Why Da Nang is a Place for Setting up Business

Lawyers in Da Nang

Da Nang has been creating flexible policies, good environments attracting foreign investors setting up company, building factory, and developing service business.

Da Nang is a social and economic center of central area of Vietnam with the role as the center of industry, trade and tourism and service. It is a seaport city, an important transport hub for the transit of domestic and international transportation. Presently, Da Nang has been rising as a comprehensive and sustainability developing city.

With the advantages of geographical location, people and nature, the leader of Da Nang is planning to build the city becoming a major tourist center of the country, developing tourism industry with entertainment centers and luxury resorts in Vietnam.

In practice, Da Nang has been reducing administrative procedures, creating favorable conditions for investors in obtaining certificate for investment. In the meantime, the city also supports investors understanding the information and maintaining direct dialogue mode with businesses leaders and managers in order to promptly assist any difficulties encountered by investors in the process of project implementation. Da Nang’s leaders are famous in being proactive in providing the latest information about the law in investment, especially information on the process of changing investment certificate… to facilitate the investment plan of the investors whom are investing in Da Nang. For investment projects in infrastructure construction using ODA capital, the city has been quickly implemented the clearance and compensation in time to hand over the project site to the investors as planned.

To ensure the tourism environment and sustainable development, the city focuses on attracting projects in high technology industry, supporting industry and services with high added value i.e. information technology, education, healthcare and logistics…, especially favouring clean and quality projects rather than large projects but are likely to cause environmental issues.

Along with economic development, Da Nang also has activities and measures for environmental protection by investing in building projects to protect and improve the environment such as: modernization the sewer and wastewater treatment system (JICA), building east-west economic corridor (ADB)… to ensure sustainable and long term development of the economy.

An important element for economic development is the local security. Da Nang has done a great job in maintaining public security in order to guarantee investors a stable and safe political, social environment for investors.

It can be seen that Da Nang converges suitable elements and really is a promising land for investors both domestic and international, to invest in entertainment, real estate, tourism, IT, healthcare, education services.

How ANT Lawyers Could Help Your Business?

Please click here to learn more about ANT Lawyers Foreign Investment Practice or contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529

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Danang to call on investment in hi-tech, real estate after Tet

DANANG – The central coastal city of Danang plans to call for investment in 44 projects mostly in the fields of hi-tech and real estate after the Tet holiday, with each of them needing US$30,000 to US$400 million, according to a representative of the Danang Investment Promotion Agency.

Half of the 44 projects are in the information-technology and hi-tech sectors and will be executed in Danang Hi-Tech Park.

The city is seeking investors for a solar energy project which needs US$150 million to US$400 million, and a US$200-million project to manufacture semiconductor materials for electronic parts and circuits. A 60-hectare urban area project and Truoc Dong Lake ecological zone covering 100 hectares of land are also in need of investment capital.

Apart from that, the city plans to resume work on the delayed projects that have yet to be licensed for investment, including a No.2 software park project covering over 50 hectares. Singapore's firm Sembcorp proposed injecting over US$90 million into the project long ago, but it has been awaiting word from the ministries of Foreign Affairs, Public Security, and National Defense as it is located in a maritime boundary area.

Meanwhile, Matrix Holdings Limited from Hong Kong wants to build a racetrack and horse training and multiplication center in the city, with total capital of US$200 million. An appropriate site is still being sought for it.

Further, Danang will prioritize foreign direct investment in digital, biotechnology, hi-tech agricultural projects, meaning that projects that apply outdated technologies and harm the environment will not be accepted. Investors from Japan, South Korea and Europe are preferred.

How ANT Lawyers Could Help Your Business?

Please click here to learn more about ANT Lawyers Real Estate or contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529

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How to Set-up business in Da Nang?

Foreign investors may invest in the form of 100% capital to establish a limited liability company, joint stock company, partnership company or other forms in investment in Vietnam.

Foreign investors that invest in Vietnam for the first time must have investment projects and fill in investment registration or examination procedures at state agencies in charge of investment in order to be granted investment registration certificates. Investment certificates shall concurrently be business registration certificates.  Company with 100% foreign capital has founded and operated from the date of issuance of the investment certificate.

A project dossier for Set-up business in Da Nang shall comprise:

• Registration/Request for issuance of Investment Certificate;
• A report on financial capability of the investor;
• Draft of the company’s charter;
• List of members of company;
• Copy of the people’s identity card, passport or other lawful personal certification, for individual members;
• Copy of the establishment decision, business registration certificate or other equivalent document, for member organizations;
• Copies of the authorization document, the people’s identity card, passport or other lawful personal certification, for authorized representatives.
• Copies of the business registration certificates of the foreign member organizations must be authenticated within three months before the date of submission of the business registration dossier by agencies where such organizations are registered;
• Written authorization of the investor in case investor is organization and valid copy of the lawful personal certification of the authorized representative. Documents in foreign languages must be translated into Vietnamese, notarized and legalized;
• The joint-venture contract or Business Cooperation Contract (BCC);
• Other documents required by Vietnam law.

The establishment of a company in Vietnam would take from 30 days.  The extra time might be needed in case the investment area is conditional or the State government needs to examine the investment project.  Minimum capital, special licenses or other conditions might be required in certain investment projects.

The  law  on  investment constantly changes which ANT Lawyers will monitor and provide relevant update

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