Between January and October, Da Nang’s economy recorded many positive changes as many important economic indicators, including budget revenue, tourism-service-commerce are likely to have surpassed the year’s targets.

Fisheries is one of the economic aspects to achieve the year’s target. Fishing vessels are pictured to be ready for seting sail from the Tho Quang fishing wharf.

According to the latest figures released by the municipal Department of Planning and Investment, during the 10-month period, the city gained an impressive acceleration in major sectors which serve as the driving forces for the economic development, including tourism-services, trade, and information technology.

In detail, the total revenue generated from tourism reached over 19,936 billion VND, up 10.2% compared to the same period of last year, and this figure is expected to have hit 30,973 billion VND at the end of the year, up 16.7% year-on-year.

The average consumer price index (CPI) increased by 2.48%. Fishery production stands at 37,636 tonnes, exceeding by 0.4% of the year’s target, up 3.8% against the year-ago period.

The domestic and foreign investment attraction has grown sharply. As of 31 October, the city had attracted over 8,638 billion VND and 658,176 million USD worth of domestically-invested and FDI projects.

Notably, the information technology industry continued to make an impressive breakthrough as its total revenue is likely to have hit 29,949 billion VND by late this year, surpassing 3% of the year’s target, up 18.8% compared to last year. In particular, software export turnover is forecast to have stood at 89 million USD, exceeding 11% of the year’s target, up 14% over the same period last year.

As of 31 October, the total budget revenue hit 20,537 billion VND, fulfilling 87.5% of this year’s estimates. It is noticeable that the non-state industrial and commercial sector made the biggest contribution to the revenue collection with 24.6%, followed by foreign-invested sector with 19.7%.

There are around one and a half months left to the New Year, given such above-mentioned positive signals, it is expected that, by the end of the year, 7 out of the 11 targets will have been achieved, even exceeding the year’s estimates. Notable amongst the important economic indicators are service sector, agriculture, forestry-fisheries, and state budget revenue.

In tandem with fulfilling its the economic targets, the city has since the start of this year implemented such important projects as the opening of the first smart multi-storey car park in Da Nang, located at 255 Phan Chau Trinh, and the creation of coastal paths allowing public access to beaches.

Many important economic indicators are predicted to exceed the year’s target. Captured in the photo is the working atmosphere at the Dana Plywood Trading and Production Co., Ltd.

In parallel with that, focus has been on speeding up key and motivational projects to meet socio-economic development objectives, and promoting synchronous infrastructure throughout the city with large-scale projects.

On the spotlight are  auxiliary facilities for the city’s Hi-tech Park, the technical infrastructure of Cam Le industrial cluster; the Hoa Phu - Hoa Ninh inter-communal route; the upgrading of the Ngu Hanh Son wastewater treatment station.

Besides, everything is on right tract on the completion of investment procedures to start work on the Da Nang Transport Project which uses loans from OFID - the OPEC Fund for International Development, the upgrade of some facilities in the Khanh Son Landfill, the construction of the 2^nd stage of the Cardiovascular Centre of the Da Nang General Hospital, and the plans for restoring and embellishing the Dien Hai Citadel relic site.

In particular, the city has promoted the revival of such large-scale delayed projects as the Da Nang University Village, the relocation of the railway station, and associated urban redevelopment.

In an attempt to maintain the steady economic growth pace, as well as to fulfill the year’s tasks, create a momentum for next year’s performance and even the 2020-2030 period, it is high time for the city to promote investment attraction activities associated with the more effective implementation of business support mechanisms and policies. Greater efforts should be exerted to address problems that have bedeviled key projects.

Another heed should be paid to boosting administrative reform and IT applications in the handling of investment procedures and business support schemes.

By Khanh Hoa-Translated by Anh Thu