Given its strong efforts and incentive strategies, Da Nang has made great strides in driving its economic growth in the past 5 years, hereby creating a solid foundation for its future progress steps. One of the highlights that adorns the city's bright economic picture in recent years is the creation of many breakthroughs in service and tourist sectors. Thanks to this, the added value of the service sector has recorded a 7.8% year-on-year rise on average, which plays an important role in driving the city’s economic growth.

Da Nang has remained on its feet to make more economic breakthroughs in the time to come

Da Nang Department of Tourism  Director Truong Thi Hong Hanh said that tourist service remains one of the biggest pillars of the city's economic growth with highly international competitiveness which acts as a key driver of the city's socio-economic growth.

Recent years have seen an impressive boom in the number of large-scale tourism development projects developed by such renowned brands, including Ariyana Convention and Exhibition Centre InterContinental Danang Sun Peninsula, Nam An Retreat, Risemount Premier Resort, Sheraton Grand, Da Nang Golden Bay and Grand Tourance.

Noticeably, dozens of foreign and national flag air carriers have operated a combined total of 40 international routes connecting Da Nang with other destinations around the world with a frequency of 480 flights per week, an increase of 20 routes compared to 2015.

Da Nang’s tourism industry has set up its representative offices in South Korea, Hong Kong – China, and Japan.  The city is planning to open similar offices in Europe, Australia, and other emerging tourist markets with huge growth potential, in the coming time.  Besides, a handful of bilateral tourism cooperation programmes with many foreign localities, management agencies and businesses worldwide have been effectively carried out.

Based on these advantages, visitor numbers stay in the city's serviced accommodation establishments has recorded a year-on-year hike of 10.2%.  The total revenue generated from accommodation and travel services has achieved an average annual increase of 7.5%.

As for another burgeoning economic sector, the added value of the industrial sector has recorded an average year-on-year surge of 6.2%.  In addition to the efficient operation of the existing industrial parks (IPs), the 1^st and 2^nd stages of the Da Nang Hi-Tech Park, and the 1^st stage of the Da Nang IT Park has to date completed.  Besides, the establishment of 3 new IPs and a number of industrial clusters are on right track, with the aim of offering production premises for potential projects especially in hi-tech, IT and digital economic aspects

Investment attraction plays an important role in generating significant socio-economic benefits for locals. Picture taken in the SEADANANG company.

Despite some negative effects due to the coronavirus, Da Nang has produced positive and significant results on domestic and foreign direct investment (FDI) inflows with its innovation in investment attraction.  Between January and July 2020, Da Nang attracted 14,000 billion VND worth of domestic investment and more than 120 million US$ in FDI capital.  Also, the Da Nang authorities granted business registration licences to a total of  more than 2,500 enterprises, branches and representative offices across the city over the 7-month period.

Till date, the city’s total FDI project numbers have reached 867 with a total registered capital of about 3.518 billion US$.  It is reported that, in recent times, some large-scale FDI projects have been put into operation, namely the 1^st stage of the 170 million US$ Sunshine aerospace components factory, developed by the US-based Universal Alloy Corporation Asia Pte. LTD-UAC, the US Key Tronic EMS Group- developed 70 million US$ factory which manufactures automobile signal lights for export and  the Mabuchi Motor Co Ltd-developed electronic components factory expansion project.

Meanwhile, such other notable projects as the 7 million US$ factory exhaust pipe manufacturing factory developed by the Hao Hsing Investment Co., Ltd and the 6 million US$ automobile manufacturing and assembling factory by the Gaz Thanh Dat Limited Liability Company are getting underway in Da Nang.

According to the municipal Da Nang Investment Promotion Agency, over the past 7 months, more than 50 international delegations came to the city to gain the insight into the city’s investment environment, seek cooperation opportunities and join bilateral cultural exchanges.  Notably, a Japanese delegation, led by Mr Toshihiro Nikai, the Secretary General of the Liberal Democratic Party (LDP) of Japan cum Chairman of the Japan-Viet Nam Friendship Parliamentary Alliance (JVPA), made Da Nang trip in January.

In early June, Ubisoft, a French video game company headquartered in Montreuil with several development studios across the world, opened a studio in Hai Chau District. This high-class studio specialises on creating original mobile games and instant-games for social media platforms.

“Da Nang is perfect, right between Ha Noi and Ho Chi Minh city, so there is this big talent pool to draw from. Da Nang also offers a great alternative to much larger cities, with an ideal balance between quality of life and work. There are so many good reasons, and we’re very pleased to be a part of the development here.”, said the Da Nang studio’s Managing Director, Mr Aurelien Palasse.

By DANG NO, THANH LAN- Translated by A.T