Da Nang’s economy continues its growth momentum

According to the report on the socio-economic situation for the first nine months of 2024 by the Da Nang Statistics Office, the city’s Gross Regional Domestic Product (GRDP) is estimated to have grown by 6.47% compared to the same period in 2023, with a notable 8.59% increase in the third quarter alone. This positive result sets the stage for the city to achieve its targets for 2024.

Key contributions to the growth in the service sector over the past nine months include significant increases in arts, entertainment, and recreation services, which grew by 16.145%. For example, visitors experienced festivals at Sun World Bana Hills, highlighting the vibrant tourism and entertainment sector in Da Nang. Ảnh: THU HÀ

Economic scale exceeds VND 111.589 trillion

According to the report, the city’s overall economy grew by 6.47% over the past nine months, with the service sector increasing by 6.96% compared to the same period in 2023, the industrial and construction sectors growing by 5.03%, product tax (excluding subsidies) rising by 6.51%, and the agriculture, forestry, and fisheries sector up by 1.79%.

The city’s economic scale in the first nine months, based on current prices, is estimated to have reached over VND 111.589 trillion, expanding by more than VND 11.726 trillion compared to the same period in 2023. The service sector contributed the most to this growth, expanding by over VND 9.043 trillion, followed by the industrial and construction sectors by VND 1.551 trillion, product tax (excluding subsidies) by VND 1.066 trillion, and the agriculture, forestry, and fisheries sector by VND 65 billion.

In terms of the structure of the economy over the nine months, the service sector accounted for 70.76%, the industrial and construction sectors for 18.43%, product tax (excluding subsidies) for 9.05%, and the agriculture, forestry, and fisheries sector for 1.76%.

The trade and service sectors continue to be the bright spots, contributing positively to the overall economic growth of the city. In Q3-2024, the service sector alone is estimated to have increased by 8.21% compared to the same period in 2023. Contributing to the growth of the service sector over the past nine months, highlights include arts, entertainment, and recreation activities, which rose by 16.145%; accommodation and food services by 14.49%; administrative and support activities by 14.5%; wholesale and retail; and motor vehicle and motorcycle repair by 11.43%, among others.

The total import and export turnover of goods is estimated at USD 2.46 billion, up 11.3% compared to the same period. Of this, exports are estimated at USD 1.45 billion, up 5.1%, and imports are estimated at USD 1.01 billion, up 21.7% year-on-year. The trade balance for goods in the first nine months of 2024 continued to maintain a trade surplus of USD 442 million.

In the first nine months of 2024, the industrial sector grew by 4.31% and the construction sector by 7.19% year-on-year. The city’s Industrial Production Index (IIP) increased by 5.36% compared to the same period. Specifically, the manufacturing and processing industries grew by 5.45%; electricity production and distribution by 12.21%; water supply, waste management, and treatment activities by 3.4%; while mining activities declined by 40.28%. Several manufacturing industries posted significant increases in IIP compared to the same period, such as the textile industry, which rose by 38.57%; the production of fabricated metal products increased by 15.69%; beverage production increased by 13.8%; and the production of rubber and plastic products rose by 9.46%.

Residents shopping for goods at Go! Supermarket in Da Nang. Ảnh: C.THẮNG

Focusing on Implementing Solutions

According to the Da Nang Statistics Office, despite challenges in both global and domestic economies, the city’s growth potential for 2024 remains promising. In Q3, the city’s GRDP increased by 8.59%, surpassing the 2.49% growth in Q1 and the 8.09% growth in Q2 of 2024. The key drivers for the year include the recovery of industrial production, contributions from export activities, and significant support from the service sector.

Mr. Tran Van Vu, Director of the Da Nang Statistics Office, emphasized the need for continued support to businesses, assisting them in overcoming obstacles in both establishment and operations. He recommended maintaining efforts to improve the business environment, streamline administrative reforms, and enhance national competitiveness. Additionally, there is a focus on financial and banking reforms to better support the economy and improve access to loans, especially for small and medium-sized enterprises.

Ms. Le Thi Kim Phuong, Director of the Department of Industry and Trade, noted that in the last quarter of the year, the department would focus on key tasks such as implementing Resolution No. 136/2024/NQ15, establishing Da Nang’s Free Trade Zone, and drafting a resolution for Public-Private Partnership (PPP) projects in infrastructure development.

Furthermore, Ms. Tran Thi Thanh Tam, Director of the Department of Planning and Investment, reported an increase in business activity with a 3.2% rise in enterprises returning to operations compared to the same period in 2023. Public investment also accelerated, with disbursements reaching VND 3.654 trillion by September 30, 2024—equivalent to 50% of the national plan and 41.1% of the city council’s plan, a 122.3% increase compared to 2023.

Looking ahead, the department will continue to collaborate with relevant units to implement 15 enterprise support policies and effectively disburse public investment capital​.