Da Nang eyes more South Korean investment in ICT

Da Nang city authorities and the Ministry of Information and Communications (MoIC) co-hosted a conference both in-person and online with representatives from South Korean businesses and potential investors in Vietnam and Da Nang.

The central city holds significant potential, advantages, and investment opportunities and offers preferential policies and support to South Korean businesses and investors, especially those investing in high-tech parks and concentrated information technology zones, the conference heard.

In addition to general policies from the government, Da Nang also has its own, such as land rental exemptions from 15-19 years depending on the type of production and business.

It will also cut corporate income tax from 20 per cent to 10 per cent and exempt experts from personal income tax requirements. Enterprises with large investment capital are also exempted from site compensation costs.

Mr. Pham Truong Son, Head of the Authority of Da Nang Hi-Tech Parks and Industrial Zones, added that information technology is one of six sectors prioritized for investment.

City authorities affirmed that South Korea is a strategic partner, especially in the ICT (information and communication technology) sector, where South Korea is a world leader.

Over past years, Da Nang has been one of the leading cities in Vietnam in ICT. Despite Covid-19, its ICT sector has posted positive results, such as total revenue exceeding $1.3 billion and software export turnover reaching nearly $90 million. ICT is also one of the three main pillars in Da Nang’s development planning.

Therefore, the city wishes to continue to attract South Korean businesses, especially in the field of ICT, to achieve greater efficiency in the time to come.

Da Nang hopes to welcome more South Korean businesses through holding this conference. City authorities are committed to creating favorable conditions for South Korean investors to learn about its investment environment and implement effective projects.