In the context of deeper international economic integration, the trade and service sectors play an important role in Da Nang’s overall development.

Trade - service is one of the pillars of Da Nang’s economic development. People are observed buying goods at Lotte Mart in Da Nang. Photo: QUYNH TRANG

Efforts to secure stature in central key economic region

In early August, Da Nang was selected by the Ministry of Industry and Trade as the locality to organise the International East-West Economic Corridor (EWEC) Trade, Tourism and Investment Fair - Da Nang 2022 (EWEC Da Nang 2022) within the framework of the national-level trade promotion programme.

After one year of interruption by the COVID-19 upheavals, the fair was held again attracting more than 235 participating units with more than 419 booths from 40 provinces and cities across the country and 8 countries: Japan, S. Korea, the U.S, China, Thailand, Myanmar, Indonesia, Laos. After 6 days of opening, the fair attracted nearly 60,000 visitors. The direct sales by enterprises at the fair is estimated at more than VND41 billion. 

That Da Nang has won trust and recognition from Central Viet Nam as well as localities of the countries positioned along of the EWEC and in the Mekong sub-region was attributed to the city's continuous efforts over the past years.

After 25 years of becoming a centrally-governed administrative unit, Da Nang’s infrastructure system has been relatively synchronously and comprehensively developed with the international airport, seaports, expressways, highways and other transport facilities. 

In particular, the city eyes to develop a regional financial centre and a non-tariff zone. The commercial infrastructure system is modernly invested with commercial centres such as Vincom, Vinh Trung Plaza and Indochina, 71 general and specialised supermarkets, and more than 400 convenience stores, 9,300 shops, retail stalls, families-run trade facilities, 10 specialised shopping streets and one exhibition centre of regional, national and international stature. Also, the market system is planned, upgraded and newly built in both urban and rural areas.

In the first half of 2022, the city's GRDP climbed by 7.23% over the same period in 2021, ranking 28th among the 63 Vietnamese provinces and cities, and 2nd in terms of scale and growth rate of GRDP in the group of 5 provinces and cities in the central key economic region, only after the neighbouring province of Quang Nam.

Particularly, the commercial sector continued to make more development strides, making a significant contribution to the city's socio-economic growth. In 2021, the city's total retail sales of goods and services reached VND 59,385 billion, up 4.6% over the same period in 2020 whilst commodity export turnover reached US$1.79 billion, up 14.1%. During the January-July period of 2022, the total retail sales of consumer goods and services was estimated at VND60,996 billion, a rise of 27.7%.

Visitors are seen at the EWEC Da Nang 2022 Photo: QUYNH TRANG

More breakthroughs promised

To realise the goal by 2030, to build Da Nang into one of the commercial centres in Viet Nam, with the city's trade industry running in the direction of modernity, fast and sustainable growth, according to Ms. Le Thi Kim Phuong, Director of the Department of Industry and Trade, it is high time for the city to focus on investing in developing commercial infrastructure on right track.

Specifically, the priority should be given to the allocation of land fund for the development of logistics infrastructure system, storage of essential goods for export and domestic goods, building new market and upgrading decades-old ones, developing specialised neighborhoods and shopping centres in service of tourism.

In addition, it is a need to taken into account the role and initiative of organisations, associations and enterprises participating in the development of commercial infrastructure and distribution systems.

“In the context of international economic integration, the trade - service industry always plays an important role in the city’s overall development. If the above-mentioned groups of tasks and solutions are well implemented, together with the strengths and advantages of the city, the efforts made by the whole community, and especially the business community, Da Nang is highly likely to successfully develop the commercial sector in a sustainable and effective manner to secure its well-known stature as a socio-economic hub in Central Viet Nam- Central Highlands regions in the direction of becoming richer, more beautiful, peaceful, civilized and modern, thus contributing to attracting tourists and preserving the image of the city in the eyes of international friends and visitors”, said Ms. Le Thi Kim Phuong.

Reporting by QUYNH TRANG - Translating by A.THU