On Friday afternoon, representatives from the Da Nang Department of Construction and the Korea Land and Housing Corporation inked a Memorandum of Understanding (MoU) on social housing development.

The event was witnessed by municipal People’s Committee Chairman Huynh Duc Tho and South Korean Ambassador to Viet Nam Park Noh-wan.

In his remarks at the signing ceremony, Chairman Tho highlighted the significance of the signing of the MoU in realising the investment and development goals of South Korean companies operating in the city.

Mr Tho added, to date, Da Nang has built more than 13,000 social houses in total, and the city will need additional over 20,000 social houses in the years to come. Therefore, the city’s leader asked for help from South Korean businesses to implement social housing projects, as well as to invest in the hi-tech industry in the city.

He also vowed that the municipal authorities would create very conditions for foreign businesses, including those from South Korea, to operate effectively in the city.