Danang Hi-Tech Park courts $59 million project from US investor
Danang Hi-Tech Park and Industrial Zones Management Authority released a decision on June 20 giving the nod to an investment proposal of US investor Vector Fabrication Inc which wants to land a project valued at around $59.4 million in the park.
The project engages in manufacturing printed circuit boards and micro electro mechanical systems with a high level of automation and specialisation and covers 40,000sq.m of space.
It is slated to kick off construction within 2022, with the first phase coming on stream by 2025.
In mid-June, Danang Department of Planning and Investment announced the city's foreign investment attraction situation.
Accordingly, in the first five months this year, the central city allured 11 foreign investment projects valued at $6.06 million, and nine projects asked for capital addition at $1.26 million.
As of May 15, Danang was home to 920 valid projects with the total capital value reaching $3.87 billion.
As of May 15, the city was home to 920 valid projects with a total capital value reaching $3.87 billion.
Last year, Danang courted more than $237 million in the total foreign fund volume, in which more than $150 million came from 42 newly-licensed projects, while 22 existing projects asked for supplemental capital surpassing $75.2 million.
Danang Hi-Tech Park allured five new projects valued at $145.4 million, while the remaining 37 projects valued at $4.78 million were in areas outside high-tech parks and industrial zones.
As Danang is pushing up investment attraction during 2021-2025, the city aims to coax about $3 billion in foreign investment volume, increasing to $4 billion during 2026-2030.