Danang calls for investment in 60 projects
Danang calls for investment in 60 projects
The central coastal city of Danang plans to call for investment in the VND50 trillion (US$2.16 billion) City Opera House project and the VND54.5-trillion subway system project for the 2020-2025 period.
These are two of the nearly 20 projects in need of hundreds of billions of dong each from a list of 57 key projects requiring investment in Danang city for the 2020-2025 period, as approved by Huynh Duc Tho, chairman of Danang People's Committee, based on the Danang Investment Promotion Agency’s proposal.
The projects cover various industries such as education and training; healthcare; tourism, services and commerce; culture and sports; information technology and industrial infrastructure; advanced technology; high-tech agriculture; environmental protection; and transportation, infrastructure and logistics.
In particular, Danang wants to build a subway system under a public-private partnership (PPP). With starting capital of VND54.5 trillion, the system will include two lines. The first will connect Nam O Beach (near Hai Van Pass) to My Khe Beach, while the second will run from Danang International Airport to Son Tra Peninsula. In another development, the city has arranged for the funding of an MRT system running from Danang to the ancient city of Hoi An in Quang Nam Province. With capital of up to VND15 trillion, the city hopes to attract more investment in the PPP format.
Besides this, the city is prioritizing foreign investors for four high-tech projects with investment capital of US$8 million to US$15 million each. Meanwhile, most of the 10 transportation and logistics projects need a trillion dong each. Investing in a new railway station in the suburbs and replacing the operational one in the downtown area will require VND12 trillion.
The 170-hectare horse racing and farming center in Hoa Vang District with investment capital of VND4.554 trillion is another major project in the works.
Danang has also included the controversial Lien Chieu and Tien Sa Port projects on the list. Accordingly, during the given period, the Lien Chieu Port project will need nearly VND3.5 trillion from the State budget for infrastructure, including breakwaters and dikes, and nearly VND4 trillion in private investment for the first two berths capable of receiving 100,000-ton ships and container vessels with a maximum capacity of 8,000 TEUs. Moreover, potential investors can propose plans to convert the operational 18-hectare Tien Sa Seaport into a tourism port.
According to data released by Danang City’s People Committee, from the beginning of this year to November 15, Danang City attracted more than VND8.8 trillion from domestic investors and nearly US$670 million from foreign investors. The city granted fresh investment certificates to 123 foreign-invested projects with combined registered capital of nearly US$440 million, while the remainder came from 15 operational projects that had increased their investment capital.
In the same period, the city attracted 331 domestic investment projects worth nearly VND105 trillion and 805 foreign-invested projects with total capital of US$3.43 billion.
