Da Nang’s gross regional domestic product (GRDP) in the first quarter of 2025 is estimated to increase by 11.36% over the same period in 2024, according to the Da Nang Statistics Office.

The service sector continues to be a major contributor to the city's economic growth. In the photo: A corner of Sun World Ba Na Hills tourist area. Photo: M.QUE

In its recent report, the office said Da Nang's GRDP growth rate was the highest among the provinces and cities in the central key economic zone and among centrally governed cities, and ranked 4^th out of the 63 provinces and cities nationwide.

The scale of the city's economy in the first quarter of 2025 at current prices reached over VND 38,935 billion, expanding by VND 5,213 billion in comparison with the same period in 2024. Of which, the scale of added value in the service sector expanded the most with VND 3,493 billion; the industrial - construction sector VND 1,191 billion; the agro-forestry-fishery sector VND 21 billion; and product tax minus product subsidies VND 507 billion.

The economic structure between January and March showed the dominance of the service sector, which accounted for 70.97% of the city’s GRDP. The industrial and construction sector made up 17.72%, product tax minus product subsidies 10.04%, and the agro-forestry-fishery sector 1.27%.

The growth of added value of the entire service sector during that period is estimated at 10.07% against 2024, contributing 7.16 percentage points to the GRDP growth of the entire city's economy.

Total retail sales of goods and consumer service revenue rose by 24% over the same period last year to hit an estimate of VND 37,530 billion. In particular, retail sales of goods grew by 19.3% year-on-year, accommodation and catering services 21.1%, tourism (after deducting household expenses) 20%, and other services 42.3%.

The city’s total import-export turnover reached US$ 803 million, marking a 5.7% growth compared to the same period in 2024. Export revenues amounted to US$ 463 million, a 3% increase, while imports value rose by 9.7% to approximately US$ 340 million. The trade surplus stood at US$ 123 million.

Industrial production activities continued to record positive results. The added value of the industrial and construction sectors in the first quarter of 2025 saw a 17.6% surge, contributing 3.06 percentage points to the GRDP growth of the local entire economy.

In particular, the industrial sector recorded a strong recovery with a rise of 9.51%, contributing 1.22 percentage points to the GRDP growth. Notably, the construction sector maintained a clear transformation since the fourth quarter of 2024 and witnessed a 39.96% increase in the first quarter of 2025, contributing 1.85 percentage points to the GRDP growth.

Total state budget revenue in the city as of March 25, 2025 hit VND 8,290 billion, up 31% over the same period in 2024. The central budget revenue reached VND 1,661 billion, and local budget revenue generated VND 6,629 billion.

The city’s total state budget expenditure as of March 25, 2025 reached VND 9,827 billion, a rise of 11.3% against 2024. Of which, spending on development investment stood at VND 4,049 billion, accounting for 41.2% of total expenditure, down 3% over the same period in 2024. Regular expenditure activities were nearly VND 5,766 billion, up 24.1% over the same period last year.

The total social investment capital disbursed during January - March rose by 43.3% to VND 9,773 billion. Disbursed capital in the state sector was VND 2,352 billion, accounting for 24.1% of total investment capital and inching up 23.7% against the same time last year, while the amounts in non-state and foreign direct investment sectors were VND 5,877 billion and VND 1,544 billion, rising 44.5% and 80.5% respectively.

Reporting by MAI QUE - Translating by M.DUNG