Da Nang aims to become regional-scale financial centre

An overview of the 12th meeting of the Da Nang Party Committee (Photo: baodautu.vn)

Da Nang (VNA) – Da Nang should issue a project to turn itself into a financial centre at the regional scale at an early date, said Luong Nguyen Minh Triet, Standing Deputy Secretary of the Party Committee of the central city, at a recent meeting of the committee.

He held that along with the project, Da Nang should build others to form a non-tariff zone and a national centre for innovative startups. At the same time, the city should focus on proposing adjustments to the Government’s Decree No. 144/2016/ND-CP dated November 1, 2016 on a number of specific mechanisms on investment, finance, budget and management decentralisation for Da Nang, he said.

At the meeting, Triet underlined the need to review, evaluate and analyse the gross regional domestic product (GRDP) growth speed of the city, focusing on spearhead sectors and areas showing downturn, thus identifying causes and seeking solutions to promote growth.

The official stressed the need for the city to coordinate with central ministries and agencies to make a proposal to the PM on the approval, announcement and implementation of the city’s planning in the 2021-2030 period with a vision to 2050 within the third quarter 2023.

Triet also underlined that Da Nang should promptly design and approve the planning of all sub-areas of the city within 2023, creating a favourable condition for the attraction and implementation of investment projects.

The municipal official also pointed to the need to focus on luring more investment, reforming the administrative procedures, improving the investment environment, creating optimal conditions for business and production activities, and strengthening dialogues with local firms to help them remove difficulties.

Over the recent past, Da Nang has regained its tourism position thanks to the hosting of the International Fireworks Festival. However, according to Triet, the city should concentrate on renovating tourism products and offering new and typical ones, while mobilising resources to host international events to lure more visitors.

At the meeting, participants sought ways to promote the city’s GRDP, especially in the fields of industry, construction and export. They also discussed other important issues such as planning, the disbursement of public investment capital, ground clearance for projects, State budget collection, and the improvement of important indicators on the assessment of the city's business environment.

In the first six months of this year, Da Nang posted a 3.74% GRDP growth year on year, ranking third among the five centrally-run cities in terms of economic development. Strong growth was seen in tourism and the service sector, which was a major motivation for the city’s economic expansion in the period. With a three-fold increase in the number of tourists staying in local accommodation facilities, Da Nang enjoyed a 117% rise in revenue from travel activities. Meanwhile, its software exports also increased 32.7%.

In the reviewed period, Da Nang’s State budget collection was estimated at 10.03 trillion VND (423.25 million USD), equivalent to 42.7% of its estimate for the whole year and 75% of the amount recorded in the same period last year.

The city granted investment decisions and investment licences to 10 domestically-invested projects worth over 2 billion USD, along with 55 new foreign-invested projects with a combined capital of 8.7 million USD./.