Dragon brings good fortune for fiery development

11:01 | 26/10/2019
Besides gaining positive economic results, the central city of Danang has also courted hundreds of millions of US dollars in both local and foreign investment capital in the first nine months of this year.
dragon brings good fortune for fiery development
Danang is one of the rising stars in attracting domestic and foreign investors for its numerous projects

According to a report presented at the recent 18th Conference of the Danang Executive Party Committee, Danang’s economy fared fairly well during the period. Specifically, total state budget revenue in Danang was about VND21.2 trillion ($921.7 million) over the nine-month period, reaching 77.5 per cent of the estimate. Meanwhile, the total budget expenditure was VND10.4 trillion ($452 million), equal to 59.4 per cent of the estimate.

In addition, total retail sales of goods and services were estimated at VND76.6 trillion ($3.3 billion), equal to 75.8 per cent of the target and up 11.5 per cent on-year.

Moreover, the total development investment capital in the city was estimated at around VND29.95 trillion ($1.3 billion).

Since the beginning of the year, Danang has also attracted VND3.56 trillion ($154.7 million) of domestic investment and $632.2 million of foreign direct investment (FDI), which was for both newly-registered and expanded projects.

Compared to the results in the corresponding period last year, the quality of foreign-invested projects and total capital volume showed a sharp on-year rise. Specifically, the city counted 101 newly-registered projects worth $416.3 million in total committed capital value, up by nearly eight times compared to the same period last year when there were 98 new projects valued at $52.35 million. During this period, 11 projects increased capital by another $117.3 million, which was 63 times higher than that in the same period last year, when there were 11 projects with the total capital increase of $1.86 million.

Danang’s total export turnover was estimated at $1.29 billion, equal to 69.4 per cent of the target and up 6 per cent on-year. Visitors to the city were estimated at 7.2 million, up 18.4 per cent on-year, and total tourism revenue was valued at VND25.3 trillion ($1.1 billion).

Despite these achievements, Danang still faces many difficulties. Some economic indicators grew less than expected, and planning activities, planning management, and urban discipline generally did not meet city development requirements, according to the report.

At the conference, Secretary of the Danang Party Committee Truong Quang Nghia emphasised the need for all sectors to focus on carrying out tasks such as reviewing and drastically speeding up the implementation of the 2019 agenda – the year to promote investment attraction.

Other important tasks included ensuring efficiency in implementing the city’s tourism development planning and schemes, and diversifying tourism products, especially calling for investment in developing shopping centres, night markets, trading streets, and night entertainment services.

Promoting investment and tourism development in the city’s northwest is also vital.

Improved transport infrastructure and the northwest region’s development vision in recent years have had a strong impact on the local real estate market. A series of well-known real estate businesses have landed projects in the city, such as FLC Eco Charm, Sunrise Bay Urban Area, Kim Long City, and Dragon City.

Trung Nam Group has constructed the five-star Golden Hills eco-urban area, one of the largest-scale projects in northwestern Danang, which covers a total area of 400 hectares. This has been hailed as the most well-conceived project in Danang, from the US planning design to the development of high-end infrastructure and premium public utilities.

By Thanh Pham

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