South Korea is one of the 5 countries and territories worldwide with the highest number of projects and investment capital in Da Nang, municipal People's Committee Vice Chairman Ho Ky Minh revealed while receiving a group of visitors from the Viet Nam Innovation Network in South Korea (VINK) on Thursday.

Vice Chairman of the municipal People's Committee Ho Ky Minh (right) presents a souvenir to the VINK representative. Photo: M.Q

Specifically, the city has so far attracted 268 South Korean-invested projects totalling about US$362 million, accounting for 8.9% of the total FDI investment capital, he added.

Also, South Korea is one of Da Nang's major import-export markets in Asia. As of March 2023, the city’s export turnover to South Korea had reached US$50 million, whilst the import turnover had hit US$70 million.

With regard to tourism, the number of South Korean tourists accounts for nearly 50% of the total international visitors to Da Nang. Till date, 10 airlines have been operating direct flights between Da Nang and major South Korean cities such as Incheon, Busan, Daegu and Muan with a frequency of 80 flights per week.

Notably, Da Nang has signed Memoranda of Cooperation with 6 localities in South Korea, namely Changwon, Daegu, Hwaseong, Seoul, Gyeongsan, and Yeongyang District in Gyeongsangbuk Province.

The city leader also affirmed that Da Nang has identified South Korea as one of the key markets in investment, trade and tourism promotion. It has been focusing on attracting investment in such priority aspects as information technology, high-tech R&D, supporting industries, logistics services, tourism services - high-value real estate, finance , and fitness - sports. These are all spheres which South Korean investors have a lot of experience and strengths.

Mr. Minh remarked that Da Nang's businesses continue to develop and have more commercialised products, whilst some innovative startups have high technology platforms, keeping up with development trends, especially in the fields of information technology, AI applications, food, and medicine.

In addition, Da Nang boasts favourable conditions for developing innovative startups thanks to its good infrastructure and high quality human resources, including the Fujikin-Da Nang Research, Development and Production Centre at the Hi-Tech Park, and three concentrated information technology parks.

Currently, Da Nang is paying special attention to developing the semiconductor industry and a regional financial center. The city leaders plan to go to South Korea next year to work with semiconductor companies.

Vice Chairman Ho Ky Minh asked relevant agencies to continue to create conditions to expand the Korean innovation space in Da Nang and promote AI technology transfer from South Korea to Da Nang.

Da Nang's leaders and representatives of local departments and branches receive the delegation of the Viet Nam Innovation Network in South Korea and Korean businesses. Photo: M.Q

Regarding proposals for cooperation in training high-quality human resources, especially those in semiconductor sector, Mr. Minh said that many educational institutions in the city have strengths in information technology, especially the Viet Nam - Korea University of Information and Communications Technology.

He also took the opportunity to invite investors and experts from South Korea to visit the city in order to have appropriate investment orientation.

Mr. Nguyen Quang Phuoc, Chairman of VINK, said that after the meeting with the Da Nang authorities in mid-February 2023, many remarkable cooperation results between the two sides have been recorded. In particular, the Da Nang Innovation Startup Space was launched in South Korea’s Seoul in August, and the Seoul Innovation Startup Space officially opened in Da Nang in late September.

Currently, VINK is researching access to the fast visa approval process of the National Innovation Center (NIC) and the Global Start-up Immigration Center in South Korea for Da Nang startups.

VINK is promoting AI research and training cooperation between South Korean and Da Nang universities. VINK will act as a bridge between the Governments of the two countries, and accompany the municipal People's Committee to invite South Korean businesses to train human resources for the city's semiconductor industry.

Reporting by M.QUE - Translating by M.DUNG