Until now, the central coastal city of Danang has only enticed 11 investment projects from Germany with the total capital surpassing $10 million, leaving ample space for mutual investment cooperation in the future.
On June 23, Danang Investment Promotion Agency joined efforts with German Business Association in Vietnam (GBA) to organise the Danang-Germany investment cooperation seminar.
Ho Ky Minh, Deputy Chairman of Danang People’s Committee, said that Germany was Vietnam's largest trading partner in the EU, while Vietnam had risen to become Germany's largest trading partner in Southeast Asia.
In 2022, the total trade value between the two countries exceeded $12.5 billion. Germany has 444 valid projects in Vietnam, with a total registered capital sum surpassing $2.3 billion.
However, as of May 2023, Danang just courted 11 projects from Germany with the total registered investment capital approximating $10.3 million, accounting for a mere 1 per cent of the total number of projects, and 0.2 per cent of the total registered capital volume in the city.
This number is modest compared to the space for cooperation between the two sides.
Minh revealed that in light of Danang’s development direction to 2030, with a vision towards 2045, the city is striving to become a smart eco city, a centre for startup and innovation, and a coastal livable city carving a spot among Asia’s high-end metropolises.
As a plan, Danang focuses on developing three main pillars, comprising tourism, high-tech industry and marine economy.
The city gives priority to attracting projects with advanced technology, modern governance, innovation, having high spillover effects and closely connected with domestic economic sectors.
“I hope that in the forthcoming time, GBA will continue to promote activities in the central region of Vietnam and Danang in particular, helping to bridge more cooperation programmes between the two countries,” said Minh. “The city will constantly improve local business and investment environment for businesses to invest and develop stably. The success of businesses and investors will accelerate the city's socioeconomic development.”
Elmar Dutt, chairman of GBA said that the central region and Danang in particular were very appealing to German businesses, and German investment projects in Danang and neighbouring provinces, have been increasingly strongly in recent times.
“I believe that more projects of German companies will make headway in Danang in the upcoming time,” he said.
The Danang-Germany networking seminar was held to promote the potential, advantages, business opportunities, and investment support of Danang to businesses and investors.
The seminar seeks to bridge German businesses and businesses in Danang, building a premise for developing trade and investment cooperation in forthcoming time.
Also at the event, Danang IPA and the German Business Association in Vietnam signed a MoU on cooperation in investment promotion support.
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