Under the Resolution No. 43 dated January 24, 2019 adopted by the Politburo on building and developing Da Nang by 2030, with a vision to 2045, the city has actively innovated its economic growth model, promoting new driving forces and restructuring economic sectors and fields. Also, the city has been focusing on developing key economic sectors.

The city's technical infrastructure and tourism facilities are modernly developed, meeting tourist needs, and contributing to attracting tourism and promoting economic growth. Photo: HOANG HIEP

Industrial development, economic restructuring

Currently, the city is accelerating the implementation of procedures related to selecting investors to carry out the construction of infrastructure in industrial parks and industrial clusters to increase land funds to attract investment, contributing to orienting industrial development and restructuring its economy.

Along with that, the city has been appealing for investment into high-tech, information technology and supporting industries; as well as effectively implementing mechanisms and policies to support businesses to expand product consumption markets.

Deputy Director of the municipal Department of Planning and Investment Le Minh Tuong remarked that, in the first 10 months of 2023, the city granted investment licences, and issued investment policy decisions to projects located outside industrial parks and centralised Information Technology Park with a total investment capital of VND40,947 billion, representing 500% over the same period in 2022.

The city has till date attracted a total of US$176,835 million in FDI, reaching 135% over the same period in 2022. Last year, there was a project with large investment capital in the Da Nang High-Tech Park.

“We are making efforts to attract more FDI. In the near future, some investors will participate in auctions of land plots that the city is calling for investment projects. We are trying to improve the investment environment and simplify procedures for establishing and developing businesses”, Mr. Tuong added.

According to the report of the City People's Committee on the results of implementing goals, targets, and tasks in the middle of the term of the 13^th Congress of the municipal Party Committee, processing and manufacturing industries are always shown to be bright spots in economic growth, becoming the driving force of development. The industrial production index (IIP) has increased in 2019 and 2022.

The internal structure of the processing and manufacturing industry continues to shift towards increasing the proportion of technical and high-tech industries with high added value such as increasing the proportion of electronics, electrical and mechanical equipment, production and assembly of cars, and means of transport.

Production of solenoid valve and hydraulic pump parts at the Tokyo Keiki Precision Technology Co., Ltd. located in the Da Nang High-Tech Park. Photo: HOANG HIEP

Developing key economic sectors and fields

According to a report released by the municipal People's Committee, the growth rate of gross regional domestic product (GRDP) in the 2021-2023 period is estimated to increase by 7.1%/year. This is a decent increase as the city still facing many difficulties and many obstacles and challenges have not been thoroughly resolved and handled. GRDP per capita in 2023 is estimated to reach US$4,500.

Da Nang has initially formed such key economic sectors as tourism, commercial services, transportation, logistics, finance, banking, high-tech industry, information technology industry, and hi-tech agriculture.

Accordingly, the information technology industry gradually affirms itself as one of the city's key economic sectors with the total revenue of the entire information and communications industry in the 2021-2023 period reaching VND 48,155 billion, an average increase of 6.4%/year. Software export turnover reached US$376.5 million, an increase of 16.3%/year.

In the field of tourism, between 2021 and 2023, accommodation establishments in the city serves 11.3 million visitors, an average increase of 32.5%/year, of which, the number of domestic visitors are more than 9.2 million, a rise of 29.4%/year, whilst international visitors reach 2.1 million arrivals, an increase of 44.9%/year.

Deputy Director of the municipal Department of Tourism Tan Van Vuong said that in recent times, the city has actively implemented the project "Orientation for tourism development by 2030 with a vision to 2045", which focuses on refreshing existing tourism products and preparing new, specific and unique products to create competitive advantages to lure more tourists.

The city is paying special attention to promoting Da Nang destinations in new markets, and restoring and promoting flight routes.

The municipal Department of Tourism has been coordinating with agencies and units to deploy nighttime economic activities, as well as put into operation walking streets on Bach Dang route extending from Dragon Bridge to Nguyen Van Troi bridge; and from Nguyen Van Troi bridge to the park on the east bank of Dragon bridge.

Heed is on building and proposing mechanisms and policies to contribute to innovating the growth model and improving growth quality such as requesting the Prime Minister to approve the project "Building Da Nang into a regional financial center"; and developing a project to establish a non-tariff zone in the city and send it to the Ministry of Planning and Investment for appraisal.

Reporting by HOANG HIEP - Translating by M.DUNG