Da Nang holds a belief that, in the future, its investment environment and business opportunities will be continuously promoted to Singaporean businesses and others all over the world at large, thereby helping boost long-term bilateral cooperation relationships, said municipal People’s Committee Vice Chairman Ho Ky Minh at the ‘Viet Nam - Singapore Economic Cooperation: Future Development of Da Nang’ webinar on Wednesday via Zoom platform.

Da Nang People's Committee Vice Chairman Ho Ky Minh participated in the ‘Viet Nam - Singapore Economic Cooperation: Future Development of Da Nang’ webinar on Wednesday.

The event was jointly organised by the Da Nang People's Committee, the Singapore Business Federation (SBF), the Asia Competitiveness Institute (ACI) of the Lee Kuan Yew School of Public Policy (LKYSPP) as part of the National University of Singapore, and the Vietnamese Embassy in Singapore, attracting the participation of representatives from about 300 Singaporean enterprises.

Addressing the webinar, Vice Chairman Minh affirmed Da Nang’s stature as the most dynamic city in Central Viet Nam. With its aspiration for becoming an ecological, smart and livable city cum a hub of entrepreneurship and innovation in Asia by 2050, Da Nang has undergone an innovative revolution with more sustainable approaches of urban development.

In particular, the Da Nang government has worked with Singaporean-based firms Sakae Corporate Advisory and Surbana Jurong to make adjustments to the city’s Master Plan for its major developments by 2030, with a vision toward 2045. The adjustments were officially approved by the Prime Minister in mid-March, serving as an important premise for the city’s future development.

In late April, Da Nang received an announcement from the Singapore Manufacturing Federation (SMF) on the establishment of an information centre at the Viet Nam Connection Centre, a positive step to facilitate connections between Da Nang’s businesses and their Singaporean partners.

Da Nang would create the most favourable conditions for foreign investors, and is willing to provide support for them during their business activities here, pledged Vice Chairman Minh.

SBF Vice-Chairman Douglas Foo said that Da Nang and Singapore hold the memberships of the ASEAN Smart Cities Network (ASCN), and both of them sharing common development principles such as creativity, intelligence and sustainability. As a socio-economic hub in Central Viet Nam, Da Nang shows off many opportunities to partner with Singapore to build future support programmes for the sake of Singapore’s connection with Da Nang, and Viet Nam as a whole.

At the seminar, all participants were updated on the business environment, preferential policies, and investment opportunities in Da Nang in the aspects of tourism and high-quality services, logistics, hi-tech industry, IT, hi-tech agriculture and fishery.

Singapore now ranks second in a list of more than 50 worldwide countries and territories channelling investment into Da Nang, with a combined total of over US$ 838.4 million worth of 28 projects in the city, accounting for about 22% of the total registered investment capital.

This foreign country is also one of Viet Nam’s most important trade and investment partners. It was the third-largest foreign investor in Viet Nam last year, with 248 projects and over US$9.7 billion in capital.

Reporting by PHONG LAN – Translated by A.T