Trade and services remain bright spots of Da Nang’s economic growth
According to the municipal Statistics Office, the gross regional domestic product (GRDP) of Da Nang City in the first half of 2023 was estimated to increase by 3.74 per cent year on year.
In terms of growth rate, Da Nang ranked third out of five centrally-run cities and 46th out of 63 provinces and cities nationwide. Meanwhile, in terms of the GRDP scale, the city ranked fourth out of five centrally-run cities and 17th in the country.
Director of the Statistics Office Tran Van Vu said the city's economic scale in the past six months was estimated at more than 64.78 trillion VND (2.74 billion USD), up more than 5.31 trillion VND compared to the same period in 2022.
|Trade and services remain bright spots of Da Nang’s economic growth. (Photo: danangport.com)
In the reviewed period, the agro-forestry-fishery sector contributed 2.15 per cent to the city's GRDP, while the industry and construction sectors made up 18.7 per cent and the service sector accounted for 69.19 per cent.
The trade and service sector continued to be a bright spot with an increase of 6.15 per cent over the same period last year, making a positive contribution to the city's overall economic growth. Among them, sectors with high growth were administrative activities and supporting services (up 62.2 per cent); services for individuals and community (up 38 per cent); accommodation and food services (up 32.8 per cent).
By June 20, the city's total state budget revenue reached 9.68 trillion VND, down 25.3 per cent over the same period in 2022, while its total preliminary budget expenditure reached 13.12 trillion VND, up 7.5 per cent year on year.
The implementation of tax exemption and reduction policies to support people and businesses to restore production and business and new policies issued in 2023 have reduced the city's revenue in the first months of 2023, Vu said.
Da Nang’s economic growth will continue to face many difficulties and has not yet been able to achieve breakthroughs but it is likely to improve in the second half of the year, he predicted.