Building on the positive growth momentum from the fourth quarter of 2024, Da Nang's economy recorded double-digit growth in the first quarter of 2025. The city's gross regional domestic product (GRDP) during that period increased by 11.36% compared to the same quarter in 2024. This impressive growth ranks Da Nang first among provinces and cities in the Central Key Economic Zone and among centrally-governed cities, and places it 4th out of the 63 provinces and cities nationwide. To achieve these results, the city has synchronously deployed solutions to promote growth from the end of 2024. The positive outcomes in the first quarter provide a strong foundation for Da Nang to pursue its overall growth target of over 10% for the entire year of 2025.

Article No.1: Focus on tasks and solutions to promote growth in first quarter

Since the fourth quarter of 2024, the city's leaders have identified the goals and driving forces for the local economic growth in 2025, especially the drastic and effective implementation of specific mechanisms and policies, plus programmes and plans for the development of economic sectors in a bid to achieve the growth target of over 10%.

The double-digit economic growth lays a strong foundation for Da Nang to pursue its overall growth target of over 10% for the entire year of 2025. IN PHOTO: Da Nang seen from above. Photo: HUY TUAN

Synchronous solutions deployed

At the 18^th conference to evaluate the performance of the Executive Board of the Da Nang Party Committee in 2024 and discuss its key tasks for 2025 held in December 2024, the Standing Board of the municipal Party Committee stressed the need to have policies and solutions to help the city take advantage of new opportunities to create new momentum and promote sustainable socio-economic growth, thereby affirming the city's position in the region and the country.

Concluding the conference, Secretary of the municipal Party Committee Nguyen Van Quang directed relevant units to take drastic solutions to boost economic growth in the first quarter of 2025 on the basis of the growth momentum of the fourth quarter of 2024.

He underlined the must-do to remove difficulties and obstacles for businesses, especially those operating in the industrial and construction sectors, as well as foster the development of the city's tourism industry, especially attracting and exploiting new products.

In particular, efforts should be made to complete and put into operation the Da Nang Software Park No. 2 at phase 1; promote investment in information technology parks; effectively implement the project to develop semiconductors and artificial intelligence in the city; accelerate the development of the National Innovation Centre in Da Nang; soon put the Cam Le and Hoa Lien industrial clusters into operation; and complete investment procedures in Hoa Ninh Industrial Park.

The city continuesd to deploy and concretise Conclusion No. 79-KL/TW of the Politburo on continuing to implement Resolution No. 43-NQ/TW of the Politburo (12^th tenure) on building and developing Da Nang to 2030, with a vision to 2045; promote the role of the Steering Committee of Resolution No. 136/2024/QH15 of the National Assembly on organizing urban government and piloting a number of specific mechanisms and policies for the development of the city; and actively coordinate with the Central agencies to implement Conclusion No. 47-TB/TW of the Politburo on building a regional financial centre in the city.

The implementation of the medium-term public investment plan for the 2021-2025 period was reviewed, whilst a medium-term public investment plan and a list of key and driving projects for the 2026-2030 period, especially projects to develop free trade zones and financial centres were developed.

Speaking at thematic conferences of the municipal People's Committee on evaluating work in 2024, and deploying tasks in 2025, as well as and reviewing the state budget revenue and expenditure in 2024 and identifying tasks in 2025, Secretary Quang suggested focusing on creating a strong shift in awareness and raising the sense of responsibility of the entire political system to maximise the potential, advantages, and opportunities of the special mechanisms and policies for the city's development issued by the Central government and National Assembly to strive to successfully implement the goals and tasks in 2024.

Chairman of the Da Nang People's Committee Le Trung Chinh (right) and a representative of Terne Holdings Group in Singapore exchanged a Memorandum of Understanding at the conference "Developing international financial centres in Viet Nam" on January 16, 2025. Photo: M.QUE

Quickly resolving difficulties, supporting businesses

From the first days of 2025, the city leaders worked with businesses that made significant contributions to the city’s budget in order to listen to suggestions and recommendations and promptly remove difficulties for businesses. These were FPT Software Company Limited in Central Viet Nam, ODK Mikazuki Viet Nam Company Limited, Heineken Viet Nam Brewery Company Limited - Da Nang, the branch of BRG Group JSC in Da Nang, and the branch of Vinpearl JSC in Da Nang under Vingroup Corporation.

On January 16, the Da Nang Software Park No. 2 was officially put into operation on Nhu Nguyet Street, Thuan Phuoc Ward, Hai Chau District. The operation of the park is an effort of the municipal government in coordination with ministries, departments and branches to advise the Government and the Prime Minister to issue Decree No. 09/2024/ND-CP dated February 1, 2024 amending and supplementing a number of articles of Decree No. 144/2016/ND-CP stipulating a number of specific mechanisms on investment, finance, budget and decentralization of management for Da Nang and Decision No. 1238/QD-TTg dated October 22, 2024 expanding the Concentrated Information Technology Park, Da Nang Software Park No. 2. These are important legal bases recognising Da Nang Software Park No. 2 as an information infrastructure invested and managed by the state.

Also on the same day, the city held a conference on developing international financial centres in Viet Nam. The successful organisation of the event helped the city listen to experts' comments and suggestions to promote strengths and combine resources to build a financial centre.

Immediately after that, at the end of February and the beginning of March 2025, a delegation of Da Nang’s officials, led by Secretary of the municipal Party Committee Nguyen Van Quang visited and worked with partners in the fields of finance, science and technology in Singapore and the United Arab Emirates (UAE).

During the 7-day working trip, the city promoted investment in a number of its key economic sectors, and exchanged experiences in building new economic models.

Mr. Andy Khoo, CEO of Terne Holdings Group, assessed that Da Nang is located near important trade routes within the framework of the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), along with major ports such as Tien Sa and Lien Chieu. This makes Da Nang a natural hub for trade finance.

On the other hand, once fully operational, the Da Nang International Financial Centre can meet the trade finance needs of small and medium-sized enterprises by providing new trade finance solutions. With a strategic location on a land area of ​​nearly 20 hectares, the centre will position Da Nang as an important financial gateway, attracting global investors and strengthening its role in Viet Nam's rapidly growing financial industry.

Mr. Andy Khoo expects Da Nang to become the next major financial centre of ASEAN in the near future.

Reporting by MAI QUE - Translating by M.DUNG