Vietnam Economic Surge: APEC host Da Nang making strides with thriving industry    
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Vietnam Economic Surge: APEC host Da Nang making strides with thriving industry
Dec 12 2017

Vietnam enjoys economic growth rates that would be the envy of most other Asian countries. And the leaders of Asia-Pacific nations and regions, as well as many business leaders will have a chance to see the progress the country has been making for themselves during the APEC Leaders' Week and and other meetings taking place in Da Nang. As Rian Maelzer reports, the central Vietnamese city of Da Nang reflects a lot of the ambitions and prospects for the Southeast Asian nation.

This garment factory in the city of Da Nang in some ways illustrates where Vietnam is and the direction it wants to head in.
Hundreds of workers are busy cutting material, sewing, ironing and packing suits destined for export. But in another part of the factory, thousands of machines manufacture cotton yarn with almost no human intervention.

VU TIEN LOC PRESIDENT, VIETNAM CHAMBER OF COMMERCE & INDUSTRY "Vietnam has maintained a GDP growth rate of 6% to 7% in recent years. This rate may be high compared with other economies but it is still lower than the real potential and expectation. That's why we need to have better policies. In fact, the Vietnamese government wants to focus on improving the quality of growth."

Vietnam wants to reduce its reliance on labor-intensive industry and to increase automation and use of ICT, as well as 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.
Da Nang has an international airport, seaport, excellent road infrastructure, high quality of life and other attributes.
HYUNH LIEN PHUONG DA NANG INVESTMENT PROMOTION AGENCY "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."

Da Nang is also offering foreign investors, like this Japanese cast-iron maker, attractive incentives, like lengthy tax holidays. That has helped start drawing more FDI to Vietnam's third city.

RIAN MAELZER DA NANG "As for Vietnam as a whole, in the first nine months of this year, the country pulled in an impressive 25 billion dollars of foreign investment, up by more than one third over the same period last year. Rian Maelzer, CGTN, Da Nang, Vietnam." - CGTN