Between January and September, Da Nang’s economy maintained stable growth in many aspects, especially in industry, agriculture, tourism and trade.

A worker at the Hoa Tho Textiles and Garments Company

Most notably, the city saw a breakthrough in tourism as it welcomed a total of 5,150,109 domestic and foreign visitors over the past 9 months, an increase of about 23% compared with the same period last year, and representing 81.7% of the year’s target.  In detail, 1,766,226 of them were foreigners, whilst the remainder were domestic visitors. 

As a result, the city earned nearly 15,200 billion VND in revenue, up by 24.4% against last year, and fulfilling 81.8% of the year’s target.

During the period, foreign direct investment (FDI) attraction into the city bounced back. In particular, the city saw a remarkable increase in both the number of projects and the amount of investment capital after a significant decrease recorded in recent years.  Most notably, during the 9-month period, FDI inflows to the city reached nearly 62 million USD in total with 73 new projects, and the figure is 4 times higher than in the same period last year. 

Over the period, the city authorities granted business registration certificates to a total of 3,416 new businesses, branches and representative offices, with a total registered charter capital of over nearly 18,410 billion VND.  This, thereby, brings the total number of businesses, branches and representative offices to date to 21,742 totalling 140,664 billion VND.

In a similar vain, encouraging results were recorded in other local aspects.  The city’s industrial production value hit 61,150 billion VND, up 10.8% against the same period last year.

The total value of retail sales of goods and services reached over 61,150 billion VND.  The total export turnover jumped by 11.8% to hit over 1.09 billion USD compared with the same period last year.  The production value of the local agro-forestry-fishery sector stood at 1,873 billion VND. 

The total volume of general and container cargo transported through the Da Nang Port climbed by 10% to reach 5.9 million tones.

Workers work hard in the company

The positive results are mainly attributed to the upgrade of the local investment environment in combination with the city authorities’ willingness to help businesses at local industrial and processing zones. 

Also, administrative reforms have been enhanced, which has partly helped to boost the local economic growth.  Most notably, Da Nang has topped the 2016 Viet Nam Provincial Competitiveness Index (PCI) ranking for the 4^th consecutive year, and taken the lead in the 2017 Viet Nam Information and Communications Technology (ICT) applications and development readiness ranking for the 9^th consecutive year.

Bright outlook for the city’s economy during the remaining months of this year is expected to be secured.  In particular, given the best tourism infrastructure system in central Viet Nam, the city will be still be attractive to visitors from both home and abroad, even during the current off-season.

In an attempt to maintain the city’s economic stable growth for the rest of this year, municipal People’s Committee Chairman Huynh Duc Tho recently asked the city authorities to ensure the success of the 2017 APEC Economic Leaders’ Week next month. 

One emphasis will be on deploying a project for boosting the development of local businesses by 2020 and promoting the city’s start-ups. 

In particular, greater efforts will be made to ask for assistance from ministries and government agencies to implement some key projects in the city, especially the Lien Chieu Port and some water supply plants.