Da Nang prioritises attracting projects with advanced technology, modern governance, innovation, spillover effects, and close and organic connections with domestic economic sector, including information technology, electronic components production, high technology, supporting industries, logistics, tourism services, high-value real estate, finance, education, and fitness - sports.

Director of the municipal Investment Promotion Agency Huynh Lien Phuong made the statement at the Saturday seminar on promoting investment in Da Nang.

The Da Nang Small and Medium-Sized Enterprises’ Association and the Association for Small-and Medium-sized Enterprises in South Korea’s Daejeon - Sejong - Chungnam region inked a cooperation agreement on Saturday.

The event aimed to introduce the city's potential, advantages, investment opportunities and preferential policies to South Korean businesses in the Daejeon - Sejong - Chungnam region.

Mrs. Huynh Lien Phuong emphasised that Da Nang was one of the five centrally-governed cities, and it played a leading role in developing the central key economic zone.

Under the master plan for its major developments by 2030, with a vision to 2045, Da Nang will turn itself into a big, smart, liveable, coastal eco-city cum a startup and innovation hub in Asia. Accordingly, the city has focused on developing three main pillars: tourism, high-tech industry and marine economy.

Da Nang identifies South Korea as one of its leading strategic partners in investment, trade and tourism cooperation. In 2022, Da Nang welcomed more than 385,000 South Korean tourists, accounting for more than 45% of the total number of international visitors to the city and 50% of the total number of South Korean visitors to Viet Nam.

South Korea is one of Da Nang's major import and export markets in Asia. In 2022, the city’s export turnover to South Korea was estimated at US$50 million, up 12% over the same period in 2021, whilst its import turnover reached at US$78 million, up 4%.

As of late 2022, South Korea was one of the 5 countries and territories worldwide with the highest number of projects and investment capital in the city. The city attracted a total of 256 South Korean-invested projects totalling US$358 million. South Korea was ranked 5^th in terms of the total registered investment capital channeled into the city among 45 countries and territories investing in Da Nang.

Mrs. Phuong hoped that member businesses of the Association for Small-and Medium-sized Enterprises (SMEs) in South Korea’s Daejeon - Sejong - Chungnam region will better understand the city’s potential and development advantages.

The municipal authorities are committed to making every effort to create the most favourable conditions for South Korean investors to learn about the local investment and business environment, she pledged.

During the seminar, the Da Nang Investment Promotion and Support Board introduced the city’s investment and business environment and its key projects calling for investment to South Korean guests.

Meanwhile, the Da Nang Information Technology Park Development JSC presented the first stage of the Da Nang Information Technology Park project and its preferential and investment support policies.

South Korean businesses and investors received answers to questions related to investment procedures, human resources, property safety, and living and working environment for investors in the city.

Ms. Shyn Kyeonglyun, Deputy Director of the South Korea's Trade-Investment Promotion Agency (KOTRA) speaking at the seminar

Developing human resources, ensuring socio-economic conditions

According to Ms. Shyn Kyeonglyun, Deputy Director of the South Korea's Trade-Investment Promotion Agency (KOTRA), Da Nang is introduced as a famous tourist destination, and an investment location with great potential for economic development as well.

Da Nang is aiming to build a smart city with many projects and attractive preferential policies. This is one of the strengths that South Korean businesses need to pay attention to when deciding to invest in other Vietnamese localities aside from Ho Chi Minh City and Ha Noi.

“We always actively support South Korean businesses in terms of connection, investment and exports in Viet Nam in general and Da Nang in particular” she added.

Ms. Jung Seon Jung, a representative of the Daeseong Paldomat Kimchi Food Co., Ltd. wished to build a kimchi factory in Da Nang industrial parks in the years ahead.

Mr. Tran Van Ty, the Deputy Head of the Authority of the Da Nang Hi-Tech Park and Industrial Parks said that the Authority was willing to roll out the red carpet for businesses showing their keen interest in investing in Da Nang.

Ms. Huynh Lien Phuong noted many large enterprises and investors in the city have signed contracts with training institutions to ensure human resources for enterprises investing and doing business in Da Nang.

She emphasised that the Da Nang Investment Promotion and Support Board will act as a bridge to help South Korean businesses to learn about information, regulations and partners to develop business plans; connect with relevant departments and agencies to promptly handle necessary procedures; and recruit human resources.

South Korean businesses attending the seminar

Mr. Pham Bac Binh, Chairman of the Da Nang Small and Medium-Sized Enterprises’ Association, remarked that Da Nang was a traditional investment location of South Korean businesses. The investment fields focus on trade and tourism. He hoped that enterprises from South Korea will pour their money in projects involving information technology, supporting industries, logistics, and healthcare services in the city in the future.

He added Da Nang’s enterprises wanted to cooperate with South Korean enterprises in technology transfer, and the purchase and sale of machinery to produce suitable and auxiliary industrial products.

As part of the seminar, the Da Nang Small and Medium-Sized Enterprises’ Association and the Association for Small-and Medium-sized Enterprises in South Korea’s Daejeon - Sejong - Chungnam region inked a cooperation agreement.

Under the deal, the two sides will provide information, promote projects, organise joint events, and support member businesses of the two associations to enter each other's markets.

Reporting by T.LAN, V.HOANG - Translating by M.DUNG