HCMC – Danang City’s gross regional domestic product (GRDP) in the January-September period was 16.76% higher than in the same period in 2021, with services spearheading growth, according to the Vietnam News Agency.
Danang’s economy is now valued at VND92,238 billion, increasing by VND14,808 billion year-on-year. The city’s growth was robust in the first three quarters of 2022, hitting about 1.0%, 12.3% and 39.2%, respectively.
Tourism and travel-related services have been the key pillar of Danang’s economy to overcome obstacles, according to Tran Van Vu, director of the Danang Statistic Office. The growth of the service sector was 21.69% in the first nine months of the year, compared to the same period in 2021.
The city is benefiting from the Government’s favorable policies in various areas, including finance, monetary, tourist and industrial, added Vu.
In addition, Danang has prioritized the development of other important sectors, namely transportation, logistics, goods processing and manufacturing.
However, the city has faced a bumpy road ahead regarding issues in its public investment disbursement, falling foreign direct investment and a labor supply-demand imbalance.
Danang will focus on revising and completing the relevant administrative processes for the Hoa Cam, Hoa Ninh and Hoa Nhon industrial park projects.
The provincial authorities intend to expedite work on the city’s major constructions, including the Tuyen Son-Tuy Loan riverfront route, the two western beltways, the Hoa Lien water plant and the Lien Chieu Port project.