Local cooperation, trade connectivity

The signing ceremony of the Memorandum of Understanding (MOU) between the Vietnam - Canada Business Association and Thua Thien Hue Province (now Hue City) in 2024. Photo: Provided by the City People's Committee Office.

Investment promotion through various programs

During an official trip to the United States and Canada in late April 2024, the delegation from the Provincial People's Committee (now the City People's Committee) introduced Hue's potential and advantages to businesses and investors, particularly its goal of developing environmentally friendly clean industries.

In discussions with U.S. partners, Hue’s leaders affirmed that the city's energy sector development aims to diversify its energy supply, utilizing renewable energy sources where Hue has potential, particularly biomass, solar, wind, and gas power.

According to the Office of the City People's Committee, during the trip, city leaders met with the Permanent Mission of Vietnam to the United Nations and various consular, scientific, technological, and trade representatives. At the meeting, Mr. Nguyen Van Phuong, Deputy Secretary of the City Party Committee and Chairman of the City People's Committee, requested the mission members to promote Hue’s strengths and facilitate investment connections with businesses in New York (U.S.).

Minister-Counselor Nguyen Hoang Nguyen, Acting Representative and Deputy Permanent Representative of Vietnam to the United Nations, along with other officials in New York, affirmed their commitment to serving as a bridge and supporting Vietnamese localities, including Hue, in strengthening relations with U.S. partners, particularly in New York, based on the specific needs of each locality.

Chairman Nguyen Van Phuong presenting a souvenir to the Permanent Mission of Vietnam to the United Nations. Photo: Provided by the City People's Committee Office.

At the seminar titled “Enhancing and Strengthening Export, Investment, and Trade between Vietnamese and Canadian localities” in Vancouver, Chairman Nguyen Van Phuong shared information on the city's promotion needs, trade facilitation, and called for investment in high-tech industries, green and clean energy, renewable energy, infrastructure, processing and manufacturing industries, electronics, and information technology. The signing of the MOU between Hue City's Department of Foreign Affairs and the Vietnam-Canada Business Association (VCBA) to promote cooperation between local authorities, departments, and businesses of Hue with Canadian partners has opened up new opportunities for business and investment collaboration between the two sides.

In 2024, Hue City has carried out investment promotion activities through various means, integrating foreign affairs into investment promotion to enhance the effectiveness of overseas working trips. Notable efforts include investment promotion activities during visits and meetings with leaders in Zhejiang, Shanghai, and Fujian (China), as well as participation in the 4th "Ho Chi Minh City and Friendship with Provinces and Cities Exhibition" in Savannakhet (Laos).

Maximizing opportunities

Within the Fourth Industrial Revolution, where the global economy is transitioning toward technology-driven and innovation-based growth, Hue City is restructuring its economy by shifting its growth model towards productivity enhancement, applying scientific and technological advancements, fostering innovation, and promoting digital transformation. The city prioritizes the development of high-potential industries and areas with substantial growth potential, aligned with new development spaces.

At various meetings with foreign organizations and units, it is evident that the city leaders consistently welcome and create the best possible conditions for partners interested in investing in high-tech projects.

Recently, in a meeting with Mr. Mori Takero, Consul General of Japan in Da Nang, and Mr. Aoki Toru, Professor and Vice President cum Deputy Director of the Institute of Electronic Engineering Research at Shizuoka University, Japan, Mr. Nguyen Thanh Binh, Member of the Standing Committee of the City Party Committee and Standing Vice Chairman of the City People's Committee, reaffirmed that Hue is committed to developing high-tech industries, including semiconductor and artificial intelligence sectors, based on the investment interests of businesses. Furthermore, the city aims to establish international-standard training collaborations to provide a skilled workforce for domestic and foreign semiconductor enterprises that have investment connections with Hue.

According to the City People's Committee, in the coming period, Hue will focus on attracting investment from traditional markets such as South Korea, Japan, Singapore, Thailand, the United States, Europe, Southeast Asia, and businesses from countries benefiting from Vietnam's participation in bilateral and multilateral Free Trade Agreements (FTAs).

In investment promotion activities, Hue City will continue to take the initiative in strengthening foreign affairs efforts, maximizing opportunities arising from international integration, particularly through signed FTAs and next-generation agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnam-EU Free Trade Agreement (EVFTA), and the Regional Comprehensive Economic Partnership (RCEP).