Da Nang's economy grew strongly over the past 9 months. Positive results for the city’s economy are encouraging relevant agencies and authorities at local level to take synchronous, effective and drastic measures to achieve the city’s socio-economic development targets set for 2022 in a bid to build momentum for 2023.

The city’s GRD up 16.76% in 9 months

The Da Nang General Statistics Office said that the city’s gross domestic product (GDP) is estimated to have increased by 39.15% in the third quarter of 2022 compared with the same period last year. In which, the service sector contributed 48.35% to the city’s GDP while the industrial and construction sector contributed 20.84%, and the agriculture, forestry and fishing industry contributed 7.13%, and product taxes or subsidies with 16.74%

Da Nang has saw a positive economic recovery post-pandemic. The city’s economy saw an estimated increase in GDP of 16.76%  over the past 9 months compared with the same period in 2021. The largest contributor to the 9-month rise in the city’s GDP was the service sector with 21.69%, and it was followed by the industrial and construction sector with 7.83%, the agriculture, forestry and fishing industry with 3.10%, and product taxes with 5.38%.

Especially, the service sector enjoyed strong growth in the 9-month period. Some service industries  have driven a significant part of the city’s economy growth. The largest contributor to increases in the service sector was the administrative and support services industry with 140.72%, and it was followed by accommodation and food services with 67.11%, real estate trading with 34.51%, the transportation and warehousing with 22.79%, the wholesale and retail trade with 15.47%, the information and communication services with 8.56%, and financial and insurance activities with 7.33%.

The manufacturing industry gained rapid recovery in 9 month of 2022 with an increase of 9.09% over the same period last year. The processing and manufacturing industry became the driver of the city's economic growth with a rise of 8.58% while an increase of 4.57%  was reported in the construction industry.

Meanwhile, fisheries and aquaculture production maintained a stable growth with an estimated 5% rise in the 9- month period, the forestry sector saw a slight increase of 1.01% and the agriculture sector delined by 0.61% from the same period in 2021 due to difficulties and challenges facing livestock farming.

The city’s economy is projected to reach VND 92,238 billion in nominal value over the past 9 months, an increase of VND 14,808 billion over the same period in 2021. The largest contributor to the 9-month rise in the city’s economy was the service sector with VND 11,956 billion, and it was followed by the industrial and construction sector with VND 2,183 billion, and the agriculture, forestry and fishing industry with VND 67 billion.

The agriculture, forestry and fishing industry accounted for 1.74% of the city’s GDP, industrial and construction sector accounted for 20.25%, the service sector with 68.88%, and product taxes with 9.13%.

In general, the expansion of the service sector marked a significant shift in the city’s economic structure as the shift was observed in this sector with its rapid recovery and its contribution to the city’s economic growth.

The city will continue to take all necessary measures to support businesses to drive their post-COVID-19 recovery in the coming time. In the photo: Workers at the Pi Vina Da Nang Comanpany Limited located in Lien Chieu District. Photo: M.Q

Synchronous measures taken to achieve the city’s goals in 2022

Final quarter of 2022 is a sprint to the finish line for Da Nang to achieve its goals for socio-economic development in 2022, thereby building momentum for 2023.

Mr Tran Van Vu,the Director of the Da Nang General Statistics Office stated that the COVID-19 pandemic has had a profound impact on Da Nang’s economy, and the country’s as a whole in the context of the current global economic recession. Da Nang is forecast to face many difficulties and challenges in the coming time, especially challenges encountered by imports and exports of goods and services, international tourism and other industries.

In its efforts to remove difficulties to drive economic growth, Da Nang will continue to take all necessary measures to support local businesses to maintain stable production in the final quarter of the year. The heed will be paid to assisting local exporters to conduct export promotion activities, offering incentives to  attract tourists, as well as continuing to take action to promote the development of industries and handicrafts. In addition, importance will be attached to support local businesses to drive technological innovations, boost digital transformation, as well as design and develop smart production planning. Special attention will be paid to speeding up compensation and site clearance for construction projects in order to deliver projects on-time and on-budget while making sure that public investment capital disbursement in 2022 achieves the city’s targets in line with the direction from the Prime Minister.

The city will continue taking action to retrieve MICE tourism by issuing support policies for MICE (Meetings-Incentives-Conferences-Exhibitions) travellers in a bid to attract more visitors both at home and abroad in the remaining months of 2022 and 2023.

Mr. Pham Truong Son, the Head of the Authority of the Hi-Tech Park and Industrial Parks (IPs) said that the organisation is working with related units to accelerate the construction of industrial clusters and IPs, as well as continue to take effective measures to attract domestic and foreign investment.

The selection of investors for developing phase 2 of Hoa Cam IP, Hoa Ninh and Hoa Nhon IPs is underway. High priority will be given to creating the most favourable conditions for local businesses to expand their operations, and seek cooperation opportunities with their domestic and foreign partners.

Reporting by MAI QUE- Translating by H.L