To concretise the foreign policy set by the central Party and government in 2023, Da Nang has been making its efforts to strengthen international cooperation to drive the cỉty's economic growth.

Leaders of Da Nang actively promoted investment in Japan. In the photo: Standing Vice Chairman of the Da Nang People's Committee Ho Ky Minh (middle) met with leaders of the Pasona Group in Japan on March 23, 2023. Photo: IPA Danang

Efforts to attract more resources

The year 2023 marks the 50^th founding anniversary of the Viet Nam - Australia diplomatic ties (February 26, 1973 - 2023).

Recent years have witnessed fruitful results from cooperative programmes in various spheres between the two countries. Notably, in March 2018, the two countries officially upgraded ties to a Strategic Partnership, opening a new page in bilateral relations.

Data released by the Foreign Investment Agency under the Ministry of Planning and Investment shows that accumulated to December 20, 2022, Viet Nam attracted Australian-invested 583 projects totalling US$1.98 billion.

Viet Nam and Australia are common members of at least three FTAs, including the ASEAN - Australia - New Zealand FTA (AANZFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP). Particularly for CPTPP and RCEP, Viet Nam makes preferential commitments for Australian investors.

In Da Nang, as of December 2022, there were 33 Australian-invested projects with a total registered capital of US$15.76 million in the city. The majority of the projects were involved in the fields of education and training, and consulting services in manufacturing equipment and software with the form of 100% foreign investment capital.

In order to promote investment attraction from Australia, in the coming time, the city will take advantage of local-level signed cooperation to advertise its investment environment and opportunities to agencies, organisations and businesses and investors in Australia.

Da Nang has signed cooperation agreements with 4 states and cities of Australia. In particular, the city has cooperated with Newcastle City in the state of New South Wales in the field of investment promotion, trade, tourism, education, and science - technology; with Queensland State in investment promotion, trade, tourism, education, science - technology; with South Australia in education; and with the Gold Coast City in Queensland State in education and training, health care, tourism, trade and investment, disaster management, maritime, information technology and renewable energy.

The year of 2023 marks the 50^th founding anniversary of Viet Nam - France diplomatic relations, and the 10^th anniversary of their bilateral strategic partnership.

France is a potential market for Da Nang to boost investment promotion in the near future.

Viet Nam has many opportunities to attract FDI from France in particular, and EU countries in general, when the EU-Viet Nam Free Trade Agreement (EVFTA) is signed.

According to data provided by the Vietnamese Ministry of Planning and Investment, France was ranked 16^th out of the 141 countries and territories pouring capital into Viet Nam and 3^rd out of 26 EU countries with the highest investment in the S-shaped country.

In Da Nang alone, as of late December 2022, there were 34 French FDI projects, with a total investment of about US$25 million in the city, and most of them focused on the fields of services, education, restaurants, hotels, and information technology.

Besides information technology, supporting industries are the strength of French investors that need to be interested in attracting the development orientation of Da Nang.

France is also globally famous for its strength in food production and logistics services specialising in food.

With its strengths, Da Nang can be considered a "fertile" market for French investors in these fields. The central coastal city is the largest of its kind in Central Viet Nam, with favourable import-export and production infrastructure, and the orientation of developing into a large logistics hub of the country.

The city is also the most important tourist centre and tourist transit point in Central Viet Nam, welcoming a large number of visitors, and owning many accommodation facilities.

The Industrial park infrastructure in the city is being invested in order to create resources and space to attract investment capital. IN THE PHOTO: the Da Nang Dedicated Information Technology Park. Photo: TRIEU TUNG

Magnet attracts investment resources from Japan

In 2023, the highlight of diplomatic relations to promote economic development is towards the 50^th founding anniversary of the Viet Nam - Japan diplomatic ties (September 21, 1973 - 2023).

Da Nang is now home to more than 200 enterprises, representative offices and projects of Japanese companies. At present, Japan takes the lead among the city's foreign investors from 40 countries and territories worldwide in terms of both projects with 228 and investment capital totalling over US$1 billion.

In particular, in 2021, the Consulate General of Japan was set up in Da Nang. Many Japanese businesses and investors have effectively implemented projects in the city in the fields of manufacturing, real estate, tourism, and information technology.

Currently, a number of large Japanese corporations are interested in investing in seaports and international trade centres.

Till date, Da Nang has established friendly and cooperative relations with 4 Japanese cities, namely Kisarazu, Kawasaki, Sakai and Yokohama.

Mrs. Huynh Lien Phuong, Director of the Da Nang Investment Promotion and Support Agency, said that Da Nang has identified Japan as a strategic market in investment promotion.

Therefore, Da Nang wants Japanese investors to pay attention to invest in such spheres as high-tech industry, information technology, Mergers and Acquisitions (M&A), supporting industry, seaport infrastructure development, industrial parks, tourism, healthcare and education.

Mr. Yamada Yasushi, a member of the Board of Directors of the Sun Frontier Real Estate JSC cum Chairman of the Board of Directors of the Sun Frontier Vietnam and Sun Frontier Da Nang, said, over the years, the company has received active and practical support from the municipal government in the process of setting up and operating projects.

Mr. Furuya Seiichi, Director of the Pasona Tech Viet Nam, a subsidiary of Japan's Pasona Group, said that in 2019, the group established Awaji Da Nang Centre on the Awaji Island to implement a project on training information technology engineers. Currently, three IT engineers from Da Nang are working at the Awaji Da Nang Centre.

On the basis of the Memorandum of Understanding signed with the city, the group is developing the IT LAB project in Da Nang, which is expected to go into operation in June 2023 with a scale of 100 employees in 2023 and 500 by 2025.

Mr. Furuya Seiichi assessed “Da Nang is a young, dynamic city, and an attractive destination for businesses involved in the field of information technology and a tourist city. It is also known as Viet Nam's leading tourism city with many beautiful landscapes, good service quality".

Mr. Nakagawa Wataru, the Deputy General Director of Murata Manufacturing Vietnam Da Nang Co., Ltd., cum Chairman of the Japanese Chamber of Commerce and Industry in Da Nang, thought that thanks to its great efforts in improving the investment and business environment, more Japanese investors will invest in Da Nang in the future.

“The Japanese Chamber of Commerce and Industry in Da Nang is looking forward to continuing cooperating with Da Nang in the coming time" he added.

Reporting by TRIEU TUNG - Translating by M.DUNG