They signed a Memorandum of Understanding (MoU) to this effect, laying the foundation for a comprehensive partnership in which Da Nang City can better tap into the World Bank’s global knowledge, financial resources and convening power to tackle many urban challenges facing a fast-growing city.
As the regional economic hub and international gateway in Vietnam’s central region, Da Nang City has registered impressive growth in manufacturing sector and increasingly in service-oriented industries (tourism, trade and finance, and logistics).
At the same time, new challenges have emerged, notably fast urbanization and climate change, prompting a reconsideration of development approaches.
Further co-operation activities are expected in the areas of integrated socio-economic planning, public finance management, sustainable urban development (in the field of transport, energy, water and sanitation), environmental protection, and building a competitive workforce.
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 City has been expanding 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 Da Nang total approximately US$500 million.