Trade, services remain bright spot of Da Nang’s economic growth

People fly kites on a beach in Da Nang city. (Photo: VNA)

The gross regional domestic product (GRDP) of Da Nang city in the first half of 2023 was estimated to increase by 3.74% year on year, according to the municipal Statistics Office.

In term 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 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.

In the reviewed period, the agro-forestry-fishery sector contributed 2.15% to the city's GRDP, while the industry and construction sector made up 18.75% and the service sector accounted for 69.19%.

The trade and service sector continued to be a bright spot with an increase of 6.15% 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%); services for inpiduals and community (up 38%); accommodation and food services (up 32.8%).

By June 20, the city's total state budget revenue reached 9.68 trillion VND, down 25.3% over the same period in 2022, while its total preliminary budget expenditure reached 13.12 trillion VND, up 7.5% 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./.