Da Nang will constantly perfect a favourable business and investment environment for foreign businesses in order for them to invest and develop stably and effectively.

Municipal People’s Committee Vice Chairman Ho Ky Minh delivering his opening speech at the seminar

Municipal People’s Committee Vice Chairman Ho Ky Minh made the statement at the Friday seminar on promoting investment connection activities between Da Nang and Germany in the city.

The event was attended by Mr. Elmar Dutt who is Chairman of the German Business Association (GBA) cum CEO of the Deutsches Haus Ho Chi Minh City Company, and Mr. Marko Walde who is Chairman of the German Industry and Commerce in Viet Nam (AHK Vietnam), along with some businesses from GBA and Da Nang.

Chairman of GBA in Viet Nam Elmar Dutt (centre) speaking at the seminar. Photo: THANH LAN

In his opening speech delivered at the seminar, Vice Chairman Ho Ky Minh thanked leaders of the German Business Association in Viet Nam for creating favourable conditions for his city to have the opportunity to introduce its great potential, advantages and key projects calling for investment as well as to listen to comments and suggestions to improve the city’s business and investment environment.

Mr. Minh expressed his delight at fruitful results from the bilateral cooperation programmes between Viet Nam and Germany in such spheres as politics, economy, culture, education and science in recent years.

Currently, Germany is Viet Nam's largest trading partner in the EU. Viet Nam has just risen to become Germany's largest trading partner in Southeast Asia.

The Da Nang Investment Promotion and Support Board and the German Business Association in Viet Nam signed a Memorandum of Understanding on supporting investment promotion activities. Photo: THANH LAN

In 2022, the total trade turnover between the two countries hit over US$12.5 billion. This was a very positive signal, reflecting the effectiveness in the implementation of EU-Viet Nam Free Trade Agreement (EVFTA), at the same time affirming Germany's leading role in trade exchange between the EU and Viet Nam.

As of May 2023, Germany has had 444 valid projects, totalling more than US$2.3 billion, in Viet Nam. Many large German enterprises and corporations have chosen Viet Nam as an important base in the global supply chain.

As for Da Nang, the central coastal city always wishes to promote cooperation with Germany in various fields. It is willing to roll out the red carpet for foreign businesses to invest and do business in the city, including those from Germany.

Da Nang is making strides towards turning itself into an eco-smart urban area, a hub for startups and innovation, and one of the most liveable cities in Asia by 2045. In particular, the city will focus on developing itself on three main pillars: marine economy, hi-tech industry and high-quality services and tourism.

With the above development orientation, the city prioritises attracting projects with advanced technology, modern management, innovation, spillover effects, closely connected with the domestic economic sector such as information technology, electronic component manufacturing, high technology, R&D, supporting industries, logistics services, tourism services - high-value real estate, finance, healthcare and education.

As of May 2023, the city had attracted 11 German-invested projects with a total registered capital of US$10.3 million, accounting for 0.1% of the number of projects and 0.2% of the total registered investment capital in the city. This number is still very modest compared to the two sides’ cooperation potential.

The German Business Association is one of the first foreign business associations present in Viet Nam and has actively contributed to the development of the cooperation relationship between the two countries for more than 28 years.

Vice Chairman Minh hoped that, in the coming time, GBA will continue to promote activities in Central Viet Nam in general and Da Nang in particular.

Also on the occasion, the city’s Investment Promotion and Support Board and the German Business Association in Viet Nam signed a Memorandum of Understanding on supporting investment promotion activities.

According to Director of the Investment Promotion and Support Board Huynh Lien Phuong, the seminar facilitated the city to promote its potential, advantages, investment opportunities and preferential policies to businesses and investors from Germany, as well as attract more investment resources into the city.

Moreover, the event provided the good opportunity for the city to receive opinions and recommendations of German-invested enterprises in Da Nang, thereby improving the investment environment, and helping enterprises handle their difficulties during their investment process in Da Nang.

Reporting by THANH LAN - Translating by M.DUNG