Da Nang’s industry and trade sector has gone through many ups and downs over historical periods to achieve great success. In order to develop commensurately with its position as the key economic hub of the Central Viet Nam - Central Highlands regions, the city will continue to promote its strengths and advantages, focusing on making new breakthroughs for notable future development strides.

Over the past 25 years, Da Nang’s industry and trade sector has made breakthroughs and dynamic development strides. The Vincom Trade Center based, located in a prime location in Son Tra District, is one of the attraction, shopping and entertainment complexes in service for both local residents and visitors. Photo: QUYNH TRANG

Many positive changes in trade and services

1997 witnesses Viet Nam suffer from currency crisis as its industrial production and commercial activities faced many challenges and difficulties. At that time, the Da Nang government took proper measures for development in line with its practical situations, with industrial development identified as the most important task.

The importance of industry - trade and service development has continued to be affirmed over the past time, creating a new position and force for the development of the city's industry and trade.

According to the Da Nang Department of Industry and Trade, the total retail sales of goods and services in Da Nang over recent years have grown at a relatively high rate. The data shows that the retail sales per capita in Da Nang have surpassed Ha Noi and are only behind Ho Chi Minh City.

In parallel with the process of urban embellishment, commercial infrastructure in the city has gradually developed in a synchronous manner. Commercial centers, supermarkets, chain stores with new, modern and civilised trading methods have actively participated in the city’s distribution system such as Lotte Mart Supermarket, Indochina Trade Centre, Vincom and Mega Market.

Currently, the city has eight trade centers, 71 supermarkets, more than 400 convenience stores and 74 markets of all kinds.

Striving to become a leading commercial centre

Over recent years, Da Nang has been highly evaluated by domestic and foreign investors as a potential business environment. The city has paid heed to promoting commerce and retail services with the formation of Son Tra Nighttime Market and 15 specialized shopping streets.

Included are the specialized fashion shopping streets of Phan Chau Trinh, Le Duan, the food streets of Huynh Thuc Khang, Pham Hong Thai and Le Thanh Nghi, Nguyen Dinh Tuu street of bonsai and handicrafts; Huyen Tran Cong Chua (Huyen Tran Princess) souvenirs street, the seafood streets of Hoang Sa and Vo Nguyen Giap.

In addition, the local government has made appeals for investment from the community to develop Ngu Hanh culinary space, Helio night entertainment complex and the An Thuong Tourist Streets.

Trade promotion activities have also been expanded, playing a pivotal role in supporting the business community in seeking new consumer markets, introducing products through domestic and international fairs and exhibitions, and programmes.

The campaign ‘Vietnamese people give priority to using Vietnamese goods’ has been organised in many forms with positive results, receiving high public support and praise.

The supply - demand connection has been given special attention, initially creating a link amongst businesses in the Central Viet Nam - Central Highlands regions and  throughout the country as a whole.

In 2020, three Da Nang-based enterprises were honourd as Viet Nam National Brands, namely the Hoa Tho Textile and Garment Joint Stock Corporation (with products of men's shirts, khaki pants and Merriman vests), the Danapha Pharmaceutical Joint Stock Company (with the production of traditional medicines), and the Da Nang Rubber Joint Stock Company (the manufacturing and trading in rubber tyres and related products).

In response to the national government's programme on  national digital transformation, especially amid COVID-19, Da Nang’s industry and trade sector has focused on supporting its business community to raise awareness of speeding up  digital transformation at work and increasing production and business efficiency.

Up to now, 85.27% of the Da Nang businesses have displayed their products on the internet for sale.

Meanwhile, 75.02% of the businesses have received orders through emails, whilst 23% on mobile platforms and up to 7.46% through e-commerce trading floor.

Besides, 100% of the supermarkets, shopping centers and modern distribution facilities have installed POS (point of sale) devices to allow cashless payment by customers.

However, Da Nang is now in a desperate need of an open economy-oriented trade and service strategy to inspire the city to make more breakthroughs and become one of the largest economic exchange centres in Viet Nam, thus attracting domestic and foreign customers.

According to  Ms Le Thi Kim Phuong, the Director of the Da Nang Department of Industry and Trade, in the first decades of the 21st century, Viet Nam's position and strength will be more advantageous as compared to the past decades.

Viet Nam has established bilateral and multilateral relationships with a total of more than 200 countries and territories around the world. Also, the country is an official member of the World Trade Organisation (WTO) and the Asia-Pacific Economic Cooperation (APEC).  It has entered into many international trade agreements with many countries such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Viet Nam Free Trade Agreement (EVFTA).

The development of the industry and trade sector will contribute to rapid economic restructuring, export promotion, market expansion and international economic integration so as to serve the cause of industrialisation and modernisation of the country and help enhance the living standards of the people.

Given its important position, Da Nang eyes to become a competitive and rich market that both serves the realisation of the city's socio-economic goals and leads the market development of the whole region.

Reporting by QUYNH TRANG – Translating by A. THU