APEC host city Da Nang makes economic strides for Vietnam


The economic forecast for Vietnam is bright. It’s enjoying blockbuster growth rates, making it the envy of many other Asian countries. Foreign and trade leaders will get the chance to see the country’s progress this week at APEC and other meetings in Da Nang.

CGTN’s Rian Maelzer reports.

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Vietnam wants to reduce its reliance on labour-intensive industry and to increase automation and use of ICT. It’s also working on boosting sectors like tourism, and adding more value to its agriculture.

The city of Da Nang is no exception. Its biggest money earners are tourism, textiles and seafood products. But it recently opened the country’s third high-tech park. The city has an international airport, seaport, excellent road infrastructure and high quality of life.

“We have 25 universities and colleges, and about 60 vocational institutes so we can supply good labor source for companies here and most of them are highly trained and high skilled especially in the ICT sector,” Hyun Lien Phuong of the Da Nang Investment Promotion Agency said.

The city is also offering foreign investors attractive incentives, like lengthy tax holidays. That has helped start drawing more FDI to Vietnam’s third city.

In the first nine months of this year, Vietnam pulled in an impressive $25 billion in foreign investments, up by more than one third over the same period last year.