On Tuesday, the Vice Chairman of the Da Nang People’s Committee, Mr Vo Duy Khuong, met with some representatives from the World Bank (WB) and the Swiss State Secretariat for Economic Affairs (SECO) to discuss ways to improve Da Nang’s public financial management.

Vice Chairman Khuong said he would like WB and SECO to help Da Nang to improve its management of public investment and debts, official development assistance (ODA) capital, commercial loans and financial resource mobilisation.  This will help to ensure the efficient use of the financial resources in implementing local investment and development projects.  In addition, the two organisations were asked to assist the city in issuing preferential policies and mechanisms for allocating the above-mentioned financial resources as well as managing and using them effectively.  Vice Chairman Khuong also remarked that the city is in need of help in making effective medium and long-term investment plans in accordance with the city’s strategies for developing its priority sectors.  Moreover, he said he hoped that the two organisations would help the city to take initiatives to balance its budget.

The cost of the Da Nang-Quang Ngai Expressway project partly comes from the WB

In reply, SECO’s Director, Mr Miro Slar, said that his organsiation has helped local businesses to register their trademarks through the Vietnamese Ministry of Planning and Investment.  In addition, SECO has given financial assistance to local enterprises to access new technologies as well as to ensure green growth.  With the help of the organisation, the city has also enhanced the development of its tourism sector and improved public financial management considerably.  Furthermore, a SECO-funded trade promotion centre has been built in the city to give more support to local businesses.

Meanwhile, Mr Peter Brooke from WB noted that Da Nang has been a pioneer in taking initiatives to accelerate industrialisation over recent years, which has set a good example for other localities in the central region and highlands to follow.  For this reason, he added, assisting the city is considered to be a good way to leverage the progress of other regional localities.