Da Nang's economy grows at double-digit rate in Q4

This information was released during the 18th Conference of the Da Nang municipal Party Committee held on December 9 as part of efforts to evaluate the results of all aspects of the City Party Committee's work in 2024. Other areas include discussions and assessments of the situation and forecast growth, as well as outlining directions and key tasks from now until the end of the 2020 to 2025 term.

Da Nang’s GRDP this year is estimated to have increased by 7.51% from last year, ranking second among five centrally-run cities, with the third quarter witnessing an increase of 9%, and the fourth quarter enjoying a rise of 10.18%.

Several major economic sectors and fields grew quite well, especially the service and tourism sector. The number of international tourists to the coastal city increased by more than 2.1 times compared to 2023 and exceeded nearly 30% compared to 2019. In addition, the industry and construction sector grew rapidly, whilst the total budget revenue is estimated at VND25,760 billion to exceed the estimate assigned by the municipal People's Council by more than 33% and over 20% compared to last year’s corresponding period.

The city is therefore focusing on accelerating the construction progress of key projects towards basically completing 27 out of 40 projects in 2024. It is also implementing a range of social welfare programmes with many outstanding policies as a contribution to promoting the city's socio-economic development.

Along with these achieved results, the Standing Committee of the Da Nang City Party Committee pointed out shortcomings and limitations, with many goals not completed as expected after lasting for many years with any change.

In his address, Nguyen Van Quang, secretary of the Da Nang City Party Committee, affirmed that the city's economy has grown, although some important targets have not been achieved according to the Resolution, in which GRDP growth in the first quarter of the year was too low, at only 2.45%, thus seriously affecting the growth of the whole year.

The municipal leader suggested analyzing experience, good practices, and innovations, while simultaneously pointing out the causes of existing problems and limitations in order to draw lessons, especially in the implementation process.

This will contribute to outlining specific tasks and solutions to promote the city's economic growth from the first quarter of 2025, Quang added.