The Da Nang Investment Promotion and Support Board in partnership with the Saigontel Hi-Tech Investment and Development Company Limited to organize a seminar on Wednesday to promote South Korean investment into Da Nang.

Director of the Da Nang Investment Promotion and Support Board Huynh Lien Phuong speaking at the seminar. Photo: THANH LAN

The intention of the seminar was to advertise the city’s potential, advantages, investment opportunities, and preferential and investment support policies to South Korean organisations, businesses and investors, facilitating South Korean and Da Nang businesses to expand cooperation in the coming time.

In its development orientation, Da Nang identifies South Korea as one of its strategic partners in investment, trade and tourism cooperation.

In 2023, the city’s export turnover to South Korea reached US$45 million, whilst the import turnover generated US$65 million. Da Nang welcomed more than 935,000 South Korean tourists, accounting for nearly 50% of the total number of international visitors to the city.

Professor Lee Sang Keun speaking at the seminar. Photo: THANH LAN

As of March 2024, the central coastal city attracted 278 South Korean-invested projects totalling about US$381 million, and the majority of the projects involved the manufacturing and service industries. South Korea ranked 5^th in terms of the total registered investment capital channeled into the city among 45 countries and territories investing in Da Nang.

Some outstanding South Korean-invested projects in Da Nang include the Dentium ICT Vina medical equipment factory located in the Da Nang Hi-Tech Park, LG’s centre for research and development on vehicle components, and the Lotte Da Nang Trade Centre.

In the coming time, Da Nang will focus on attracting South Korean businesses and investors to expand cooperation and investment activities in high-tech industry aside from tourism and high-quality services.

In particular, priority will be given to promoting the development of electronics, mechatronics, automation, precision mechanics, biotechnology, information technology, semiconductor industry and artificial intelligence.

During the seminar, representatives of the Da Nang Investment Promotion and Support Board also introduced South Korean investors to its investment and business environment and its key projects calling for investment.

Reporting by THANH LAN - Translating by M.DUNG, T.TUNG