Local property developer BRG Group and Japan’s Sumitomo Group have submitted investment proposals as part of their ongoing development of key infrastructure and logistics networks upgrades in the central city.
The proposals were submitted during a meeting with the city's leaders as part of Da Nang's development towards becoming a 'smart' city.
The city’s Investment Promotion Agency (IPA) said BRG and Sumitomo said they will strengthen logistics networks and the air and sea connections, to improve Da Nang’s resiliency and enhance economic growth.
It said the two businesses are willing to jointly promote the Lien Chieu deep-sea port, Da Nang International Airport, logistics centre and seaport and airport connections.
“It’s just a meeting in introducing the city’s capability and experience at investment promotion projects to key investors. The two investors have kept their eyes on infrastructure projects in Da Nang, but more details and further studies of projects are needed in the coming time,” said IPA Director Huynh Thi Lien Phuong.
“Da Nang plans to develop four key infrastructure bases, including a seaport and airport system; hi-tech industry and smart city; information technology digital economy and hi-tech agriculture in the Master Plan,” she said.
Last October, BRG Group commenced construction of the 36-storey BRG Da Nang Golf resort with a total investment of US$71 million in Ngu Hanh Son district – three years after launching the five-star Sheraton Grand Da Nang resort.
The banking-real estate-golf group and Sumitomo have been developing a series of industrial parks in Hanoi, Hung Yen and Vinh Phuc as well as Fiji Mart chains in Hanoi.
BRG and Sumitomo have been developing a ‘smart’ urban area in the north of Hanoi, with a total investment of US$4.2 billion.
The BRG Group alone has been implementing a master plan for the development of Hoa Vang district northwest of Da Nang.
BRG Group, Japanese Sumitomo Group, VNPT Group, Vietnamese Seabank agreed on cooperation deals in fintech, developing smart cities and other projects in Tokyo 2019.
In 2020, experts from the Japan International Cooperation Agency (JICA) began a survey on the feasibility of the Lien Chieu Port construction project.
The development of Lien Chieu Port aims to turn the central city into the main logistics centre of ASEAN and the East-West Economic Corridor (EWEC) that links Laos, Myanmar, Thailand and Vietnam.
The Universal Alloy Corporation (UAC) from the US launched the first stage of the US$170 million Da Nang-based Sunshine Aerospace components manufacturing plant last year.
Despite the challenges of COVID-19, Fujikin International Incorporated from Japan started construction of an R&D centre at Da Nang High-Tech Park worth US$35 million, while Japanese Daiwa Vietnam also began building its third factory in the city with an investment of US$40 million.
Da Nang has been calling for investment from Silicon Valley and the US in health care, hi-tech industries, Artificial Intelligence, education, real estate and automation at Da Nang hi-tech park and industrial zones.
Da Nang has drawn 503 projects, including 130 FDI worth US$1.8 billion and VND27.56 trillion (US$1.2 billion), from domestic investors.