Da Nang recorded a remarkable socio-economic recovery in the first quarter of this year, said municipal Party Committee Deputy Secretary cum municipal People's Council Chairman Luong Nguyen Minh Triet at the Friday meeting.

Municipal Party Committee Deputy Secretary cum municipal People's Council Chairman Luong Nguyen Minh Triet addressing the Friday meeting

Held by the municipal Party Committee, the event aimed to review the city’s performance in the first quarter, and discuss more effective measures to boost the socio-economic rebound in the second quarter. 

One of the bright spots on the city’s economic picture in the first quarter was the positive results from its investment attraction.

In detail, the municipal authorities granted investment licences to nine new FDI projects with a total registered capital of US$ 146.41 million. Also, the existing five FDI projects raised their capital with a total additional sum of US$ 9,372 million. Investment policy decisions were granted to five new domestically-invested projects worth VND 393,822 billion in total. 

Noticeably, work has started on the VND 35,000 billion Lang Van resort and entertainment complex in Hoa Hiep Bac Ward, Lien Chieu District, whilst the Silver Shores Investment Development Company Limited-developed VV Mall shopping centre, located on coastal Vo Nguyen Giap Street, Khue My Ward, Ngu Hanh Son District has been put into operation.

The January- March period also saw the thriving of some economic development indicators in Da Nang, showing on-track recovery.

The trade - service industry, and the retail sales of goods reached about VND 16,252 billion, up 16.94% as compared to the same period last year. Total revenue generated from accommodation and catering services went up by 1.32% to stand at an estimated VND 4,095 billion.

Likewise, other consumer services earned VND 4,697 billion in revenues, climbing by 4.8% from the year-ago period.

Like the burgeoning service sector, freight transport activities flourished with VND 1,457 billion worth of earnings, recording a rise of 13.45%.

Meanwhile, the industrial production index (IIP) decreased by 5.42% as compared to the same period last year. Still encouragingly, an increase was reported in many industries, such as mining up 41.8%, the manufacturing of rubber and plastic products 25.38%, and electrical equipment production 35.63%.

A scene of the meeting

Noticeably, the first quarter saw the impressive performance of import and export activities. The total merchandise import and export value was estimated at 666.6 million US$, up 5.2% over the same period last year.

The average consumer price index (CPI) in the first quarter increased by 1.07% from the same period last year, with a hike recorded in some certain aspects.

The prices of food catering services climbed by 3.27%, commodity and other services 2.84%, educational services 2.2%, garment, headgear and footwear  1.52%, household appliances 1.25%, beverage and tobacco 0.73%, medicine and medical services 0.41%, housing, electricity, water, fuel and construction materials 0, 39%.

In the aspect of basic construction investment, the city focused on speeding up the disbursement of public investment capital set for 2021. By the end of the first quarter of this year, 984 out of the total VND 9,839.3 billion had been disbursed for basic construction projects across the city, equal to 10% of the target set by the municipal People's Council.

The total State budget collected reached VND 5,879  billion, up 0.19% from the same period last year. Of this, the domestic collection hit an estimated 4,763 billion VND, representing 26.18% of the year’s estimates.

The total local budget expenditure was estimated at VND 6,545 billion Dong, making up for 37.21% of the estimates.

Reporting by DANG NO – Translating by A.T