Effective solutions to be adopted to drive Da Nang’s economic recovery

It is high time for Da Nang to adopt the most appropriate and effective possible solutions to drive the city’s post-Covid economic recovery, with a focus on spurring service revival, stimulating tourism demand, restoring real estate market, speeding up domestic consumption, and making a strong bounce in e-commerce services.

These instructions were made by Da Nang Party Committee (PC) Secretary Truong Quang Nghia at the 23rd Open Congress of the municipal PC on Friday. The event aimed at reviewing the city’s socio-economic performance between January and September, and discussing effective ways to realise the city’s key tasks in the remaining months of 2020.

Addressing the event, municipal Party Committee Deputy Secretary Nguyen Van Quang raised his concern over a decline in most of the local economic sectors during the 9-month review period because of the negative economic impacts from a second wave of Covid-19 infections which hit the city in late July.

Noticeably, the services sector was worst hit by the coronavirus crisis. In detail, the number of tourists staying at serviced accommodation establishments was estimated at over 2 million, down 62.3% against the same period last year.

Total revenue generated from accommodation services plummeted by 35.7% versus the year-ago period to stand at only 9,784 billion VND.

Likewise, the retail sales of goods tumbled by 6% to reach 39,994 billion VND, fulfilling only 56.1% of the year’s target.

The total merchandise export turnover suffered an 11.3% down to be estimated at 1.073 billion US$, whilst the software export turnover rose by 0.6% to reach at 60.3 million USD, fulfilling 59% of the year’s target.

The 9-month total Da Nang budget collections reached 16,136.7 billion VND, representing 52.2% of the year’s estimates.

Despite the economically difficult times triggered by the coronavirus incident, the city’s domestic and FDI investment attraction achieved some encouraging results over the 9-month period.

The Da Nang government issued investment policy decisions to 6 domestic projects totalling 16,002 billion VND outside local industrial parks. Total FDI flows channeled into the city over the past 9 months reached 6,300 billionVND, up 48.2% as compared with the year-ago period.

During the rest of the year, the municipal Party chief underlined a must-do to carry out, in the ‘the sooner the better’ fashion, a project on helping the city’s tourism industry recover from coronavirus, with a focus on attracting domestic tourists and diversifying international tourist markets targeting more high-end visitors.

In parallel, efforts must be taken to complete all necessary investment procedures to start work on such major tourism projects as the embellishment of the Bach Dang and Tran Hung Dao streets and Nguyen Van Troi pedestrian bridge.

Also, how to effectively boost tourism cooperation for mutual interest with such popular tourists-packed localities nationwide as Quang Nam, Thua Thien Hue, Ha Noi, Ho Chi Minh City and Quang Ninh, should be taken into account.

Besides, special heed should be paid to submitting to the Prime Minister for approval the adjustments to the strategic master plan for major developments in Da Nang to 2030, with a vision to 2045, associated with the city’s economic development strategies to 2030, in a bid to bring up a new aesthetically-appealing and modern facelift to the city in the future.

In addition, local relevant agencies must mull over how to revive business activities, with the priorities for accelerating key projects and the full disbursement of the city’s public investment fund.

Source: Da Nang Today