APEC Sculpture Park in Da Nang city. (Photo: Da Nang Newspaper)

An ideal hub for economic cooperation

Playing a pivotal role as the largest economic and financial center in the Central Highlands region, Da Nang serves as a convergence point for various factors conducive to investment and economic growth, especially in the fields of services, tourism and high-tech industry. ey elements that have contributed to Da Nang’s current stature include its strategic location, developed infrastructure, high-quality workforce, investor-friendly environment, exceptional living conditions, and substantial tourism potential.

Situated at the heart of the Central Region and serving as a major gateway to the sea, not only for Viet Nam but for all nations within the East-West Economic Corridor, Da Nang’s strategic position has garnered significant attention from global partners. With its substantial strategic geographic value, Da Nang is continually developing its modern urban infrastructure, with a focus on transportation facilities to reinforce its role in the national and regional stage.

The Tien Sa seaport and the Da Nang International Airport are conditions in making the city a vital transportation hub and a pivotal link for the entire Central Highlands region. With a skilled and dynamic workforce, along with attractive investment incentives, Da Nang has transformed into an ideal destination for international investors.

Da Nang city at night. (Photo: Da Nang Newspaper)

Unlock substantial potential

By 2030, with a vision to 2045, Da Nang aims to transform itself into a hub for entrepreneurship, innovation, tourism, trade, finance, logistics, high-tech industries, information technology, and support industries. Simultaneously, the city aspires to consolidate and develop its role as a center for culture, sports, high-quality education, healthcare, and scientific and technological advancements. It intends to serve as a venue for regional and international events and act as the core city within a cluster of urban and high-growth areas in the key economic region of the Central and Central Highlands.

To achieve these objectives, the city has identified five key areas of priority to boost development, these include: High-quality tourism and services integrated with resort real estate; Seaports, and airport associated with logistics services; High-tech industries linked to innovative urban development and entrepreneurship; Information technology, electronics, and telecommunications integrated with the digital economy; High-tech agriculture and aquaculture products.

These targets are detailed in various projects and initiatives, such as: “Project on Strengthening investment attraction to Da Nang City for the 2021-2025 period, with a vision to 2030”; Project on the Development of Da Nang to become a Regional and International Financial Center; Project on Digital transformation; “Project on The development of logistics services in the city, effectively connecting the central key economic zone and the East-West Economic Corridor (EWEC) in the 2021-2030 period, with a vision to 2050”, Project on the establishment of a non-tariff zone, an international financial center, a national innovation startup center in Da Nang, Project on the development of Da Nang University into a National University, to name a few.

These initiatives are essential to unlock Da Nang’s substantial potential for collaboration and to enhance the city’s commercial and investment activities which will greatly benefit vital stakeholders. The city is one of the leading localities in determining the long-term direction for developing the semiconductor industry, especially in the wake of the establishment of the Viet Nam - US comprehensive strategic partnership following President Joe Biden’s visit in 2023.

Another indispensable component of the city’s development trajectory is international cooperation with leading global economies, aimed at learning from their experiences and incorporating technical advancement. Da Nang seeks to maintain and strengthen its close cooperation with international partners, particularly APEC member economies. The city aims to broaden the scope of collaboration and increase the number of joint projects to achieve its development goals.