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Danang gets $26 million in FDI

2012-03-16 (GMT + 7)

The central city of Danang has attracted five new projects worth $26.4 million in foreign investment so far this year.

da-nangThey include a 2.5MW solar energy plant costing $9.1 million to be built by Methis Environmental Vietnam Ltd of Belgium, according to Le Canh Duong, deputy director of the Investment Promotion Centre.

Last week authorities permitted Korean company Daewon Engineering & Construction Co Ltd to increase its investment by $16 million in its Danang project.

The city now has 213 foreign-invested projects with a total capitalization of over $3.1 billion, mostly in the tourism, services, property, and manufacturing industries.

Investments have come from British Virgin Island, the Republic of Korea, the US, Hong Kong, Japan and 25 other countries and territories.

The biggest are the $325 million Capital Square Complex (the US), $250 million Da Phuoc Urban Area (the Republic of Korea), $116 million Hyatt Regency Danang Resort & Spa (the US), and $60 million Blooming Tower (the Republic of Korea).

Foreign firms export a combined $400 million annually, with their products shipped mainly to the US, the EU and northeast Asia.

Van Huu Chien, chairman of the city People’s Committee, said the city has shifted its investment focus from tourism and property-which appear saturated-to hi-tech industries and high-quality services.

Japanese firms have invested $240 million in 51 projects in these sectors.

Danang is expected to attract more investment in the sectors from European and American firms.

The focus will be on encouraging the form of PPP (public-private partnership) investment in waste treatment and infrastructure development.

“We are enhancing our partnership with foreign investors with financial capacity and expertise such as ITG (the US), Vinacapital, Indochinacapital, Mabuchi, Metro, and Big C,” Chien said.

The city has established external and economic relations with nearly 80 countries and territories around the world.

Source: VNN

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