According to a report on Da Nang’s socio-economic situation by the General Statistics Office, the city's gross regional domestic product (GRDP) in the first nine months of 2024 is estimated to increase by 6.47% over the same period in 2023, with the GRDP in the third quarter alone estimated to grow up 8.59% over the same period in 2023. This is a positive result, creating momentum for the city to complete its tasks in 2024 with the best results.

Tourists experience a festival programme at Sun World Ba Na Hills Tourist Area. Photo: THU HA

Economic scale of more than VND 111,589 billion

According to the report, in the 6.47% increase of the entire economy in the past nine months, the service sector grow up by 6.96% over the same period in 2023; the industrial - construction sector 5.03%; product taxes (excluding product subsidies) 6.51%; the agriculture, forestry and fishery sector 1.79%.

The scale of the city’s economy in the first nine months at current prices is estimated at more than VND 111,589 billion, expanding by more than VND 11,726 billion compared to the same period in 2023. In particular, the service sector expanded the most with more than VND 9,043 billion; the industrial - construction sector more than VND 1,551 billion; the product tax sector (excluding product subsidies) VND 1,066 billion and the agriculture, forestry and fishery sector VND 65 billion.

In terms of the structure of the economic scale in the first nine months, the service sector accounted for 70.76%; the industrial and construction sector 18.43%; product tax (excluding product subsidies) 9.05% and the agriculture, forestry and fishery sector 1.76%.

The trade and service sector continued to be a bright spot, contributing positively to the city's overall economic growth. In the third quarter of 2024 alone, the service sector increased by an estimated 8.21% over the same period in 2023.

Contributing to the growth of the service sector in the past nine months include arts, entertainment and recreation, up 16.145%; accommodation and catering services, up 14.49%; administrative and support activities, up 14.5%; wholesale and retail; repair of automobiles, motorbikes and other motor vehicles, up 11.43%.

The total import and export turnover of goods was at US$ 2.46 billion, up 11.3% over the same period. Of this, exported goods stood at 1.45 billion USD, up 5.1% and imports were at US$1.01 billion, up 21.7%. The trade balance of goods in the first nine months of 2024 continued to maintain a trade surplus of US$ 442 million.

In the first nine months of 2024, the industrial sector increased by 4.31% and the construction sector climbed by 7.19% over the same period in 2023. Accordingly, the city’s industrial production index (IIP) went up by 5.36% over the same period. In detail, the processing and manufacturing industry went up by 5.45%; electricity production and distribution 12.21%; water supply, waste and wastewater management and treatment activities 3.4%; whilst mining activities alone decreased by 40.28%.

Some processing and manufacturing industries recorded a significant increase in IIP index over the same period, such as textile industry 38.57%; production of prefabricated metal products 15.69%; production of beverages 13.8%; production of rubber and plastic products 9.46%.

People shop at Go! Supermarket in Da Nang. Photo: C.THANG

Focus on implementing solutions

According to the assessment of the General Statistics Office, although the global and domestic economies still faced many difficult forecasts, the city’s growth potential in 2024 showed positive signs. The growth of the total product in the area in the third quarter was quite good at 8.59%, higher than the first quarter of 2024 with an increase of 2.49% the second quarter with 8.09%, in which the driving force in 2024 were the recovery of industrial production, the contribution of goods export activities and the main support from the service industry.

Mr. Tran Van Vu, the Director of the Da Nang General Statistics Office, in order to ensure stability and maintain economic growth momentum, the city needs to continue to support, guide and accompany businesses, helping them to remove difficulties and obstacles in the process of establishment and operation; maintain the implementation of tasks and solutions to improve the business environment, promote administrative reform, and enhance national competitiveness.

The city needs to continue promoting financial and banking reforms to better support the economy, and take measures to increase access to loans for businesses, especially small and medium-sized enterprises.

According to Ms. Le Thi Kim Phuong, the Director of the municipal Department of Industry and Trade, in the last three months of this year, this agency will focus on important tasks to implement Resolution No. 136/2024/NQ15 dated June 26, 2024 of the National Assembly on the organisation of urban government and piloting a number of specific mechanisms and policies for the development of Da Nang in the field of industry and trade: drafting a project to establish the Da Nang Free Trade Zone; advising the Da Nang People's Committee to submit to the municipal People's Council a draft resolution specifying the contents of the project under the public-private partnership (PPP) method in the field of investment in construction and business of market infrastructure.

In addition, the department coordinates with relevant units and localities to carry out procedures, ensure the progress of investment preparation, site clearance, the selection of investors to build technical infrastructure for Hoa Nhon and Hoa Khanh Nam Industrial Clusters; advise on the establishment of Hoa Lien Industrial Cluster; carry out tasks to implement Decree No. 60/2024/ND-CP dated June 5, 2024 of the national government on market development and management in Da Nang.

Ms. Tran Thi Thanh Tam, the Director of the municipal Department of Planning and Investment, said that the production and business situation of enterprises has improved somewhat when the number of enterprises returning to operation increased by 3.2% compared to the same period in 2023 (equivalent to 1,436 enterprises and affiliated units).

Investment activities are focused on promoting, implementing and disbursing public investment capital plans higher than the same period. Specifically, as of September 30, public investment disbursement had reached VND 3,654.5 billion, equal to 50% of the plan assigned by the national government and 41.1% of the plan assigned by the municipal People's Council, equal to 122.3% compared to the same period in 2023.

In the coming time, the department will continue to coordinate with other relevant units to effectively implement 15 business support policies approved by the municipal People's Council and policies issued by the national government to promptly support businesses to restore and develop production and business; focus on solutions to disburse public investment capital plans according to assigned tasks.

Reporting by MAI QUE - Translating by A.THU