Viet Nam News

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Central city to develop an international finance centre

The central city’s people’s committee 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.

Director of the city’s Investment Promotion Agency (IPA), Huỳnh Thị Liên Phương said the MoU, which was signed late last month, aimed to build a trading centre, casino, high-end entertainment and luxury apartments in the coastal area.

She said the project would be built on an area of 84,000.sq.m on the beach-front at Võ Nguyên Giáp and Võ Văn Kiệt streets in the Sơn Trà peninsula.

Phương said Đà Nẵng authorities would auction land-use rights for the finance-trade-casino complex in the future.

She said the city was drawing up a detailed plan for the first international duty-free zone and smart urban area for investors.

Last year, five key investors – the Import-Export Pan Pacific Group (IPPG), T&T Group, New Techco company from Việt Nam, and Sakae Holding and another company from Singapore – registered for a land-use rights auction for a US$2 billion finance-trade-casino complex in the central city.

Jonathan Hạnh Nguyễn, who is chairman of IPPG Group, urged the city to build an international standard duty-free zone and recreational area for tourists.

The city Department of Natural Resources and Environment said four plots on two coastal facade Võ Văn Kiệt and Võ Nguyên Giáp streets were reserved for finance-trade-casino complex development.

Two years ago, IPPG failed to negotiate with Trung Nam Group to make the Golden Hills area the first duty-free zone and factory outlet centre in central Việt Nam.

Last month the first downtown free-duty shop, VV Mall was launched at the beach-front Crowne Plaza Đà Nẵng resort in Ngũ Hành Sơn district.

The Universal Alloy Corporation (UAC) from the US has launched the first aerospace parts project, while LG Electronics began construction of its R&D centre in the city.

Đà Nẵng, which is situated at the end of the East-West Economic Corridor, linking Laos, Thailand, Myanmar and Việt Nam, is planned as a global destination of tourism, finance, logistics and hi-tech investment. — VNS