Economic diplomacy has well performed its role in supporting external economic activities and maximising Da Nang’s internal strengths in investment attraction. Besides, economic diplomacy has harmoniously combined with political and cultural diplomacy, thus making a practical and effective contribution to the local socio-economic development and its international cooperation, as well as in harmony with Viet Nam's industrialisation, modernisation and its global integration over recent years.

The Da Nang Investment Promotion Agency entered into a memorandum of understanding with the LG Vehicle Component Solutions Development Centre Viet Nam (LG VS DCV) under South Korean multinational conglomerate LG Corporation last year.

Foreign investment attraction running in the right direction

According to Director of Da Nang Department of Foreign Affairs Huynh Duc Truong, economic diplomacy is one of the three important pillars set by the municipal administration through the master plan on economic diplomacy for the 2016 - 2020 period.

Over the past five years, multinational corporations and enterprises from the U.S., Japan, South Korea and Singapore have been viewed as Da Nang’s key partners, said Deputy Director of the municipal Investment Promotion Agency Do Thi Quynh Tram.

During the during the 2016 - 2020 period, Da Nang established friendly and cooperative relationships with 45 localities of 20 countries and territories all over the world.

Da Nang signed memoranda of understanding with 13 international organisations and corporations in a bid to drive the city’s growth, especially bilateral cooperation in investment, trade and tourism.

Also during the review period, Da Nang attracted 544 FDI projects worth over US$ 1.06 billion in total, an increase of $47 million and an hike of 320 projects as compared to the 2011 - 2015 period .

Many bilateral cooperation programmes with international partners brought many highly practical benefits to the city in such aspects as planning, urban construction, environmental protection, and sustainable development.

Also, ‘Made-in-Da Nang’ exports made their presence in about 120 worldwide countries and territories.
In 2020, in light of the COVID-19 pandemic, the Investment Promotion Agency organised 11 online investment promotion events targeting the Japanese, South Korean, US and European markets.

Driving socio-economic development

According to Deputy Director of the Department of Tourism Nguyen Xuan Binh, tourism is a key economic sector cum an indispensable aspect stipulated in the master plan on economic diplomacy.

In the 2016 - 2019 period, Da Nang entered into 11 cooperation agreements with international partners to implement tourism promotion and coordination activities for the sake of the Da Nang stature as a safe, friendly and hospitable destination in the eyes of both domestic and foreign travellers.

This period also saw the average annual growth rate of international visitor arrivals to the city reached 29.15%, up 16.83% as compared to the period’s target, making a great contribution to the growth of the tourism, service and commerce sector.

Besides, the city received 6 ODA projects totalling about over VND 5,933 billion, 351 programmes using a total of about VND 598 billion worth of foreign non-governmental aids.

Till date, Da Nang has set up aid relationships with 195 foreign organisations, business funds and non-governmental organisations (NGOs). The majority of the support projects focused on offering vocational training and employment opportunities for the disadvantaged, and enhancing the quality of educational and health care services for poor and disadvantaged children across the city.

Reporting by HUY HOANG - Reporting by A.T