Deepening the Vietnam - Korea relationship in Da Nang

Currently, Korea is the largest foreign investor in Vietnam, with more than 10,000 valid projects, total registered investment capital reaching 93 billion USD, accounting for more than 18% of total FDI capital in Vietnam. Since 2022, the two countries have become comprehensive strategic partners. Localities across the country in general, and Da Nang city in particular, have always promoted attracting investment from Korea.

On July 17, the Danang Investment Promotion Support Center organized a meeting between the City People's Committee and the Korean Chamber of Commerce in Vietnam (KOCHAM), introducing the potential and investment opportunities in the new city of Danang. The event attracted the participation of representatives of the Korean Embassy in Vietnam and more than 70 member enterprises of the association.

Currently, South Korea ranks second among the largest investing countries in Da Nang, with more than 345 valid FDI projects, total investment capital reaching more than 1.3 billion USD.

A typical example is the ICT Vina Medical Equipment Factory invested by ICT Company Limited under Dentium Group in Da Nang High-Tech Park in November 2024. The project has a total registered investment capital of 177 million USD, equivalent to more than 4,458 billion VND.

This is the third project that ICT Vina Co., Ltd. has invested in Da Nang High-Tech Park. Previously, in 2018, the company was licensed to invest in the ICT Vina Factory project with a total investment of 20 million USD; in 2020, the ICT Vina Factory II project with a total investment of 60 million USD. Thus, the total investment capital of the company's 3 projects is 257 million USD, the largest in Da Nang High-Tech Park to date. The company's factories focus on researching and manufacturing high-tech products, machinery and equipment in the medical field.

In particular, the relationship has made HS Hyosung Group the third largest FDI partner of Korea in Vietnam, with a total investment capital of 4 billion USD, creating more than 10,000 jobs. In 2018, HS Hyosung Group signed a Memorandum of Understanding with Quang Nam province, committing to invest 1.3 billion USD on an area of 100 hectares in Tam Thang Industrial Park and Tam Thang Industrial Park expansion (invested by Chu Lai Industrial Park Infrastructure Development Company Limited - CIZIDCO) to produce products for the automotive support industry.

Mr. Park Jung Kon, General Director of HS Hyosung Quang Nam Company (under HS Hyosung Group) said that in 2019, Hyosung implemented a project to produce tire cord fabric; in 2021, it was the project to produce airbag fabric factory on an area of 19 hectares in Tam Thang Industrial Park. Up to now, the company has been granted investment certificates for the above two projects with 40 hectares, total investment capital of more than 470 million USD, creating jobs for more than 1,000 local workers.

“We are committed to continuing to invest and strengthen our community responsibilities, accompanying the city's development in the coming time. In 2025, we are preparing a contract to lease an additional 20 hectares of land to expand tire fiber production (at the expanded Tam Thang Industrial Park). At the same time, the company is separately considering an investment plan to produce industrial fibers and automotive interior materials, worth hundreds of millions of USD, and is expected to soon make a decision to implement in the near future,” Mr. Park Jung Kon shared.

Source: https://baodanang.vn/dam-da-moi-luong-duyen-viet-han-tai-da-nang-3303239.html