The opening ceremony for the third office. (Photo: Cong Thuong News)

The agency said its branch in Da Nang will provide assistance to 50 Korean companies operating in the central region, including 20 in Da Nang.

Vietnam is the seventh country to have three KOTRA offices.

According to KOTRA, the Vietnamese government has realized various projects for the central region, seeking to expand infrastructure such as roads and ports.

Da Nang stands out from other localities in Vietnam due to low labour and factory costs and it also has advantages in different industries, from technology and automotive parts to tourism, KOTRA said. These factors can support Korean companies as well, the agency added.

KOTRA President Kwon Pyung-oh said the Republic of Korea hopes to increase relations with Vietnam, its third largest partner, through economic cooperation with the central region.

The two countries have signed memorandum of understanding (MoU) on an action plan for seeing USD100 billion in trade turnover by 2020./.

Phuong Lan