In his report at the opening ceremony of the 10^th session of the Da Nang People's Council in its 10^th tenure for the 2021-2026 term on Tuesday morning, municipal People’s Committee Vice Chairman Ho Ky Minh revealed that the city has developed three scenarios for its economic growth in 2023.

Da Nang People's Committee Vice Chairman Ho Ky Minh delivers his report at the 10th session of the Da Nang People's Council in its 10th tenure for the 2021-2026 term on Tuesday morning.

Specifically, in the first scenario, the city’s gross regional domestic product (GRDP) is estimated to increase by 6.5-7% in 2023 as compared to last year. In which, the value added (VA) of the service sector is estimated to climb by 8-8.5%, that of the industry - construction sector by 3-3.5 %, and that of the agriculture, forestry and fishing sector by 2-2.5%.

The city's GRDP will go up by 7.5-8%/year in the 2023-2025 period and by about 7.5%/year in the 2021-2025 period.

In the second scenario, the city’s GRDP growth rate in 2023 is projected to rise by 7-7.5% as compared to 2022. The VA of the service sector, the industry - construction sector, and the agriculture, forestry and fishing sector is estimated to increase by 8.5-9%, 3.5-4% and 2-2.5% respectively.

The city is expected to witness the annual growth rates about 8% in the whole period of 2021-2025, and 8.5-9% over the 2024-2025 period.

In the third scenario, the city’s economic growth rate is predicted to go up by about 8% in 2023. In which, the VA of the service sector, the industry - construction sector, and the agriculture, forestry and fishing sector will log an increase of 9-9.5%, 4-4.5%, and 2-2.5% respectively.

The city is likely to enjoy the annual growth rates of 8-8.5% in the 2021-2025 period, and 9-9.5% in the 2024-2025 period.

According to Vice Chairman Minh, with the difficulties and challenges as forecast, along with the GRDP scale of VND73,305 billion in 2022, the first economic growth scenario with the growth rate of 6.5-7% per year is the most feasible.

The others are striving scenarios in the context of decreased difficulties and challenges, and positive global and domestic economic growth.

Reporting by T. HUY, L. PHUONG, N. PHU - Translating by M.DUNG