Economic relations between Da Nang and Korea
Da Nang has established official friendship and cooperation relations with 5 localities of Korea: Changwon, Daegu, Hwaseong, Seoul, Jeju in the fields of tourism; training, exchange of officials; cultural exchange; sharing of experiences in the fields of green transport, smart cities. In particular, recently, cooperation in labor export from Da Nang to Korea has been promoted by the authorities and businesses of the two countries, initially achieving remarkable results.
In 2023, the export turnover from Da Nang to Korea is estimated to reach 45 million USD, and imports are estimated to reach 65 million USD. In addition, Korea is a key tourist market of Da Nang city with a total of 935,654 visitors in 2023. Many cultural and artistic exchange activities of Korea have been held in Da Nang such as the Korean Film Festival, Korean art troupes coming to exchange and perform, and the Korean Food Festival. Up to now, Korea has 279 investment projects in Da Nang, ranking 5th in terms of investment capital among 45 countries and territories investing in Da Nang, with a total investment capital of about 382 million USD, accounting for 8.9% of the total foreign investment capital of the whole city.
In order to effectively attract investment capital from the Korean market, Da Nang city has proactively and actively organized many events, conferences, seminars, and investment promotion forums (directly and online) for the Korean market with rich and diverse content, focusing on the field of information technology and recently the semiconductor industry and artificial intelligence.
Da Nang organizes the Forum to promote Korean ICT investment in Da Nang
Orientation to attract Korean investment in Da Nang in the field of high technology and information technology
With its strategic geographical location, being an important gateway to the sea for Vietnam and ASEAN countries through the East-West Economic Corridor (EWEC), being the driving force for growth of the key economic region of the Central Highlands, Da Nang easily connects with regional and world high-tech centers; Da Nang High-Tech Park is one of the three high-tech parks in the country and the only high-tech park in Central Vietnam with outstanding and unique investment incentives and support policies; IT infrastructure is invested synchronously and modernly, especially the submarine cable lines connecting Vietnam with more than 30 countries in the world (SMW-3 line, APG line); The system of facilities and information technology infrastructure such as software parks, concentrated information technology zones, high-tech zones, data transmission network systems, data centers, electricity, water and logistics systems serving the semiconductor, microchip and artificial intelligence industries has been formed relatively synchronously over many years. In particular, the human resources of Da Nang city serving information technology and high technology are assessed to have high professional qualifications and are trained by universities and technical training institutions specializing in information technology and electronics. Currently, the city is increasing cooperation support with many international universities and research institutes to improve training quality. In addition, with good living conditions, technical facilities and basic social infrastructure that meet international requirements, along with the support and high commitment of the government and leaders of Da Nang city, focusing on preferential policies and special investment support that have just been approved by the Government in high-tech development, including the fields of semiconductor, microchip, and artificial intelligence industries, Da Nang is making efforts to focus on approaching and inviting prestigious and potential domestic and foreign training institutions, organizations and enterprises to cooperate and link up to implement training programs and develop semiconductor microchip human resources; at the same time, inviting and attracting microchip and artificial intelligence design companies to set up offices and expand investment in the city...
Vietnam - Korea Artificial Intelligence Workshop held in Da Nang in October 2023
Some solutions to increase Korean investment attraction in the field of high technology and information technology
To improve the effectiveness of attracting foreign direct investment, including the Korean market, in the field of high technology, information technology, including semiconductors and artificial intelligence, Da Nang city is synchronously implementing many solutions from innovation, promoting promotion, approaching investors to preparing infrastructure conditions to attract investment, developing human resources and building specific policies to attract strategic investors.
Regarding infrastructure, in the period of 2024 - 2026, the city will complete the procedures for selecting investors to develop infrastructure for Hoa Cam Industrial Park Phase 2, Hoa Ninh Industrial Park, implement the auction of land use rights for the Creative Space project, create conditions to support the implementation of the information technology infrastructure development project of VNPT Group, Viettel Group, put into operation Software Park No. 2 (Phase 1) ... creating favorable conditions for businesses in terms of premises.
Regarding policy mechanisms, the National Assembly has just approved a resolution on specific mechanisms and policies for the development of Da Nang city, which is expected to be an important boost to solve the "bottleneck" in attracting investment to the city in recent times.
Regarding human resource development, the city proactively cooperates with domestic and foreign enterprises and foreign universities to organize training courses for lecturers, retraining and advanced training to international standards in accordance with the requirements of the industry, while strengthening the organization of activities to connect human resource supply and demand. Regarding investment promotion, the city increases access to strategic investors through investment promotion delegations of Government leaders and city leaders, taking advantage of relationships with strategic investors, overseas Vietnamese organizations, business associations, diplomatic agencies of foreign countries and Vietnam... to approach potential investors in Korea while strengthening connection activities (B2B) with supporting industry enterprises in the city to create conditions for these enterprises to participate in the global supply chain...; promote administrative reform, support quick investment procedures for new investors and promptly remove difficulties and obstacles for businesses and existing investors in the process of operating in the city. The above solutions will have a great impact, contributing to unlocking the city's investment resources, bringing breakthroughs in attracting Korean investors in the fields of high technology and information technology to the city in the coming time./.
IPA Da Nang
