On Wednesday 21 August, Domicile Corporate Services launched their Danang Market Guide at Surf Space Co-Working Space , as part of Domicile’s suite of Guides for foreign investors seeking to invest into Vietnam.
Covering details about the business environment in Danang and the central Vietnam region, the guide is intended to provide a general overview of the foreign investment market, looking at the most important sectors that drive the economic growth of the region, such as technology, hospitality and manufacturing.
The Provincial Government in Danang has long been seen as progressive and seeks to support the natural advantages of the region. Together with the national incentives that may be available to certain investors, the Danang Provincial Government also provides some additional incentives for investors. For example, if a investor choose to invest or establish an enterprise in the local Hi-tech Park, incentives such as a lower corporate income tax rate, land rental reductions and other free support services are available.
Danang has a significant focus on IT development and technology in a broader sense. From the technical training offered through the region’s educational focus, Danang has a strong representation in qualified developers, designers, and technicians. Combined with the stronger English skills in the region (when compared to other parts of Vietnam), Danang has become a hub for international firms undertaking IT development and creating centres of IT excellence. As the cost of living is lower than Ho Chi Minh City or Hanoi, the business case for establishing an IT development centre in Danang is strong. We encourage international investors involved in the IT sector to spend time in Danang and meet some of the current participants, as visitors may be surprised as to the commercial benefits from basing and operation in Central Vietnam and Danang.
Central Vietnam represents the heart of the Vietnamese tourism and hospitality sector. The weather, beaches and nature are strengths of the region, and Danang is at the heart of this. From the historical Hue City and the legacy of Vietnam’s Nguyen Dynasty, to Hoi An Ancient City that has been preserved for tourism, to the cooler Bana Hills in the highlands above Danang, visitors are spoiled for choices and opportunities. With endless beaches and resorts, golf course developments, and gaming opportunities, the region is investing in the human development to support the tourism and hospitality sector growth.
In recent years Danang airport has launched a broad network of direct international flights, promoting the region to a wider network. The transportation infrastructure has been built around accessing these locations, with further airport developments planned and road transportation being a viable option without the same level of traffic congestion as experienced elsewhere in Vietnam.
Danang has positioned itself as a hub for manufacturing growth, at a lower cost than other key areas in Vietnam. With industrial parks located close to the city, it can provide better access to skilled workers, yet at a cost base lower than other locations. The infrastructure supporting Danag industry is significant, with a deep-water port at the doorstep, a dedicated air-freight facility nearby, and tax concessions for certain industrial park development, manufacturing and support industries and encouraged and a strength for Danang and the region.
The guides can be downloaded below:
Danang Market Guide: https://www.domicilecs.com/images/PDF/Danang%20Market%20Guide.pdf.
Vietnam Market Entry Guide, 2019: https://www.domicilecs.com/images/PDF/2019%20Vietnam%20Market%20Entry%20Guide%20-%20Domicile.pdf.
Vietnam Tax Guide, 2019: https://www.domicilecs.com/images/PDF/2019%20Vietnam%20Tax%20Guide.pdf
Launch article: https://www.domicilecs.com/index.php/blog/424-launch-danang-market-guide-for-investors.
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Domicile Corporate Services is a leading provider of professional accounting, tax, payroll, compliance, company establishment and advisory services in Vietnam, with a focus on providing exceptional services to international clients. With offices in Ho Chi Minh City, Hanoi and Danang, we assist foreign invested and locally owned companies maintain the highest level of professional standards in Vietnam through proactive advice, compliance and reporting assistance.
For further information contact:
Matthew Lourey, Managing Partner, email: matthew.lourey@domicilecs.com
Danang Office:
Trang Phan, Head of Danang Office, email: trang.phan@domicilecs.com
Level 3, Indochina Riverside Towers, 74 Bach Dang, Hai Chau District, Danang, Vietnam
Phone: +84 (0)236 366 4662