The People’s Committee of central Dang Nang city and the Import-Export Pan Pacific Group (IPPG) has signed a Memorandum of Understanding (MoU) on the development of an international and regional finance centre to attract investors in the future.
DaNang (VNS/VNA) – The People’s Committee of central Dang Nang city andthe Import-Export Pan Pacific Group (IPPG) has signed a Memorandum ofUnderstanding (MoU) on the development of an international and regional financecentre to attract investors in the future.
Directorof the city’s Investment Promotion Agency (IPA), Huynh Thi Lien Phuong said theMoU, which was signed late last month, aimed to build a trading centre, casino,high-end entertainment and luxury apartments in the coastal area.
Shesaid the project would be built on an area of 84,000.sq.m on the beach-front onVo Nguyen Giap and Vo Van Kiet streets in the Son Tra peninsula.
Phuongsaid Da Nang authorities would auction land-use rights for thefinance-trade-casino complex in the future.
Shesaid the city was drawing up a detailed plan for the first internationalduty-free zone and smart urban area for investors.
Lastyear, five key investors – the Import-Export Pan Pacific Group (IPPG), T&TGroup, New Techco company from Vietnam, and Sakae Holding and anothercompany from Singapore – registered for a land-use rights auction for a 2billion USD finance-trade-casino complex in the central city.
JonathanHanh Nguyen, who is chairman of IPPG Group, urged the city to build aninternational standard duty-free zone and recreational area for tourists.
Thecity’s Department of Natural Resources and Environment said four plots on twocoastal facade Vo Van Kiet and Vo Nguyen Giap streets were reserved forfinance-trade-casino complex development.
Twoyears ago, IPPG failed to negotiate with Trung Nam Group to make theGolden Hills area the first duty-free zone and factory outlet centre in centralVietnam.
Lastmonth the first downtown free-duty shop, VV Mall was launched at thebeach-front Crowne Plaza Da Nang resort in Ngu Hanh Son district.
TheUniversal Alloy Corporation (UAC) from the US has launched the first aerospaceparts project, while LG Electronics began construction of its R&D centre inthe city.
DaNang, which is situated at the end of the East-West Economic Corridor, linkingLaos, Thailand, Myanmar and Vietnam, is planned as a global destination oftourism, finance, logistics and hi-tech investment./.
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Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
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A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
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Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
A corner of Da Nang city (Photo: VNA) 
