Danang City Lures US$2.8 Billion Worth of FDI - Vietnam Briefing News
Jul. 26 – The major port city of Danang in central Vietnam has so far lured in US$2.8 billion worth of foreign direct investment.
A majority of the investments were poured into 29 realty projects comprising of up to 73 percent of the city’s total FDI. Danang’s largest foreign investor was the British Virgin Islands followed by South Korea, the United States, Hong Kong and Japan.
Despite the strong FDI figures, some projects still run the risk of having their licenses revoked because of inactivity. One of these projects include U.S.-based Magnum Investment Group’s planned US$24 million Vegas Beach Club Resort project.
Authorities are already considering canceling 11 investment projects worth US$636.84 million that have gone stagnant.