The statement was made by Director of the Investment Promotion and Support Agency Huynh Lien Phuong at the Da Nang - Wakayama Trade Connection and Investment Promotion Seminar held in the city on Thursday.

Director of the Investment Promotion and Support Agency Huynh Lien Phuong speaking at the seminar

The event was attended by Mr. Yakabe Yoshinori, Consul General of Japan in Da Nang; and Mr. Yoshii Kazumi, Member of Wakayama Provincial Council, Chairman of Wakayama Prefectural Tourism Council and Federation of Promotion Council Members. It saw the participation of nearly 150 delegates who are parliamentarians and representatives of business leaders in Wakayama Prefecture, and Da Nang and Japanese business associations.

According to Mrs. Huynh Lien Phuong, Da Nang has a strategic geographical position with easy access to major cities in the country and in Southeast Asia. It is the leading investment destination in Central Viet Nam because it has the best infrastructure in the region with international airport, international container port, 6 industrial parks, 3 information technology parks and a Hi-tech Park. At the same time, the city is calling for investment in three new industrial parks covering a total area of ​​nearly 1,000 hectares.

Besides, Da Nang is the education and training hub in Central Viet Nam. More than 50% of the city's population is of working age, so young human resources quickly adapt to the working environment.

Also, the city’s business and investment environment is open, transparent and highly competitive. The municipal government is willing to accompany businesses.

Mr. Yakabe Yoshinori, Consul General of Japan in Da Nang, delivering his speech at the seminar. Photo: THANH LAN

Da Nang is considered one of the best places in Viet Nam to live, a famous tourist destination in Viet Nam and Southeast Asia. Therefore, it attractsmore domestic and foreign talents to live and work.

The central coastal city strives to become an ecological, smart urban area, an innovation startup hub, and a liveable coastal city in Asia, by 2030 with a vision to 2045.

To achieve that goal, Da Nang is now focusing on attracting investment in projects involved in information technology, high technology, green technology (automation, precision mechanics, biotechnology, electronics), high quality services (international financial center, logistics center, commercial center,  and international hospital and school), transport infrastructure (seaports, airports, railway stations).

The intention of the seminar was to promote the potential, advantages, investment opportunities and preferential policies of Da Nang, as well as share experience in investment, trade and tourism promotion activities, thereby creating favourable conditions for connecting Japanese and Da Nang businesses, and building a premise for developing investment, tourism and trade cooperation relations between the two localities in the coming time.

The seminar in progress

Da Nang identifies Japan as one of the leading strategic partners in investment, trade and tourism cooperation and is the city's largest import-export market with an export turnover of US$730 million, accounting for nearly 35% of the city's total export turnover. The import turnover reached US$440 million, accounting for nearly 30% of the city’s total import turnover in 2022.

As of March 2023, Japanese enterprises and investors have invested in nearly 230 projects with a total registered investment capital of more than US$1 million. Japan is the largest investor in terms of investment capital in the city.

Some prominent projects such as Mikazuki Spa & Hotel Resort, Viet Hoa Electronic Components Manufacturing Factory, production projects at Mabuchi Motor Company, Daiwa Vietnam Company, and Fujikin Da Nang Research, Development and Production Center.

At the seminar, leaders of the Investment Promotion and Support Agency introduced the city's competitive advantages in attracting investment, including strategic geographical location; abundant and highly skilled human resources; synchronously and modernly invested infrastructure; peaceful living environment; and the active support from the municipal government. The city’s experience in organising investment promotion activities in recent years has been introduced.

A representative from the delegation of the Wakayama Prefecture introduced the cooperation opportunities between the two sides. Meanwhile, a representative of the Da Nang branch of the Japan Business Association shared about investment and business experience in the city.

During the seminar, leaders of the two localities answered questions from Japanese businesses and investors on issues related to investment procedures and processes, human resources, and the city’s living and working environment for foreign investors. In addition, there was a trading session between Japanese and Da Nang businesses.

In his remarks at the seminar, Japanese Consul General in Da Nang Yakabe Yoshinori said that Viet Nam has been a popular investment destination among Japanese businesses. On the other hand, Da Nang is gradually receiving more attention from Japanese investors thanks to relatively low rental prices at the industrial park and young and dynamic human resources.

“This year marks the 50^th anniversary of the establishment of the Japan-Viet Nam diplomatic ties. On the occasion, I would like to further promote the relationships between Japanese localities and Da Nang. I hope that Da Nang and Wakayama will enhance mutual understanding and economic cooperation in the coming time" Mr. Yakabe Yoshinori said.

Reporting by THANH LAN - Translating by M.DUNG