Speaking at the meeting, Vice Chairman Tran Chi Cuong underlined that Da Nang was one of five centrally-run cities in Viet Nam, playing the key role in the socio-economic development of the Key Central Economic Zone. Da Nang prioritizes 05 key sectors, including: High-quality tourism services associated with real estates; Seaports and airports associated with logistics services; High-tech industry associated with smart city and start-ups; Information technology industry associated with digital economy; High-tech agricultural and fishery products.
Korea is one of the crucial investment, trade and tourism partners of Da Nang City. Over the past time, the city has established official cooperation ties with 04 Korean localities, including Changwon, Daegu, Hwaseong, Jeju. As of May 31, 2024, Korean investors was the fifth largest FDI investors in Da Nang City in terms of investment capital with more than 371 million USD over 278 projects, accounting for 8.6% of total FDI investment capital in Da Nang City. Regarding investment fields, the processing and manufacturing industry led with 166 million USD in 26 projects, accounting for nearly 45% of total Korean registered capital, followed by tourism sector with 237 projects and 115 million USD capital.
Da Nang is well-known among Koreans as an attractive tourism destination. In the first 7 months of 2024, Korean tourists ranked first in the international tourism market index of the city, accounting for 43% of total international tourism arrivals. There are 04 direct flight routes between Da Nang and Korea having been put into operation: Incheon, Busan, Daegu, Cheongju.
Mr. Tran Chi Cuong also informed the delegation about the Resolution No.136/2024/QH136 dated June 26, 2024 of the National Assembly on approving urban governance organization and some special mechanisms and policies for the development of Da Nang City. The Resolution gives Da Nang the approval to develop the first free trade zone in Viet Nam. The Da Nang Free Trade Zone will be divided into 03 functional zones: Logisitics zone linked to Lien Chieu Port, manufacturing zone linked to Hi-tech Park and trade and services zone.
Sharing the experience in developing free trade zones in Korea, Ms. Park Hakhee stated that Korea established free trade zones to serve different targets, including boosting the local economy or attracting foreign direct investment. Masan FTZ is a typical model of FTZ established with the aim to act as the driving force for local economic development while Incheon serves the objective of attracting foreign resources into the country.
Vice Chairman of Da Nang People's Committee Tran Chi Cuong exchanged gift with Head of the delegation Park Hakhee
At the meeting, two sides also discussed the investment incentives reserved for strategic investors, operation mechanisms and investment procedures in FTZ, etc. Korean Ministry of Trade, Industry and Energy pledges to provide support for the establishment of Da Nang Free Trade Zone in the coming time.
(IPA Da Nang)
