The People’s Committee in the central Vietnamese city of Da Nang has approved a project to improve several major roads in preparation for the Asia-Pacific Economic Cooperation (APEC) forum in 2017.
The roads will be upgraded to welcome the heads of the forum’s member nations as well as the anticipated hundreds of presidents of international businesses and corporations who will participate in the event next year.
The project includes renovations to 34 streets including Nguyen Van Linh, Vo Van Kiet, Ngo Quyen, Ngu Hanh Son, Bach Dang, Tran Phu, and others, with total capital estimated at VND243 billion (US$10.9 million).
The investment will be funded by the city’s budget as well as the private sector.
The construction of the international passenger terminal at Da Nang International Airport, which broke ground on November 15, 2015 with investment capital of VND3.5 trillion ($157 million), has also had March next year confirmed as its completion date.
The APEC is a regional economic forum established in 1989 comprising 21 member states, including Australia, China, Japan, South Korea, Thailand, the United States, and Vietnam among others.
The forum is aimed at creating greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth as well as accelerating regional economic integration.
The 21 member economies are home to around 2.8 billion people and represented approximately 57 percent of the world’s GDP and 47 percent of global trade in 2012.
Vietnam joined the forum in 1998 and successfully chaired APEC 2006 and the sixth APEC Human Resources Development Ministerial Meeting in September 2014, both in Hanoi.
This year’s APEC forum will take place in Peru’s capital city of Lima in November, while the 2017 meeting is scheduled to be convened in Da Nang.