The Da Nang government will build the most effective strategies for the city’s socio-economic development, adopt more forceful measures in order to strive to achieve annual growth target of 6.5-7% which is the maximum feasible growth rate. The focus will be on taking all the necessary steps to achieve the city’s goals in line with next year's theme "The year focuses on unleashing full potential of all available resources, attracting investments, maintaining economic growth and ensuring social welfare".

In 2022, Da Nang enjoyed a rapid economic recovery from the COVID-19 crisis. Picture is taken at the Trung Nam Electronics Manufacturing Services (Trungnam EMS) located in the Da Nang Hi-Tech Park. Photo: MAI QUE

Maintaining a growth rate at relatively high to highest levels

Many economic sectors experienced strong signs of recovery revealed in a report on the city’s socio-economic development in 2022 released by the Da Nang government. Especially,  some industries enjoyed rapid recovery from the COVID-19 crisis, and achieved breakthrough growth in the third quarter of 2022, thereby making positive contributions to the city’s overall growth in 2022.

Da Nang took third place in the national Gross Regional Domestic Product (GRDP) rankings with GRDP value of estimated VND 73,859 billion, an increase of 14.05% from 2021. The Da Nang government pointed out that economic challenges are set to continue into 2023 while the world situation in 2023 is forecast to develop in a rapid, complicate and unpredictable manner in terms of politics. security, economy and society.

The country’s economy will face greater challenges in 2023, including an uncertain global landscape, raging inflation and staggering economic recovery.

Mr Le Thanh Tung, the Deputy Director of the Da Nang Department of Planning and Investment, said that the city will focus on taking the most effective measures to drive a strong post-COVID-19 recovery in the tourism sector, thereby promoting the development of commercial services, wholesale and retail trade services, transportation and warehousing services, and more, in order to achieve the city’s goals.

High priority will be given to tapping full potential of domestic resources, accelerating preparations for auctions and bidding for such projects as the Hoa Xuan Creative space, and the Hoa Xuan Sports Complex, as well as speeding up the construction of such projects as the Lang Van Resort and Entertainment Complex, the designated fireworks area, the Hoa Phuoc Traditional Market, and Lien Chieu Port.

Importance will be attached to removing difficulties and obstacles in urban planning, investment and construction in a bid to boost the city’s economic development. Heed will be paid to continuing to work with ministries and national government agencies to seek their approval to establish a non-tariff zone and a financial center, as well as build a mechanism for management and operation of the Software Park No. 2, and more.

Picture is taken at the Sunshine aerospace components plant located at the Da Nang Hi-Tech Park. Photo: THANH LAN

Unleashing the potential of all available resources, attracting investments

In 2023, the city will focus on restoring all tourism services, striving to achieve a rise of 15.2% in the number of arrivals in tourist accommodation establishments, and effectively implementing orientations for tourism development to 2030, with a vision to 2045, as well as accelerating key tourism projects, including Han Market upgrades and improvements.

Importance will be continuing to provide support for Da Nang-based businesses in line with the Municipal People Council’s resolutions, developing the infrastructure of phase 2 of the Hoa Cam Industrial Park (IP), selecting the best investors for building the infrastructure of the Hoa Ninh IP, supporting IP of the Da Nang Hi-Tech Park, and more.

Heed will be paid to effectively implement a project to call for big investors to pour their money into new IPs and supporting IP of the Da Nang Hi-Tech Park.

Dr. Huynh Huy Hoa, the Director of the Da Nang Institute of Socio-Economic Development highlighted the need for the city to seek appropriate measures to help the city achieve the best growth in 2023.

In addition, the city is in need of more solutions to boost the growth of the industry and construction sectors as these sectors are forecast to face many challenges in the coming time due to the influence of the world situation in the next year.

Mr. Pham Bac Binh, the Chairman of the Da Nang Association of Small and Medium Enterprises remarked that high priority should be given to boosting administrative reform and creating the most favourable conditions for enterprises to promote their growth.

Importance should be attached to attracting new investors, as well as facilitating domestic and foreign businesses that are operating in Da Nang to increase their investment capital to expand their production as they choose Da Nang as a place to conduct long-term operations.

The city should make land fund available for infrastructure development in industrial parks to create the most favorable conditions for domestic and foreign investors to deploy their projects. In 2023, Da Nang- based businesses will make greater efforts to create appropriate production and business plans, strengthen linkages between them in an attempt to create a strong business community for mutual support to boost their growth.

Reporting by THANH LAN – MAI QUE – Translating by H.L