The World Bank has signed an MoU with the Da Nang City People’s Committee to lift their partnership to further promote competitive, sustainable, and inclusive growth in the central city.
Da Nang will be able to better tap into the World Bank’s global knowledge, financial resources, and convening power to tackle the many urban challenges facing a rapidly-growing city.
“Da Nang will be a front-runner in urban efficiency and resilience and a destination for innovation,” said Mr. Ousmane Dione, World Bank Country Director for Vietnam. “We are excited to bring our partnership to the next level, accompanying the city in the process.”
The two sides will establish a platform to conduct regular and strategic discussions, share knowledge and lessons learned, and pool and leverage resources and expertise.
The World Bank’s long-standing collaboration with Da Nang has expanded from an initial focus on basic infrastructure to a multi-sectoral approach that emphasizes integration and coordination across institutions. To date, World Bank loans and credits to the city have totaled approximately $500 million.
Further cooperation activities are expected in the areas of integrated socioeconomic planning, public finance management, sustainable urban development (transport, energy, water, and sanitation), environmental protection, and building a competitive workforce.
As a regional economic hub and international gateway in Vietnam’s central region, Da Nang has registered impressive growth in its manufacturing sector and increasingly in its service-oriented industries (tourism, trade and finance, and logistics). At the same time, new challenges have emerged, most notably rapid urbanization and climate change, prompting a reconsideration of development approaches.
