Da Nang helps firms complete investment procedures amid COVID-19 outbreak

The Department of Planning and Investment in Da Nang has pledged to continue working with relevant units to accelerate the completion of investment procedures for projects, with a view to helping businesses implement them and speed up the economic recovery.

The department will also take measures to help businesses solve difficulties during their formation and operation.

According to the municipal statistics office, the city’s total development investment was estimated at over 7 trillion VND (298 million USD) in the first quarter of 2020, down 8.1 percent compared to the same period last year. Notably, FDI disbursement reached 1.79 trillion VND, up 92.1 percent year-on-year.

Director of the office Tran Van Vu said the FDI sector has seen a rise in investment attraction thanks to the implementation of several big projects. Meanwhile, the main reasons for a decline in the implementation of state-owned projects is the slow allocation of investment capital in the first months of the year, the slow completion of documents to implement new projects, and delays to site clearance due to the COVID-19 pandemic.

Statistics from the municipal department show that in the first quarter, Da Nang attracted 79.4 million USD in foreign investment. To date, the city has welcomed 844 valid FDI projects totalling 3.47 bilion USD.

Along with Hanoi in the north and Ho Chi Minh City in the south, Da Nang is Vietnam’s major economic hub in the country’s central region./.

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