In the first half of this year, many key economic sectors and specific aspects such as hi-tech industry, information technology (IT) and investment attraction made many development strides, especially amidst the fact that the current COVID-19 wave is being contained effectively.

In the first half of this year, many key economic sectors and specific aspects recorded many positive results. Production activities are seen at the Apple Film Co., Ltd in Hoa Cam Industrial Park, Cam Le District. Photo: KHANH HOA

Active and flexible management

According to the Da Nang Institute for Socio-Economic Development, the city's socio-economic picture in recent months has featured many outstandingly bright spots. The city’s gross regional domestic product (GRDP) in the first 6 months of this year was estimated to grow by more than 4%.

Analysing further in each aspect, Dr.Ph Huynh Huy Hoa, the Director of the city's Institute for Socio-Economic Development, said that, except for tourism, all key economic sectors are forecasted to recorded a positive growth in the past 6-month period.

In detail, the industrial production index was estimated to increase by 3.9%, of which the processing and manufacturing industry went up by 3.4%.

The city also saw investment attraction activities flourish in the first half of this year as it successfully lured 3 foreign direct investment (FDI) projects worth over US$145 million and 8 domestically-invested ones valued at a sum of over VND188 billion.

The total retail sales of goods reached an estimated VND27,000 billion, up 16.4% from the same period last year. Likewise, revenues generated by the local transportation industry climbed by 5.6%.

The brightest point in the economic picture in the review period was thriving import and export activities.

The total export turnover went up by 13.9% over the same period last year to hit over $650 million, and the figure recorded in imports climbed by more than 12.8% to stand at over US$528 million. In particular, the IT industry made a remarkable impression with the software export value estimated at over US$ 42.1 million, a rise of 33%.

The above-mentioned figures clearly show that production and business activities observed across the city are rebounding in a prompt fashion, whilst domestic and foreign trade routes have been reconnected after a long suspension and stagnation due to the impact of COVID-19.

Assoc. Prof. Dr. Bui Quang Binh, a lecturer at the University of Economics, a member school of the Da Nang University (UD), affirmed, the most important factor to the aforementioned positive signs is the proactive and flexible socio-economic management and directions made by the whole political system.

Since COVID-19 broke out again in the city in early May, with the right strategy of zoning and testing on a large scale but narrowing the blockade level as much as possible”, the city has quickly curbed the spread of the virus, thus avoiding any disturbances to residents’ lives, in tandem with facilitating the business community to maintain production and business activities. As a result, the city's economic lifeline was not "frozen" like last year, said Assoc. Prof. Dr. Bui Quang Binh.

Another important highlight contributing to the GRDP growth in recent months is outstanding progress of key construction projects such as the Software Park No. 2, traffic project at the western end of the Tran Thi Ly Bridge, the expansion of the APEC Park and the Hoa Lien Water Supply Plant.

According to Ms. Tran Thi Thanh Tam, the Director of the Da Nang Department of Planning and Investment, in 2021, the city was allocated with approximately VND 8,400 billion from domestic sources and over VND827 worth of ODA capital following approval by the national government to carry out public investment projects. 

As of May 31, the disbursement rate of public investment capital had reached 22.53% as assigned by the National Assembly and the Prime Minister and 17.3% by the municipal People’s Council.

The brightest point in the economic picture in the review period was thriving import and export activities. Production activities are observed at the SEADANANG company

Determined to fight against COVID-19, maintain positive economic results

For the time being, Da Nang enterprises are promoting production and business plans, with a focus on speeding up industrial production, high-tech industry, imports and exports, domestic consumption and investment attraction via online methods.

Da Nang has till date carefully drawn up proper scenarios for socio-economic development in 2021, especially the second half of this year.

Mr. Ha Duc Hung, the General Director of Ha Giang Phuoc Tuong Mechanical Engineering Joint Stock Company cum Chairman of the Da Nang Young Entrepreneurs’ Association, said that after two years of responding to COVID-19, citywide businesses have possessed many proactive in formulating plans to ensure stable production and business activities.

“We will make more efforts to overcome pandemic-triggered difficulties, thus contribute to accelerating the city's economic development and stabilising security”, said Mr. Hung.

In his perspectives, Assoc. Prof. Dr. Binh highly lauded Da Nang-developed appropriate and flexible socio-economic development scenarios amid COVID-19 threats, for matching the general development trends outlined by the national and municipal governments in face of still complicated developments of the pandemic.

In addition to maintaining the achievements recorded in COVID-19 prevention and control missions, it is necessary to focus on promoting social security activities, supporting enterprises to maintain stable production and business activities in order to help avoid an unexpected economic decline in the coming time.

Besides, it is a need to speed up the capital disbursement for key local projects and well perform urban management and environmental protection, and effectively implement the adjustments to the Da Nang Master Plan for its major developments by 2030, with a vision toward 2045.

Reporting by KHANH HOA- Translating by A.THU