Of the 38 countries and territories who are investing in Da Nang, South Korea is the largest with 53 projects, worth over 734 million USD which accounts for 21% of the total.

The South Korea-funded projects are mainly in such aspects as real estate, trade, housing, road freight transport, translation and interpreting services, and manufacturing auto and motorcycle parts and electronic components.

The Da Phuoc International Urban Area project in Hai Chau District’s Thuan Phuoc and Thanh Binh wards has the largest investment with 250 million USD.  It is followed by the 200 million USD commercial, hotel and entertainment complex on the south-eastern side of the city's 2 September Peace Monument.  One of the most effective projects is Lotte Mart in the district’s Hoa Cuong Bac Ward with over 43 million USD invested in it.

Workers at the city branch of Kad Industrial SA Viet Nam

Others include the Tan Phat Loc Garment, Daeryang, Kad Industrial SA Viet Nam, Lotteria Viet Nam, Daewon Cantavil, and Tri Dragon companies.

Most notably, South Korean businesses have given Da Nang’s engineers Korean language training to get around any language barriers. 

During his recent meeting with the municipal leaders, Mr Kim Yong Soo, a member of the Standing Committee of the Viet Nam-South Korea Business Association, said “Da Nang, and Viet Nam in general, is attractive to South Korean investors due to its political stability, young population, abundant labour force, cheap land lease prices, and simple investment procedures”. 

Viet Nam has already entered into a free trade agreement which connects it with 55 countries in Asia, Europe, America and Asia-Pacific.  Therefore, many South Korean businesses will continue investing in strategic projects in Da Nang in order to fully tap its potential and strengths in the years ahead.