In tandem with industrial development strategies, Da Nang is giving the priority to boosting the progress of high quality services to secure a momentum for investment attraction. Provided its robust growth in financial, healthcare and educational services, in hopefully, Da Nang will grab even more opportunities to attract domestic and foreign investors and develop high quality human resources. 

Da Nang is on course to form a logistics service supply chain in Central Viet Nam, a part of the global supply chain network, the country’s gateway to the East-West Economic Corridor. In the photo is a view of loading and unloading activities at the Tien Sa Port.

‘Big step but not enough’

During the 2016 - 2020 period, Da Nang’s service industries recorded many encouraging results. Tourism service, notably, secured its stature as a spearhead economic sector. Especially, high-class beach leisure – one of the city’s most popular hospitality products, helped attract many large-scale projects, hereby forming a chain of international standard accommodation establishments.

In a similar growth tempo, commercial, transportation, post and telecommunications, financial – banking, educational, healthcare, scientific and technological services also maintained their stable growth, meeting the constantly growing and diversified demand of both locals and tourists.

However, financial and banking services have yet to fully play their role in supporting businesses. Meanwhile, the seaside city has yet to promote its position as a hub for goods transshipment and exchange in Central Viet Nam, and it is in desperate need of major logistics projects. As for tourism, there was slow pace in the progress of large-scale nighttime shopping - cuisine - entertainment venues, large commercial centers, and retail operations.

According to data released by the municipal Investment Promotion and Support Agency, between 2016 and November 2020, Da Nang attracted 76,130 billion VND worth of domestic investment and more than 1.4 billion USD in FDI, mainly focusing on real estate, tourism, education, and healthcare.

Promoting the progress of high quality, value-added services

Da Nang is now on right course to make a lift to high quality services which serve as a firm foundation to attract foreign investors, and high-quality human resources for bigger development strides in such key economic sectors as hi-tech industries and IT.

The Da Nang International Airport is eyeing to ensure its annual capacity of handling 30 million passengers by 2030.

Ambitiously, Da Nang has pitched itself to set up a continent-level financial centre in order to leverage the development of high value- added industries. For more details, this centre will play an important role in boosting capital transfers and attraction, and providing financial services on tech platforms for the region, and the world at large.

In September, the Da Nang administration issued plans to implement the National Comprehensive Financial Strategy by 2025, with a vision towards 2030. Accordingly, emphasis will be placed on enhancing public access to more efficient financial and banking services, and especially calling for internationally renowned financial corporations to open their representative offices in Da Nang.

With regard to ensure high quality human resources, over the 2020 - 2025 period, appeals will be made for domestic and DFI investment in six key education and training projects, namely a multi-level international school, an international life skills training centre, the Da Nang University Urban Area, a kindergarten at the Hi-tech Park, the Da Nang International University, and a junior college for training skilled workers meeting international and regional standards.

As for the non-smoking industry, Da Nang is in a full swing to boost high-quality tourism services associated with resort real estate, and realise its ambition of turning itself into a leading regional tourism and service destination, the city of international events and conventions.

In particular, heed will be paid to boosting tourism associated with M.I.C.E (Meetings-Incentives-Conferences-Exhibitions) trips and such services as healthcare - beauty, shopping, cuisine and wedding activities.

In mid-December, a Japanese enterprise has made a proposal on the development of a stem cell technology transfer research centre in the Da Nang Hi-tech Park at a total estimated cost of 18 million $.

The centre is expected to produce stem cells-based products including cosmetics, functional foods and pharmaceuticals for consumption in Viet Nam and such international markets as Southeast Asia, Europe, and the U.S.A.

In the aspect of logistics, Da Nang is on its ambitious journey of becoming a major maritime transport centre and an important logistics hub in Central Viet Nam.

Da Nang is eyeing to build Lien Chieu Port for handling cargo ships, and serving as a main logistics centre in Central Viet Nam for the north-south railway and road systems and the EWEC, hereby helping Da Nang turn itself into a leading international commercial gateway in the ASEAN region in the future.

Also, focus will be on increasing the Da Nang International Airport’s annual capacity of handling 30 million passengers by 2030.

By KHANG NINH- Translated by A.T