Da Nang’s gross regional domestic product (GRDP) could be estimated at only 62,664 billion VND by late this year, according to the General Statistics Office of Viet Nam.

Picture taken at a corner of the burgeoning Son Tra District.

The economy's scale could reach an estimated 101.233 billion VND at current prices.

The GRDP growth rate is likely to decrease by 9.26% when compared with last year. In detail, the service sector is predicted to plunge by 7.97%, whilst industry - construction down by 10.49%, the agro-forestry-aquaculture up by 2.57% and the taxes less subsidies on production plummeting by 15.94%.

With regard to this year’s local economic structure, the service accounts for 65.1%, whilst the industry - construction with 22.3%, the agriculture 2,2% and the taxes less subsidies on production 10,4%.

Besides, the annual GRDP growth rate recorded in Da Nang over the ongoing 2015 - 2020 period could decrease to only 4%.

In particular, the city’s average GRDP per capita by late this year is predicted to decrease to only 3,678 US$, much lower than the amount recorded in last year.

Da Nang has been ranked 16^th in Viet Nam in the size of the economy, down one place from the 15th place in the 2016 – 2019 period.

The city is now amongst 12 Vietnamese localities with minus growth in the first half of the year, and one of the 5 localities with the lowest growth rate in the country.

Da Nang saw its gross regional domestic product GRDP for the first half of the year contract by 3.61% from the same period last year, the first time since it was recognised as a centrally-governed city on 1 January 1997.

The Covid-19 pandemic-sparked disruptions of global supply and value chains and services, especially the second wave of the coronavirus outbreak starting raging Da Nang late July, have adversely affected the city’s socio-economic performance as well as its ability to reach this year’s major development targets set by the municipal government.

By TRIEU TUNG- Translated by A.T