Under the MoU, both sides agreed to increase delegation exchanges and promote cooperation in such fields as administration, economics, education, and cultural exchange.

Noting that Danang and Changwon have many things in common, including natural conditions and economic development potential, Chairman of the Danang People’s Committee Van Huu Chien expressed hope that the MoU will help foster bilateral cooperation in investment, human resources training, and tourism development.

For his part, Changwon Mayor Kim Seok Ki emphasised that the MoU marks a milestone in the history of cooperation and development between the two cities, saying it represents a turning point in the evolution of Danang city’s tourism industry.

Currently, the RoK has 35 investment projects in Danang capitalised at over US$705 million, operating mostly in real estate, garments & textile, and leather & footwear.

Roughly 20 Danang businesses are actively cooperating with their RoK counterparts, with two-way trade turnover estimated at over US$93.2 million in 2013.