Positive Changes in Da Nang that Attract Foreign Investors

The bustling city of Da Nang on the central coast of Vietnam has long been a popular destination for both international tourists and business investors alike. Over the past few years, however, the local government has made important strides towards improving the city’s infrastructure and creating an environment where investors and businesses can prosper.

This represents a new and improved investment environment for foreign investors who wish to invest in Da Nang and set up a company in Da Nang. Foreign investors who wish to do business in Da Nang would need to have legal support from lawyers in Da nang in order to make sure that all procedures are compliant with local laws and regulations.

Initiatives from Da Nang authorities to boost investment

The government of Da Nang has implemented a number of positive development policies to create better opportunities for businesses to thrive. One of the most significant developments in Da Nang in recent years has been the policies and guidance that support businesses from the initial process of setting up a company in Da Nang to obtaining work visas and work permits in Da Nang for foreign employees. The Da Nang authorities have also simplified the registration of businesses and reduce bureaucracy.

All these efforts show the government’s dedication to creating favorable investment conditions. Furthermore, Da Nang is rapidly modernizing and becoming a regional hub for digital, technology and start-up businesses. It has established a “Smart City” program with the intention of turning the city into a technological powerhouse. This digital transformation includes the introduction of advanced infrastructure, access to high-speed internet, and specialized programs for entrepreneurs and businesses.

From tax incentives to relaxed labor laws, there has been a marked increase in foreign interest in Da Nang due to these government policies. As a result, there is a great opportunity for businesses to benefit from the favorable environment that the government has created.

In order to encourage foreign suppliers to invest in Da Nang, the city’s government has implemented numerous incentives and regulations. One such measure is the plan to propose the formation of the Da Nang Free Trade Zone (FTZ).  The FTZ allows for companies to set up operations in the city without being subject to certain taxes and fees. Additionally, companies that set up operations within the FTZ are eligible for financial incentives and subsidies. This policy has been expected in encouraging foreign businesses to make investments in Da Nang, establish business in Da Nang.

In addition to tax, labor incentives, FTZ plan, the government of Da Nang has taken a number of other steps in order to make the city attractive to investors. For example, the local government has relaxed the regulations surrounding the leasing of certain industrial and commercial sites. This allows businesses to find suitable areas in which to set up their operations in Da Nang.

In order to attract even more foreign investors and businesses to Da Nang, the government has also made it easier for them to gain access to a number of services in the city. Da Nang is the first city in Vietnam that launch bicycle for rent and for the first time, a company has also launched electric bike service for transport.  Those are part of the eco-friendly initiatives which are in line with the overall strategy of sustainable development of the city.

For business owners and foreign investors looking to establish operations in Da Nang, it is important to ensure that all legal considerations are taken into account. This is why it is essential to hire lawyers in Da Nang who is experienced in the area of investment and business. Such a lawyer will be able to advise on issues surrounding company formation, lease agreements, work permits, and temporary residence cards. They will also be able to review contracts with local businesses in order to ensure that the best interests of the foreign investor are being taken into consideration.

How lawyers in Da Nang could help?

Vietnam appears to be an attractive destination for investment because of its impressive economic growth.  Da Nang, a coastal city in center of Vietnam attracts foreign investors because of its friendly and clean environment.  When considering living and investing in Da Nang, the investors would engage the legal help from experienced lawyers in Da Nang for the setting up of company in Da Nang, leasing of worksites or factories, obtaining work permits and temporary residence cards, reviewing contracts, or handling dispute and other legal matters in Da Nang.  

The law firms in Da Nang also provides advice on the current laws and regulations on investment and taxation, helping foreign investors to stay up to date with the changes in the local business environment.  They offer practical legal services and advice and assist clients in finding solutions that best meet their needs and requirements in doing business in Da Nang in particular and doing business in Vietnam as general.