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South Korean investors pour over $362 million into Vietnam’s Da Nang

South Korean investors pour over $362 million into Vietnam’s Da Nang

Saturday, November 25, 2023, 12:35 GMT+7
South Korean investors pour over $362 million into Vietnam’s Da Nang
Officials of central provinces and representatives from the South Korean Consulate General in Da Nang City pose for a photo. Photo: Tuoi Tre

South Korean investors have got involved in 268 operational projects with a total pledged capital of US$362 million in Da Nang City, heard an investment cooperation conference held in the central coastal city on Friday.

Speaking at the conference on the expansion of investment cooperation between South Korea and Vietnam’s central localities, organized by the South Korean Consulate General in Da Nang City, Ho Ky Minh, vice chairman of the municipal administration, said that the city is focusing on attracting foreign investment, 

The East Asian nation is seen as one of the city’s key investors, he underlined.

The city is home to 1,016 foreign-invested projects worth over $4.2 billion.

The city is prioritizing attracting foreign investors in the fields of information technology electronics, telecommunications and digital economy.

Da Nang-based firms have been cooperating with foreign partners to implement multiple information technology, hi-tech, automation, semiconductor, healthcare, financial and tourism real estate projects.

“Da Nang City expects more healthy South Korea tech firms to visit the city to sound out investment and cooperation opportunities in these sectors,” Minh said.

The city aims to become a big, smart urban area, an innovation hub and one of the most liveable beach cities in Asia by 2030 with a vision towards 2045.

As of July, South Korea had been Vietnam’s biggest foreign investor with a total capital of $83 billion, said a representative from the South Korean Consulate General.

Some 8,000 South Korean firms are doing business in the country.

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Tieu Bac - Le Trung / Tuoi Tre News

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