Over the past 11 months, Da Nang has taken effective solutions to drive its economic recovery and development, thereby achieving relatively positive results. Currently, local departments, agencies and localities are continuing their efforts to gain the best results in the last month of 2022.

The city's economy in the first 11 months of 2022 maintained its growth momentum and achieved many positive results. IN THE PHOTO: Production activities are seen at the ICT Vina Co., Ltd based in the Da Nang Hi-Tech Park. Photo: M.Q

Positive growth in all fields

Despite many difficulties and challenges owing to the influence of global inflation and supply chain disruption, Da Nang's Index of Industrial Production (IIP) still maintains its month-over-month growth. The IIP in November 2022 was estimated to increase by 4.9% against October and by 0.2% compared to the same period in 2021.

As accumulated, over the past 11 months, the city’s IIP climbed by 8.6% over the same period in 2021. Some industry groups achieved good growth during that period, hence significantly contributing to the overall growth of the city’s processing and manufacturing industry, such as manufacturing other means of transport up by 43.1%, and the production of leather and related by 27.2%.

Likewise, the city’s trade - service sector recorded a positive growth momentum. Between January and November, the total retail sales of consumer goods and services was estimated at VND100,635 billion, up 45.7% over the same period in 2021.

In which, the retail sales of goods reached VND60,132 billion, an increase of 16.8%. Meanwhile, revenue from accommodation and food services reached VND16,746 billion, accounting for 16.6% of the total and increasing by 81.3%, that from travel and tourism support generated VND2,012 billion, accounting for 2% and 9.7 times higher than the same period, and that of other consumer services hit VND21,745 billion, accounting for 21.6% and rising by 166.1%. The total revenue of the transportation, postal and delivery industries over the past 11 months was estimated at VND20,702 billion, up 28.9% over the same period.

Socio-economic changes globally have greatly affected the city’s import and export activities over recent years. Trade balance in October and November tends to be in deficit. However, in the 11 months of 2022, import and export activities across the city remained in a state of trade surplus, which is considered to be a premise and driving force to promote the local economic development.

The city’s total import and export turnover of goods for the 11 months was estimated at US$ 3.4 billion, up 20.7% over the same period in 2021. In which, the export turnover of goods during that period was estimated at US$1.9 billion, up 17.6%, whilst the import turnover of goods was estimated at US$1.5 billion, up 24.8%. The merchandise trade balance continued to maintain a trade surplus of US$403.3 million.

Shoppers at at the Co.opmart Da Nang supermarket. Photo: Q.TRANG

Continue to implement economic growth solutions

In November alone, the Authority of Da Nang’s Hi-Tech Park and Industrial Parks, granted new investment registration certificates to 3 domestic projects totalling VND39 billion, as well as issued investment policy decision for 2 domestic projects in the city’s Hi-Tech Park with registered investment capital of VND1,144 billion.

Since early this year, the city has been home to 20 newly licenced projects. Three of them are foreign investment capital (FDI) projects totalling US$65 million, whilst the remaining 17 are domestic projects with the total registered investment capital of nearly VND2,780 billion.

Deputy Head of the Authority of Da Nang’s Hi-Tech Park and Industrial Parks Nguyen Cong Tien said that his unit is coordinating with related parties to speed up the construction progress of industrial parks and clusters as well as implement investment attraction solutions for the 2021-2025 period, with a vision to 2030.

Accordingly, the focus will be on expediting the bidding and selection of investors for infrastructure construction and trading projects in the Hoa Cam Industrial Park project at 2^nd stage, as well as completing the prescribed procedures to serve as a basis for selecting investors for the implementation of the Hoa Ninh and Hoa Nhon industrial parks.

Also, importance will be attached to closely working with industrial park investors to promote investment attraction in key markets, and boost cooperation with domestic and foreign partners. At the same time, heed will be on implementing investment promotion on the spot, and facilitating existing businesses to expand projects into industrial parks.

According to Mr. Nguyen Huu Hanh, Deputy Director of the municipal Department of Industry and Trade, domestic trade activities are being organised in the city, attracting a large number of domestic tourists and consumers to Da Nang.

Up to now, the Department of Industry and Trade has sent a written request to commercial enterprises to actively stockpile goods, especially high-quality Vietnamese goods; exploit agricultural products, fresh flowers, ornamental plants, handicrafts and traditional specialty items inside and outside the city; ensure the stockpile of goods with diversity in design and variety in forms and types in order to meet market demand for the upcoming Tet 2023.

Reporting by M.QUE, Q.TRANG - Translating by M.DUNG