA Da Nang advised the City People's Committee to ratify a decision on revisions to 57 key investment projects engaged in education, medicine, tourism, services, commerce; culture, sports and other fields in Da Nang City in 2020 - 2025; and to approve the project "Strengthening the city’s investment attraction in 2021 - 2025, with a vision to 2030”. The project is an important basis for setting forth viewpoints, goals, orientations, plans and solutions to attract investment in 2021-2025, with an eye to 2030. In addition, the agency advised the City People's Committee to establish the Joint Working Group on Investment Promotion and Support to solve bottlenecks in investment promotion to achieve positive outcomes and effects.

As a result, in 2021, Da Nang City granted investment licenses to 27 domestic investment projects with a total registered capital of VND7,747.824 billion (US$335 million) and 39 new FDI projects with US$149.870 million, and allowed 18 FDI projects to add US$30.1 million. The city also witnessed foreign investors conducting 49 equity purchase deals worth US$$11.447 million.

Speaking about investment promotion and support activities in the future, Ms. Huynh Lien Phuong, Director of IPA Da Nang, said that IPA Da Nang will consult the City People's Committee to effectively carry out the Project on Da Nang Investment Promotion in 2021 - 2025, with a vision to 2030, the investment promotion plan for investment projects unfunded by the government, and the Investment Promotion Plan in 2022. The agency will effectively perform its role as the standing body of the Joint Working Group on Investment Promotion and Support to support and accelerate the progress of projects and advise on the organization of Danang Investment Forum 2022 (expected in September 2022); and online and office investment conferences.

By Vietnam Business Forum