South Korea officially inaugurated its Consulate General in Da Nang last Friday, with a goal of increasing investment and tourism between South Korea and central coastal city in the coming years.
South Korea has an embassy in Vietnam’s capital of Hanoi and a Consulate General office in Ho Chi Minh City, so the new office in Da Nang consulate general office will be South Korea’s third diplomatic office in Vietnam.
Park Noh Wan, South Korea’s Ambassador to Vietnam said that in the future, the Da Nang consulate general office would become a center for cultural exchange and l friendship between South Korea and Vietnam, and that it will help South Korean companies identify business opportunities in Da Nang, and will help companies in the city establish business in South Korea.
The ambassador also noted that while the global COVID-19 pandemic has decreased tourism and stopped South Korean tourists from travelling to Vietnam, Da Nang is a popular destination and he believes the city will see many South Korean tourists in the future.
The new South Korean Consulate Office is located in Da Nang’s Ngu Hanh Son District. The office will cover administration across Da Nang, Quang Nam, Quang Ngai and Thua Thien-Hue to promote tourism and investment connections between world heritage sites in central Vietnam with popular South Korean destinations such as Incheon, Jeju Island and Seoul.
Da Nang is being looked at by an increasing number of South Korean companies as a ideal location for them to set-up offices. The city offers easy airline connectivity to South Korea as well as all of Vietnam, has a pleasant climate and is less populated and polluted than cities such as Hanoi and Ho Chi Minh City.
Signaling this increased focus, South Korea’s LG Electronics began building a Research and Development center in the Da Nang Information Technology Park Tower last month and several other major South Korean companies are currently researching Da Nang.
Earlier this year, Shilla Hotels & Resorts – one of South Korea’s flagship hospitality corporations – opened the Shilla Monogram Quangnam Da Nang Resort and Villas, which has been developed at an investment cost of $50 million USD.
Da Nang’s export and imports with South Korea have lower than was originally, but the first half of the year saw Vietnam export $17 million USD of good to South Korea which still marked growth of 14.5%. In the same period, imports from South Korea totaled $36.5 million USD.
According to statistics from Da Nang’s Investment Promotion Agency, South Korea is one of the top five foreign investors in Da Nang, with 232 projects worth $390 million USD.