Five land areas assigned in Da Nang Free Trade Zone

The largest area of the five proposed sites will be in Hai Van Ward (500ha) and Ba Na commune (645ha), including the Ba Na-Suoi Mo tourism complex and a residential urban zone further downhill.

According to city officials, surveys on the current legal situation regarding land use and forests will be completed by the end of the year, ahead of starting land clearance and infrastructure projects in the FTZ, while also seeking strategic partners and investors.

The Da Nang FTZ, which was established in July on an area of 1,881ha, will build specialised functional zones including production, logistics, trade and services, digital technology, information technology and innovation hubs that would need a total investment of VNĐ40 trillion (US$1.6 billion).

It is designed to become a leading regional economic centre and a strategic economic driver in Việt Nam, along with an international finance centre under the 2030-2050 Master Plan, as well as projects to develop the deep-sea Lien Chieu Port and the expansion of air cargo service at Da Nang International Airport.

The FTZ will expand its boundary southward to cover the current Chu Lai Open Economic Zone.

Last month, Da Nang signed Memoranda of Understanding (MOUs) with Terne Holdings Group, One Destination, BRG Group, Imex Pan Pacific, Newtechco Group and Saigon Da Nang Investment JSC as key investors in the FTZ.

Da Nang City has been looking for strategic investors with an investment fund from VNĐ2 trillion ($77 million) to VND8 trillion ($306 million) for the FTZ.

Local investor Sai Gon - Da Nang Investment joint stock company (SDN) has started construction on the Hoa Nhon Industrial Park.

Vin Pearl company, a member of Vin Group, also started construction last month on a 512-hectare Lang Van Integrated tourism project.