Da Nang People's Committee Vice Chairman Ho Ky Minh on Wednesday delivered a socio-economic, defence and security report at the 4^th session of the Da Nang People’s Council in its 10^th tenure for the 2021-2026 term, highlighting three scenarios for Da Nang's economic growth in 2022 in the context of safe, flexible adaptation and effective control of COVID-19.

Da Nang People's Committee Vice Chairman Ho Ky Minh delivers a socio-economic, defence and security report at the 4th session of the Da Nang People’s Council in its 10th tenure for the 2021-2026 term, December 15, 2021

In the first scenario, Da Nang will see a low growth rate in the context that the pandemic will be controlled but there will be complicated developments, the economic national and international recovery rate will be still slow. Some supply chains will be limited, and the number of domestic tourists coming back to the city will rebound but not high as expected. Da Nang’s gross regional domestic product (GRDP) growth rate in 2022 is expected to reach 4.9% as compared to 2021. The fields of agriculture- forestry - fishery, industry - construction, and services will record the growth rates of 1.8%, 5.4% and 3.8%, respectively.

In the second scenario, the city will witness a medium growth rate amid the projection that the pandemic will be well contained and the international and national economy will be still in the process of recovery. Some service industries will begin to develop in a stable manner, the number of tourist arrivals tends to go up. The GRDP growth rate in 2022 is projected to hit 6.2% as compared to 2021. The fields of agriculture- forestry - fishery, industry - construction, and services will enjoy the growth rates of 2.5%, 6.8% and 5.4%, respectively.

In particular, industry - construction and services will go up by 5.7% and 4.8% respectively in the first half of 2022, and up 8.0% and 6.0%, respectively in the second half of 2022 as compared to the same periods of 2021.

In the third scenario, the city will enjoy a high growth rate amidst that the virus surge will be well controlled and the international and national economy will return to normal. Some service industries will thrive and the number of tourist arrivals tends to climb up. The city will see a GRDP growth rate of 8.11% as compared to 2021. The year-on-year growth rates of agriculture- forestry - fishery, industry - construction, and services will be 3.0%, 10.0% and 6.8%, respectively.

In particular, the first half of 2022 will see industry - construction and services climb by 8.0% and 6.0% respectively as compared to the same period of 2021, whilst the second half of 2022 will log an increase of 12.0% and 7.5% respectively.

Vice Chairman Minh affirmed that, by the end of 2021, 95% of people aged 18 and above will have been fully vaccinated against COVID-19 and the city is highly likely to meet the 2022 targets under the medium growth scenario.

More encouragingly, if the coronavirus resurgence is well controlled and the international economy recovers soon, key economic sectors that account for high proportions of the city's GRDP will rebound quickly, returning to the growth level equivalent to 2019 and the city is likely to achieve a high growth level as projected.

The two-day political event is also witnessing delegates join discussions, and question-and-answer sessions in urban, economic, cultural and social fields, with a focus on resolving issues of deep concerns to local dwellers.

Also on the spotlight of the event are discussions about a number of important contents such as 5-year financial plan for Da Nang in the 2021-2025 period, adjusting the medium-term public investment plan for the 2021 - 2025 period; state budget estimates and public investment targets set for 2022.
2022 will see Da Nang administration implement many solutions to remove difficulties and obstacles, thereby fostering socio-economic recovery and development.

Reporting by TRONG HUNG- Translating by A. THU