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Da Nang Central City Encourages Investment from Japan

Japanese businesses were given an introduction to Da Nang's environment, investment potential, business opportunities, and tourism offerings.

Administrator

3 April, 2023

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Signing Ceremony of Memorandum of Understanding between Thanh Dat Group Co., Ltd., Magos Company Limited (under Metran Co., Ltd.) and Heisei Medical Welfare Group related to the implementation of rehabilitation services and care for the elderly; Thanh Dat Group Company Ltd., Magos Company Ltd. and Minatomirai Group are involved in the implementation of health and beauty care services in Da Nang. Source: danang.gov.vn

The central beach city of Da Nang has been urging Japanese businesses to further invest in its seaport, infrastructure, hi-tech industry, education, healthcare, supportive industries, information technology, and other areas during a four-day investment promotion event held in Kisarazu, Yokohama, Osaka, Chiba, and Kanagawa, Japan, according to Vietnam News Agency (VNS) on Sunday.

Japanese investors have invested an impressive total of USD 1.04 billion in 228 projects in the Vietnamese city of Da Nang, placing them first on the list of 40 foreign direct investment (FDI) sources in the city.

Secretary of the City Party Committee, Nguyen Van Quang, has urged the Sumitomo Group to consider investing in Da Nang following Sumitomo Corporation Vietnam and its local partner, the BRG Group, commencing pre-feasibility surveys on the development of seaports, airports, and industrial parks in the city.

During the investment promotion tour in Japan last week, local Thanh Dat Group signed Memoranda of Understanding (MoUs) with Japanese partners including Magos company (under Metran Group), Heisei medical welfare group, and Minatomirai Group to launch healthcare for elderly, rehabilitation, and beauty care services in the city.

Nakagawa Tetsuyuki, the General Director of Aeon Mall Vietnam, has revealed that the company has constructed six trading centers in five cities, namely Ho Chi Minh, Binh Duong, Hai Phong, Hanoi, and Thua Thien-Hue. Moreover, the group has plans to establish a new trading center in Da Nang.

Japanese and Vietnamese businesses join an investment promotion event in Osaka, Japan during the four-day tour of the Đà Nẵng City's leadership in Chiba, Osaka, Yokohama, Kisarazu, Kanagawa, Japan. Photo courtesy of Đà Nẵng City's Investment Promotion Agency

Japanese and Vietnamese businesses join an investment promotion event in Osaka, Japan. Photo courtesy of Da Nang City’s Investment Promotion Agency

A Japanese technology company, Pasona Tech Vietnam, is constructing an Information Technology (IT) LAB in Da Nang to provide training in digital transformation for human resources. The LAB is expected to open in the second quarter of 2021.

Earlier, Pasona established its Awaji Da Nang centre in Awaji, Japan to support IT manpower education and training.

In 2022-2023, the Mikazuki Hotel Group of Japan was viewed as a successful investment project in Da Nang when it opened the VND 3.9 trillion (USD 168.16 million) Da Nang Mikazuki Resort&Spa, despite the challenges posed by the COVID-19 pandemic.

Fujikin International Inc., a Japanese corporation, has invested USD 35 million to open an R&D center in the Da Nang High-Tech Park. This marks a significant move in their commitment to innovation and progress.

Tokyo Keiki Precision Technology Inc. and Niwa Foundry, both from Japan, have already set up factories at Da Nang Hi-Tech Park.

Japanese Daiwa Vietnam Company has invested a total of USD 90 million in the city of Da Nang since 2005-20. This includes the construction of their third factory in the Hoa Khanh Industrial Zone, which required an investment of USD 40 million.

In the first two months of 2020, Da Nang authorized sixteen fresh foreign direct investment (FDI) projects with a registered capital of USD 2.55 million, a decrease of 53.6% compared to the same period of the previous year.

To date, the city has attracted 965 FDI projects with a total registered capital of over USD 4.065 billion, mainly in the industrial and real estate sectors. Japan is the city’s largest investor, with more than USD 900 million, followed by Singapore, the US, and the Republic of Korea.

Da Nang is striving to draw in USD 7 billion of Foreign Direct Investment (FDI) by 2030, with USD 3 billion to be obtained over the 2021-2025 timeframe and the remainder in 2026-2030.

Da Nang has established strong ties of friendship and collaboration with Kisarazu, Kawasaki, Sakai, and Yokohama, and has been hosting the annual Vietnam-Japan Cultural Exchange Day since 2014.

Vietnam Airlines has resumed its direct air route from Narita, Tokyo to Da Nang, providing a much-needed boost to tourism and investment from Japan to central Vietnam. This move comes at an opportune time, as travelers have been eager to explore the region for its abundant culture, natural beauty, and unique attractions. With the direct flight, passengers can now experience the journey in a more efficient and comfortable way. The route also opens up new opportunities for business travelers, allowing them to conduct meetings and business transactions more quickly and easily. As a result, the direct flight is sure to increase economic growth in both countries.

Japan recently upgraded its Consulate Office in Da Nang to that of a General Consulate, just a year after its establishment, in order to strengthen the relationship between Japan and the central Vietnamese city.

The first faculty dedicated to the study of Japanese language and culture in the Central and Central Highlands region was established at Dong A University in the city.

Eight cities in Japan, such as Yokohama, Maebashi, Chiba, Fukuoka, Shizuoka, and Nagasaki, along with more than 80 businesses from the country, have signed agreements to recruit students from central Vietnam to work and study in Japan.

The city’s Party Secretary, Quang, highlighted the importance of successful investment projects from Japan to commemorate the 50th anniversary of diplomatic ties between Vietnam and Japan, further strengthening the friendly relationship between Da Nang and cities of Japan.

The investment promotion tour in Japan, conducted after the city’s events seeking investment opportunities in the United Arab Emirates and Qatar last month, provided an invaluable opportunity to explore potential investment opportunities. With the aim of encouraging further investments, the tour provided an invaluable chance to gain insights into the potential of the Japanese market.

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