EU ambassadors study investment climate in Da Nang city

Da Nang – Vice Chairman of the Da Nang city People’s Committee Tran Chi Cuong on April 11 hosted a reception for ambassadors of the European Union (EU)’s member states who came to study the investment climate in the locality.

Briefing them on Da Nang’s development potential, Cuong said that the city is the growth nucleus of the country’s central key economic region, with such major industrial products as seafood, garment and textile, shoes, building materials, and handicraft.

Hi-tech industry, particularly IT, is being developed into an economic spearhead, he said, adding the city is shifting the economy towards service and industry while reducing agriculture.

According to Cuong, the city has set up cooperative ties with 48 localities of 22 countries and territories, signed 104 agreements and organised important diplomatic and economic activities.

Da Nang is eyeing to turn itself into a socio-economic hub of the country and Southeast Asia by 2030, and a large and smart eco urban area, a centre for innovation, and startup and a livable coastal city in Asia by 2045. The city has paid due attention to developing high-quality tourism and services in tandem with resort property, seaport and airport with logistics service, hi-tech industry with creative urban area construction and startup, IT, electronics and telecommunications with digital economy, and hi-tech agriculture.

Cuong expressed his hope that the ambassadors will help popularise Da Nang’s investment environment and cooperation opportunities in education-training, startup and innovation, IT, hi-tech agriculture and fishery, tourism, and port development, while supporting cultural exchange activities, among others.

EU Ambassador Julien Guerrier held that Da Nang, which has emerged as a centre for IT, innovation and semiconductor training in Vietnam, boasts an attractive investment environment.

Seeing Vietnam as a leading partner of the EU in Southeast Asia, EU member states have cooperated with and supported Vietnam in the areas of transport, renewable energy, health care and culture, he said, adding they are interested in working with Da Nang to boost semiconductor industry, green transition and education.

He said he hopes that Da Nang city will create favourable conditions for investors from the EU, and the representatives of EU states will popularise Da Nang’s potential and investment climate among enterprises.

Last year, Da Nang exported some 283 million USD worth of products to the EU, and imported 140 million USD from the bloc.

During 2020-2023, non-governmental organisations of the EU countries committed to funding over 26 billion VND (over 1 million USD) for 37 programmes and projects in the Vietnamese locality.

Some potential investors are exploring investment chances in central Da Nang city, and its Hi-Tech Park and Industrial Zones Authority (DHPIZA) hopes that 50 per cent of those FDI businesses will invest in the local semiconductor industry this year.

The Ministry of Planning and Investment on February 26 held a meeting to discuss special mechanisms and policies for the development of the central city of Da Nang.

The Japan Foundation for Social Contribution Fund on March 3 presented tens of wheelchairs to disabled people in the central city of Da Nang.