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Da Nang to boost connections, trade with US investors: Party official

Da Nang to boost connections, trade with US investors


The central coastal city of Da Nang hopes to boost links and promote trade with US investors and enterprises, affirmed Secretary of the municipal Party Committee Nguyen Van Quang while receiving visiting US Ambassador to Vietnam Marc E. Knapper on April 22.

Quang asked the diplomat to facilitate US investment in tourism and services, IT and finance in the city.

Knapper praised Da Nang’s attraction to investors and stated the embassy wants to coordinate with municipal authorities in luring investment in the city.

On the same day, Knapper’s delegation met with Standing Vice Chairman of the municipal People’s Committee Ho Ky Minh, who outlined the city’s tourism recovery.

Knapper expressed his focus on a project to build a regional financial centre in Da Nang. When the project begins, US financial and IT businesses will eager to channel their capital into the city, he said.

Also on April 22, the US Department of Agriculture (USDA)’s Foreign Agricultural Service, together with the American Chamber of Commerce in Da Nang, held an expo on US food and beverages to introduce them to the local business community.

According to Knapper, Vietnam is currently the 8th largest export market for US food and farm produce, while the US is Vietnam's biggest export market. Bilateral agricultural trade more than doubled from 4 billion USD in 2011 to 9 billion USD in 2021.

Statistics of the Da Nang Department of Foreign Affairs showed that the US is currently ranked 3rd among more than 50 countries investing in the city, accounting for about 16 percent of the total registered capital. Currently, US investors and joint ventures are operating 61 projects worth 700 million USD in Da Nang.

The central economic hub has so far signed pacts to set up an official cooperation relationship with three US cities – Oakland (California), Pittsburgh (Pennsylvania), and Houston (Texas)./.