Da Nang is still a magnet for foreign investment

The inauguration ceremony of LG VS DCV Da Nang

It is no surprise that the debut of the two projects, once again, clearly proves Da Nang’ berth as a highly- reliable Vietnamese magnet for domestic and foreign investors, especially in the teeth of globally complicated COVID-19 pandemic.

Korean Consulate General in Da Nang Ahn Min Sik highlighted the importance of the recently-opened LG VS DCV Da Nang in serving as a firm catalyst to bolster trade cooperation and investment between the two countries in the aspects of R&D and ICT, and especially, helping Da Nang rise to fame as a big IT hub in Viet Nam, and Southeast Asia at large.

“I am so impressed with the development of Da Nang’s leadership vision. It’s the reason why we decided to open our second base in Da Nang after the first one we opened in Ha Noi four years ago,” Director of the LG VS DCV Jung Seung Min affirmed whilst expecting the new base in Da Nang to become the biggest R&D centre for LG Electronics in Viet Nam.

Of special note, LG-VS is the quickest foreign investor in Da Nang as it accelerated the process of market studies and investment in a very short time. The opening of the new base came after a Da Nang visit by LG-VS leaders in October after Da Nang has sucessfully contained the second coronavirus wave.

Whilst LG opened its Da Nang base just in a short time, Daiwa Vietnam Co., Ltd has moved deeper into the Da Nang market as it has broken ground on its own third factory there.

This factory is the first and only fishing rod production site in Viet Nam, designed as an eco-production in line with Da Nang’s goal of turning itself an eco-city in the future.

The Daiwa Vietnam’s latest investment decision re-affirmed that Da Nang is a bright example of ‘Birds nest on good land’.

The first Daiwa Vietnam factory in Da Nang was built in 2006, whilst the second opened two years later, and then, the third whose commence started a few days ago in the Hoa Khanh Industrial Park raises the company’s total investment in the city to 90 million US$ till date.

“At present, we are carrying out our great mission to make a contribution to Da Nang’s growth”, said Daiwa Viet Nam General Director Ikeda Naoatsu.

Daiwa Vietnam Co., Ltd. is a member of Globeride, Inc. (formerly Daiwa Seiko Corporation) is the world’s leading manufacturer of fishing equipment.

The construction of the third plant of Daiwa also served as evidence of close cooperation and investment between Da Nang and Japan.

People’s Committee Ho Ky Minh Vice Chairman has always pledged that the most favourable possible conditions would be created for investors from both home and abroad so that they could operate to their fullest potential.

At the threshold of 2021, given the great benefits of such trade and investment agreements between Viet Nam and many other countries and partners as EVFTA, EVIPA, CPTPP and VKFTA, along with investment incentive mechanisms, Da Nang, and Central Viet Nam and Central Highlands at large, will remain reliable and safe destinations for foreign investors, especially Korean and Japanese ones.

Source: Da Nang Today