Standing Vice Chairman of the Da Nang People's Committee Ho Ky Minh informed that the scale of the city's economy in the first 9 months of 2024 is estimated to reach more than VND 111,589 billion, expanding by over VND 11,725 ​​billion compared to the same period in 2023 whilst delivering a report at the Tuesday meeting to review the local socio-economic situation in Q.3.

Standing Vice Chairman of the Da Nang People's Committee Ho Ky Minh delivering his report at the event

He said that since early 2024, the municipal People’s Committee has proactively and resolutely implemented the resolution and key tasks in line with the theme of the year 2024 "Boosting administrative reform, strengthening discipline, continuing to unblock investment resources, promoting economic growth and ensuring social security". Efforts have been made to synchronously implement solutions to accelerate disbursement of public investment capital, attract more investment, foster tourism development, and prevent budget losses.

Thanks to that, the city's economic picture had many bright spots, with the total Gross Regional Domestic Product (GRDP) in the third quarter of 2024 estimated to increase by 8.6% over the same period. The city ranked 5^th out of 14 localities in the North Central and Central Coast regions and 19^th out of 63 provinces and cities nationwide.

In particular, the industrial - construction sector recovered strongly and achieved an increase of 10.6%, whilst the service sector continued to maintain a good growth rate of 8.21%. The scale of the city's economy in the first 9 months is estimated to be over VND 111,589 billion, expanding by more than VND 11,725 ​​billion against 2023.

The service sector continued to grow steadily, and service and tourism activities continued to be an important driving force for the city development.

Between January and September, accommodation establishments citywide served an estimate of over 8.7 million guests, up 33.3% over the same period in 2023. 3.1 million of them were international visitors, up 30.6%, whilst the remaining 5.5 million were domestic visitors, up 34.9%. Revenue from accommodation, food and beverage, and travel is estimated at more than VND 26 trillion, up 26%.

Deputy Head of the Da Nang Party Committee's Commission for Publicity and Education Nguyen Manh Dung speaking at the meeting. Photo: NGOC PHU

During that period, the city’s export turnover is estimated at US$1,453.9 million, up 5.1% over the same period. The total state budget revenue generated VND 19,621 billion, equal to 101.55% of the estimate, of which domestic revenue stood at VND 17,124 billion, equal to 108.45% of the estimate, and revenue from import and export activities reached VND 2,458 billion, equal to 70.23% of the estimate.

The city concentrated on attracting investment and developing human resources in the information technology, high-tech, semiconductor, microchip and artificial intelligence industries to create new growth momentum for the city.

The Danang Semiconductor and Artificial Intelligence Center for Research and Training (DSAC) was established, whilst a project developing semiconductors and artificial intelligence in the city was developed.

Along with that, the municipal authorities urged construction units to speed up the progress of the Software Park No. 2 project (phase 1), as well as commenced and inaugurated a number of key projects serving the people's lives.

In addition, social welfare programmes with many outstanding policies were carried out well in the city. Political security, social order and safety were maintained, no complicated or outstanding incidents were reported in the city.

Also at the meeting, a number of key tasks for the last 3 months of the year were identified.

Reporting by NGOC PHU - Translating by M.DUNG, P.TRA