How to remove obstacles facing businesses, accelerate the progress of key projects, and promoting disbursement of public investment capital in a bid to realise Da Nang’s socio-economic development objectives is emerging on the agenda of the ongoing 15^th session of the Da Nang People’s Council (PCl) in its 9^th tenure for the 2016 - 2021 term.

Municipal People’s Council Chairman Nguyen Nho Trung delivering the opening speech at the session

Opened on Monday morning, Da Nang’s important event was attended by municipal Party Committee (PaC) Secretary Truong Quang Nghia, PaC Deputy Secretary Nguyen Van Quang, municipal People’s Committee Chairman Huynh Duc Tho, municipal Fatherland Front Committee Chairwoman Dang Thi Kim Lien, and other key local officials.

It was reported by municipal PCl Chairman Nguyen Nho Trung at the event that, during the first half of the year, timely support from the city authorities was given to those whose lives were heavily affected by the Covid-19 pandemic, whilst socio-economic development tasks were carried out synchronously and drastically. Given that, the local economic performance has remained sustainable, moving forwards in the right direction.

However, due to the negative impact of the COVID-19 pandemic, Da Nang has been ranked 16th in Viet Nam in the size of the economy, down one place from the 15^th place in the 2016 – 2019 period. The city is now amongst 12 Vietnamese localities with minus growth in the first half of the year, and one of the 5 localities with the lowest growth rate in the country.

Da Nang saw its gross regional domestic product GRDP for the first half of the year contract by 3.61% from the same period last year, the first time since it was recognised as a centrally-governed city on 1 January 1997.

Delegates attending the session

Regarding main tasks set for the second half of the year, municipal People's Committee Vice Chairman Ho Ky Minh highlighted the role of local authorities at all levels in promoting the implementation of the city’s ‘2020: The year of promoting investment attraction’ landmark scheme.

Focus will be given to handling investment procedures for the already-registered projects and attracting domestic and foreign investment into key projects.

In particular, favourable conditions will be created for banks and credit institutions to proactively reschedule debt payment deadlines, along with exempt and reduce interest rates and fees for enterprises affected by the COVID-19 pandemic.

Other matters should be taken into account are the disbursement of public investment capital and the development of a public investment plan for this year.

In particular, functional bodies must work closely with national agencies to put forwards to the national government guidelines on the implementation of the lawmaking National Assembly’s resolution on piloting an urban governance models in Da Nang and the national government-approved special mechanisms for Da Nang in terms of investment, finance, budgetary status and decentralisation.

During Tuesday morning’ discussions within the framework of the ongoing session, representatives from the city’s businesses showed their unanimous consensus on ensuring well-prepared conditions to attract further domestic and foreign investment into Da Nang.

Mr Nguyen Duc Tri, the Chairman of the Board of Directors cum General Director of Hoa Tho Textile and Garment Company highlighted the importance of creating a good business environment, clear and transparent corporate policies and mechanisms, and a competent contingent of civil servants to attract investments into the city.

Mr Nguyen Duc Tri putting forward his suggestions on investment attraction

At the same time, heed should be paid to promoting startups, setting up investment and startup funds, and speeding up the creation of industrial parks and clusters in preparation for welcoming potential investment inflows.

By DNO- Translated by A.T