HCMC – Danang City has set an ambitious growth target of 7-7.5% for this year.
During the 19th session of the Danang People’s Council on July 29, the People’s Committee of Danang City presented three economic growth scenarios for the year, with growth rates projected at 6.55%, 7-7.5% and 8%.
With the city achieving an 8.35% growth rate in the second quarter and a cumulative 5% growth in the first half of the year, the city government proposed the 7-7.5% target while striving for 8% growth.
Chairman Ngo Xuan Thang emphasized the importance of administrative reforms, mobilizing investment and promoting economic growth and social welfare to achieve these targets.
The city plans to improve urban governance, implement special policies for development, and promote tourism through trade events and marketing campaigns. The development of new tourist attractions and the acceleration of investment projects, particularly in industrial zones such as Hoa Nhon, Hoa Khanh Nam, and Hoa Lien, are also key goals.
Danang aims to develop a semiconductor and microchip industry, focusing on research, training, and artificial intelligence. The second phase of the city’s software park is expected to be completed this year.
Investment promotions will continue, with support for businesses and investors in accessing land for new projects. The city also plans to enhance revenue management, combat tax evasion, and ensure a steady supply of construction materials, addressing shortages of sand.
These measures are part of the city’s efforts to complete 40 projects and start 39 new ones. The session also reviewed Danang’s economic performance in the first half of the year.
According to Ho Ky Minh, vice chairman of the Danang People’s Committee, the city’s economic size reached over VND72.3 trillion, up by more than VND7.05 trillion compared to the same period in 2023.
Public investment disbursement had reached over VND1.84 trillion by June 30, achieving 25.2% of the plan assigned by the prime minister and 20.7% of the plan assigned by the city council.
The trade and services sector was a bright spot, with international tourist arrivals surpassing pre-Covid levels. In the first half of 2024, local hotels and resorts served over 5.14 million visitors, a 25.6% increase against the same period in 2023, with international visitors exceeding two million.
The service sector grew by 5.99% in the first six months, contributing 4.17 percentage points to the city’s overall gross regional domestic product (GRDP) growth of 5%. Revenue from accommodation, food and beverage, and travel services was estimated at over VND16 trillion, a 28.4% rise over the same period in 2023.
