Da Nang Approves 3 Free Trade Zone Infrastructure Projects, Phuong Trang Leads Investment

Da Nang City has officially approved three major infrastructure projects for its burgeoning Free Trade Zone (FTZ), marking a significant step towards realizing the zone's economic potential. The approvals, granted on June 13, signal the start of practical implementation for key functional areas within the FTZ.

Investors Saigon-Da Nang Investment Joint Stock Company, Phuong Trang Investment Joint Stock Company, and Thanh Binh Phu My Joint Stock Company were awarded the investment certificates. Saigon-Da Nang will develop a 75-hectare area at site 2, focusing on logistics, warehousing, and international trade support services with an investment of over 1.568 trillion VND. Thanh Binh Phu My will develop the 335-hectare FTZ Phu My 3 Industrial Park at site 4, with an investment of 5.338 trillion VND.

Phuong Trang Investment Joint Stock Company secured the largest project, undertaking the development and operation of a functional area at site 3. This expansive project covers approximately 500 hectares and boasts a total investment exceeding 8.119 trillion VND. Collectively, these three projects encompass about 910 hectares and represent a total investment of over 15.025 trillion VND (approximately $600 million USD).

Da Nang City Chairman Nguyen Manh Hung highlighted the FTZ's crucial role in the city's development strategy. He stated that the zone is not just an economic development area but a new institutional space and growth engine, connecting Da Nang to global production, trade, and logistics networks. Hung also indicated plans to explore expanding the FTZ southward to further leverage the city's advantages, aiming for double-digit economic growth and positioning Da Nang as a regional hub in the Asia-Pacific.

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The city will continue to study the expansion of the Free Trade Zone to the south to maximize the advantages of Da Nang City after the merger.