Da Nang city to lure investment in mid COVID-19 pandemic

Update: 06:00 | 25/07/2021
The US’s Vector Fabrication Inc has been scouting locations in central Viet Nam for a Micro-Electro-Mechanical Systems (MEMS) factory with an estimated investment of 60 million USD, according to the Head of the Da Nang Hi-tech Park and Industrial Zones Authority (Da Nang HPIZA), Pham Truong Son.
An engineer monitors a production line at a circuit board factory at the Da Nang IT Park. The central city's IZs and IPs have still lured investment in spite of the coronavirus outbreak. (Photo courtesy of Trung Nam Group)
An engineer monitors a production line at a circuit board factory at the Da Nang IT Park. The central city's IZs and IPs have still lured investment in spite of the coronavirus outbreak. (Photo courtesy of Trung Nam Group)

According to Mr. Pham Truong Son, that the municipal People’s Committee has asked the board for an introduction to the park for the US investor from California.

It’s a positive recovery sign for foreign investment in the city during the coronavirus pandemic that has hit the city and many provinces in Viet Nam, Head of Da Nang HPIZA said.

Despite the outbreak of COVID-19 in the city, potential foreign and domestic investors have been eyeing establishing manufacturing factories at the central city’s industrial zones and hi-tech parks. In all, a total of 145.3 million USD from 16 foreign direct investment projects and 481 billion VND (21 million USD) from 12 domestic projects flowed into the city in the first six months of this year, Son said.

He also said the Fujikin Incorporated from Japan planned to inaugurate the first R&D centre at Da Nang High-Tech Park in the order of 35 million USD to produce air valves using semiconductor production lines, as well as medical equipment, robots, new energy technology using hydrogen, and Artificial Intelligence (AI).

Earlier, Da Nang HPIZA agreed to an investment proposal from Intex Development Company, a member of Intex Group from the US to build a factory for 12 million USD at Hoa Khanh Industrial Zone.

It would produce 1.9 million water filter boxes for above ground pools and 2.4 million water and air pumps per year.

In June, local bakery Bao Ngoc company agreed to pour 160 billion VND (7 million USD) into building a plant in Da Nang and supplying 12,000 tonnes of products per year.

Another local logistics company, Vinalog, decided to build a logistic service centre on 15,000sq.m at the Hoa Khanh IZ with 75 billion VND (3.3 million USD).

The logistics centre would provide a storage and commodities packaging system with a 300,000 tonne capacity each year.

According to the HPIZA managing board, a Da Nang joint-stock steel producer will build a steel factory with 42.5 million USD investment at Lien Chieu IZ. The steel producer said it would supply 500,000 tonnes of steel for construction each year.

Some key manufacturing companies at the city’s hi-tech park and IZs have been implanting the ‘three-on-site’ policy for labourers to continue operations during the most recent COVID-19 outbreak.

Son said aerospace components manufacturer Universal Alloy Corporation (UAC), Da Nang Rubber company and Dong A Paper Mill had created safe working zones and dining halls as well as temporary sleeping areas for workers so that they can stay on site.

Earlier this year, investment proposals were granted to Silicon Valley investors including Arevo Inc and United States Enterprises with a total investment of 245 million USD for developing a semiconductor and a 3D printer manufacturing project at the city’s Hi-tech Park.

The city had been calling for investors from Silicon Valley and the US in healthcare, high-tech industries, artificial intelligence (AI), education, real estate, and automation.

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(Source: VNA)