According to the 9-month socio-economic report released by the Da Nang Statistics Bureau, the city’s gross regional domestic product (GRDP) in the first nine months of the year increased by 2.83% compared to the same period in 2022. The scale of the economy during that period at current prices reached more than VND97,581 billion, expanding nearly VND7,088 billion over the same period.

Da Nang's tourism sector recorded an impressive growth compared to over the same period last year. IN PHOTO: Tourists from the Resorts World One cruise ship going for a stroll on a local street. Photo: THU HA

Services continue to grow

The commercial and service sector continues to be a bright spot, positively contributing to the city's overall economic growth. The service sector was estimated to rise by 4.44%.

Between January and September, the total retail sales of consumer goods and services went up 19.5% over the same period, of which accommodation and food service revenue increased by 38.3%, travel and tourism revenue 139.9% , and other consumer services 27.7%.

Some industries in the service sector recorded quite high added value such as administrative activities and support services up 54.55%, other services 35%; accommodation and food services 26.98%, and arts, entertainment and recreation 18.5%.

The 9-month revenue of transportation and warehousing services, postage and delivery hit VND23,805 billion, up 25.2% over the same period. Growth in added value of the entire finance and banking industry during that period was estimated at 5.5% over the same period last year.

With regard to tourism, the total number of guests served by accommodation establishments in the city generated 5.86 million, 2.1 times higher than that in the same period in 2022. Of which, international visitors were 1.6 million, 5.9 times higher than the same period; whilst domestic visitors were 4.26 million, an increase of 69.7% over the same period.

Travel and tourism support services recorded an estimate of VND3,777 billion in revenue, 2.4 times higher than the same period in 2022. The added value of the entire accommodation and food industry in the first 9 months of the year was estimated to inch up 78.5% against 2022.

Meanwhile, although the industry and construction industry has encountered many difficulties since the beginning of the year, the Index of Industrial Production (IIP) in September alone rose by 5.8% compared to the same period in 2022 and 3.5% against August. This is a positive signal that the industry is gradually recovering.

The industry and trade sector strengthens the organisation of trade promotion activities to support businesses. IN PHOTO: Representatives of businesses learn about the products on display at the Da Nang Manufacturing, Processing and Supporting Industry Expo 2023. Photo: MAI QUE

Focusing on industry development solutions accounts for a large proportion

To complete the economic target task in 2023, Director of the Statistics Bureau Tran Van Vu stressed the need for the city to monitor and promptly update developments in the world situation, and fiscal and monetary policies of countries in which businesses and corporations are important trade and investment partners of local enterprises; as well as be flexible with the actual situation to have appropriate guidelines and policies.

The focus should be on taking a number of solutions to maintain and promote service industries and sectors with a large proportion of good growth rates and restore areas that still have many difficulties. Specifically, heed will be on continuing to implement year-end tourism stimulus programmes, and supporting tourist attractions to introduce new products and services and host major events to lure more tourists, he added.

The industry and trade sector continues to learn and grasp the situation of production and business activities of enterprises to promptly support and improve competitiveness and ability to connect, integrate and develop; as well as have solutions to support businesses to innovate technology, develop smart production, and save energy. Also, promotional and discount programmes to stimulate consumption will be organised at the end of the year.

Mr. Tran Van Ty, Deputy Head of the Authority of Da Nang High-Tech Parks and Industrial Parks, said that in the last 3 months of the year, the Authority will carry out a research project to appeal for investment flows in the 2^nd stage of Hoa Cam, Hoa Nhon and Hoa Ninh industrial parks, and the Supporting Industrial Park project serving the Da Nang Hi-tech Park.

According to Mrs. Le Thi Kim Phuong, Director of the municipal Department of Industry and Trade, in the fourth quarter of 2023, the department will continue to implement issued support policies directly related to industrial and handicraft development; as well as actively support businesses to innovate technology, implement digital transformation, and develop smart manufacturing and e-commerce.

In addition, the local industry and trade sector will promote trade promotion, and supply and demand connection activities, as well as support businesses in finding and developing new markets to replace traditional export markets that are facing difficulties.

Reporting by M.QUE - Translating by M.DUNG