In the first eight months of 2024, Da Nang witnessed its economic activities grow quite well, creating momentum for it to soon complete the 2024 plan targets.

In the first eight months of 2024, economic activities in Da Nang grew quite well. Tourists are seen visit the Sun World Ba Na Hills. Photo: M.Q

Services and industry continue to grow

Tourism activities in August continued to be vibrant, however, because this is the last month of the summer vacation, the number of tourists decreased slightly compared to July 2024 but still increased compared to the same period in 2023.

According to a report on the city’s socio-economic situation in August and the first eight months of 2024 by the General Statistics Office, the total number of guests served at local accommodation establishments in August reached 1.2 million, down 3.3% compared to the previous month and up 44.2% compared to the same period in 2023. Accommodation and food revenue in August was reported at VND 2,700 billion, up 27.3% compared to same period. Tourism revenue was VND 748 billion, up 18.8% over the same period.

As accumulated in the first eight months of 2024, the total number of guests served by accommodation establishments stood at 7.8 million, up 33.4% over the same period in 2023. In detail, the number of international visitors went up by 30% to reach 2.8 million, whilst there were 5 million domestic visitors, up 35.5%. Accommodation and food and beverage revenue was reported at VND 18,299 billion, up 23.3% while tourism revenue was calculated at VND5,056 billion, up 49.3% over the year-ago period.

Retail sales of goods in August were recorded at VND6,402 billion, up 1.5% over the previous month and up 13.6% over the same period in 2023. As compared to the same period, all commodity groups increased, of which some commodity groups increased higher than the average increase such as automobiles of all kinds up 50.8%; wood and construction materials up 24.7%; precious stones, precious metals and products up 22.2%... Wholesale sales of goods in August were VND14,045 billion, up 17.8% over the same period.

As accumulated in the first eight months of 2024, retail sales of goods were valued at VND49,580 billion, up 12.7% over the same period. Total wholesale sales were reported at VND 102,698 billion, up 15.5% over the same period, of which all of the 12 commodity groups climbed up. Total revenue from the transportation, postal and delivery industry in the first eight months of this year was VND 15,786 billion, up 23.7% over the same period. Revenue from other consumer services was generated across the city at VND 18,537 billion, up 6.8% over the same period.

With a regard to industry, the production index of the whole industry in August decreased by 2% compared to the previous month but up 3.8% over the same period in 2023. In the first eigth months of 2024, the production index of the whole industry went up by 4.3% over the same period in 2023, of which many industries recorded positive growth, including production and distribution of electricity, gas, hot water, steam and air conditioning up by 12.8%; processing and manufacturing industry 4.2%; water supply, waste and wastewater management and treatment 3.5%. Some key products achieved high growth rates such as cotton woven fabric with cotton content of 85% or more up by 78.6%; prefabricated metal house components 76.7%; aircraft and spacecraft repair and maintenance services 52.5%...

In the first eight months of 2024, the industrial production index of the whole industry increased by 4.3% compared to the same period in 2023. Production activities are reported at the city-based Truong Sang Company Limited. Photo: M.Q

Implementing appropriate solutions

September also marks the time when tourists usually decrease after the summer peak, so the tourism industry also implements appropriate solutions. The Da Nang Department of Tourism is coordinating with departments, branches and sectors to implement activities to attract M.I.C.E. (Meetings, Incentives, Conferences, and Exhibitions) guests; wedding tourism, build a wedding service supply chain; effectively implement Bach Dang Walking Street and Phase 2 of An Thuong Tourism Street...

In addition, this agency will continue to implement the plan to develop cuisine into a tourism product in Da Nang in the 2023 - 2030 period, plan to develop the night-time economy in the tourism sector in the city until 2025.

So as to expand the source of international visitors at the end of the year, the city’s tourism industry will continue to promote the opening of direct international flights to Da Nang from such markets as China, Indonesia, India and Japan; promote exploitation of passenger transport via sea and road, link to form and create a trend of experiential tourism by train.

As revealed by Mr. Nguyen Van Tru, Deputy Director of the Da Nang Department of Industry and Trade, this department will develop a draft decision to promulgate regulations on criteria for selecting investors to build technical infrastructure for the Hoa Nhon Industrial Cluster, submit to the municipal People's Committee for consideration and approval of the project ‘Supporting digital transformation for small and medium-sized enterprises, individual production establishments in the industrial and handicraft sectors in Da Nang’.

When it comes to trade, the department will implement a plan to supply essential goods corresponding to the levels of natural disasters in the city, develop a plan to implement consumer stimulus programmes, concentrated shopping promotion programmes in the last months of the year and near the traditional Vietnamese Lunar New Year 2025; coordinate with relevant units to propose policies to support the development of logistics services, creating a favourable foundation to attract import and export goods that are transported through the city.

Mr. Vo Minh, Director of the Da Nang branch of the State Bank of Viet Nam informed that by the end of August 2024, the total capital mobilisation of credit institutions in the city had reached VND 200,000 billion, an increase of 4.71% compared to the end of 2023. Outstanding loans of economic sectors in the city was VND 222,500 billion, an increase of 1.23% compared to the end of 2023.

The Da Nang Branch is coordinating with concerned agencies in the city to promote the implementation of the National Comprehensive Financial Strategy by 2025, with a vision towards 2030 based on the functions and tasks assigned in the action plan of the Da Nang People's Committee.

Reporting by MAI QUE - Translating by A.THU