At the 4^th session of the Da Nang People’s Council in its 10^th tenure for the 2021-2026 term, many delegates underlined a must-do for Da Nang to flexibly restructure the economy in the direction of reducing the proportion of services whilst increasing that of industries for the effective adaptation to the complicated developments of COVID-19.

The Da Nang People’s Council leaders co-chair discussions on at the 4th session of the Da Nang People’s Council in its 10th tenure for the 2021-2026 term, December 16, 2021. Photo: N.PHU

Developing trade and services has been Da Nang’s strength over recent years, with the most focus being on tourism services. In the economic structure, tourism services account for over 65%, industry and agriculture together account for about 22%.

Recently, due to the impact of COVID-19, the city's economy has experienced a significant decline. Specifically, Da Nang’s gross regional domestic product (GRDP) for the entire 2020 saw a minus growth and is expected to record an increase of 0.18% as compared to 2020.

The economic restructuring is, therefore, very necessary, and must be restructured in the direction of focusing on hi-tech, IT and logistics industries, finance, education and high-quality health care.

According to delegate Vo Tin, Deputy Commander of the Da Nang Border Guard High Command, proposed a need to foster the development of hi-tech and IT industries, release appropriate, synchronous and outstanding policies to attract large domestic and foreign investors.

In addition, it is necessary to have implemented drastic solutions to promote the construction of industrial parks (IPs), contributing to promoting the city's economy for sustainable development.

Nguyen Thanh Phuc, the General Director of Heineken Viet Nam Brewery - Da Nang Co., Ltd. presents his economic restructuring opinions, December 16, 2021. Photo: L. PHUONG

Nguyen Thanh Phuc, the General Director of Heineken Viet Nam Brewery - Da Nang Co., Ltd. suggested that the municipal administration create favourable conditions for domestic and foreign investors, especially local ones who are facing many difficulties and problems due to the negative impacts of COVID-19, in tandem with calling for more foreign investors to accompany the city in the recovery and development roadmap.

In his point of views, Le Hong Cuong, Chairman of the Board of Directors and General Director of the Da Nang Power One - Member Limited Liability Company stressed a need to give more heed to luring more investment flows into the Da Nang Hi-tech and centralised IT parks.

In an appraisal report recently released by the municipal Economy – Budget Board, in 2021, the number of projects and the amount of registered investment capital is suffering a year-on-year decrease.

The Da Nang Hi-Tech Park has till date attracted 24 projects, 11 of which have been put into operation, whilst the remainder are currently under construction.

Reporting by L. PHUONG, N. PHU- Translating by A. THU