Central Vietnam pushes infrastructure to welcome new investments

Localities in Central Vietnam are speeding up major infrastructural and industrial projects in anticipation of foreign investments as Covid-19 gradually subsides in the nation.

Cam Lo - La Son expressway project (passing Quang Tri and Thua Thien-Hue provinces)

Cam Lo - La Son expressway project (passing Quang Tri and Thua Thien-Hue provinces)

Multi-million projects on the rise

Investment interest towards Central Vietnam still remains high despite the Covid pandemic weighing down the economy, said local officials.

Da Nang City in the first 7 months of 2020 has attracted nearly VND14,000 billion (about US$603 million) in domestic and over US$120 million in foreign investment capital.

At the same time, city officials granted a budget of VND16,000 billion (about US$690 million) for 6 domestic projects.

There are currently 867 FDI projects in Da Nang with a total registered capital of about US$3.518 billion, said Director of Da Nang City Department of Planning and Investment Tran Phuoc Son.

31,661 businesses currently operate within the city, with a total registered capital of VND216,920 billion (about US$9.35 billion). A number of manufacturing projects in fields such as aerospace or electronic components have also been completed.

Further down South in Chu Lai open economic zone (Quang Nam province), a popular choice among investors, there are 7 newly licensed projects, with a total registered capital of more than VND5,000 billion (about US$215 million).

The province is working closely with relevant units and investment consultants to research foreign investors from well-developed countries as a basis to calls for investment in incentive fields.

Many major projects in Thua Thien - Hue have been running on schedule since January, such as Billion Max Vietnam Export Processing Factory Project, or Hue Amusement & Beach Park.

Incentive for marine economics

Binh Dinh province has proactively implemented the first stage of coastal traffic route phase 1 from Cat Tien to De Gi worth over VND 1,260 billion (about US$54 million). This is considered the major route connecting Quy Nhon City with Nhon Hoi EZ and Nam De Gi Marine Tourism Megacity.

The People’s Committee in Binh Dinh province is trying to complete a coastal road project in the 2021 - 2025 period expected to create a driving force for marine economic development, tourism and coastal urban zoning in the area. The province has requested nearly VND7,600 billion (about US$327 million) from the state budget or foreign investment capital to complete construction in the 2021 - 2025 period.

Meanwhile, Thua Thien - Hue has mobilized over VND5,116 billion (about US$220 million) from its medium-term public investment capital to develop technical infrastructures for industrial zones and EZs in the period of 2021-2025.

The province also kicked off a 85km long coastal road project worth VND6,480 billion (about US$279 million), expected to be a critical route and driving force for marine and lagoon economic development in the area.

By Van Thang - Translated by Tan Nghia

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