Da Nang: Solutions to remove difficulties in economic development in COVID-19 time

Danang People's Committee has just issued Report No. 51 / BC-UBND dated 10/03/2020 on the Socio-economic development in the first quarter of 2020, forecasting a growth scenario in 2020 and a number of solutions to remove difficulties in economic development.

In particular, the City People's Committee proposed three scenarios of city economic growth in 2020 under the impact of COVID-19, including: Scenario 1 is an expected economic growth in the city by 2020 based on data of industries til the end of January 2020 with GRDP expected to increase 7.32%; The second scenario is COVID-19 which is controlled in the first quarter of 2020 with an expected GRDP of 5.91%; Scenario 3, which is COVID-19, will be controlled in the second quarter of 2020 with GRDP expected to increase 4.69%.

For the industrial sector, the city promotes the production of import substitutes, goods for disease prevention and control such as: medical equipment, health protection products, pharmaceuticals. ...; promote attraction, call for investment; implementing solutions to remove difficulties and obstacles for enterprises in industrial parks; soon submit to the Prime Minister to set up a hi-tech industrial auxiliary zone; continue to implement supply and demand connection, provide information to businesses about production activities of supply chains, import and export policies ...

At the same time, the city continues to reform administrative procedures, improve investment and business environment, to promote investments, especially well preparation of conditions for successful organization of the Forum of Markets and Investment Forum in 2020; maintain cooperation and connection with international organizations such as JETRO, KOTRA, AMCHAM, AUSCHAM, SBF, IE Singapore, AHK ... in order to connect businesses, cooperate on investment promotion, accelerate the disbursement progress. projects and implementation of investment plan in 2020.

Investment attraction is still positive

According to the Department of Planning and Investment of Da Nang City, from the beginning of the year until now, it has approved investment policies for 4 local investment projects  with a total investment of more than 8,611,866 billion dong; attracting 75.746 million USD of FDI capital (foreign direct investment). In particular, 28 new projects have been granted with total newly licensed capital of US $ 65.465 million, increasing capital for 2 projects with a total investment of US $ 20,000.

Thanks to the open policy with favorable investment incentives, Da Nang is a potential destination for businesses in the auxiliary and high-tech sectors, especially in the trend of moving and expanding production from China to Vietnam. The city continues to improve infrastructure, expand high-tech zones, especially to create production spaces to meet the needs of investors.

One of the highlight is the High-tech Factory project in Danang High-Tech Park invested by Long Hau Joint Stock Company. Currently, the first phase of 10,000m2 is built in Lot J4 which has been completed with a diverse area of 1,500m2. The factory can be handed over immediately, helping businesses quickly put into operation. In parallel, LHC will continue to implement Phase 1 expansion with a scale of 10,000m2, which is expected to be completed in September 2020.

Long Hau High-tech Factory Project in Da Nang