On the morning of December 29, 2023, the Department of Statistics of Da Nang City held a press conference to announce socio-economic statistics for 2023.
According to Mr. Tran Van Vu, Director of the Department of Statistics of Da Nang City, in 2023, the City successfully organized many large-scale events, the tourism sector continued to promote its strengths. Thereby, it contributed positively to local economic growth, and was evaluated by the domestic and foreign business community as an attractive and reliable investment destination.
Mr. Vu said that Da Nang's economy maintained its growth rate. However, the economic growth trend in 2023 was unstable over the quarters, and some production and export sectors were negatively affected by the world market.
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| Mr. Tran Van Vu, Director of the Department of Statistics of Da Nang City, informed about the socio-economic situation of the City in 2023. |
Gross Regional Domestic Product (GRDP) in 2023 is estimated to increase by 2.58% compared to 2022. Of which, the first quarter of 2023 increased by 7.49%; the second quarter decreased by 0.60%, the third quarter increased by 1.22% and the fourth quarter is estimated to increase by 2.82%. The overall growth rate for the whole year of 2023 is lower than the average growth rate of 5.51%/year in the period 2021-2023.
Of the 2.58% growth rate of the entire economy in 2023, the value added (VA) of the service sector increased by 4.10%; the forestry and fishery sector increased by 1.19%; product taxes minus product subsidies increased by 1.18%. The industrial and construction sector alone decreased by 2.05%. Of which, the industrial sector increased slightly by 0.33% and the construction sector continued to grow by negative 8.36% compared to 2022.
The economic scale of Da Nang City in 2023 at current prices is estimated to reach more than VND 134,247 billion, an expansion of VND 9,728 billion compared to 2022. Of which, the expansion is concentrated in the service sector with VND 8,923 billion; the agriculture, forestry and fishery sector expands by VND 127 billion; the industry and construction sector shrinks by VND 116 billion. Product taxes minus product subsidies increase by VND 794 billion compared to 2022.
Regarding the structure of the economic scale in 2023, the agriculture, forestry and fishery sector accounts for 1.95%; the industry and construction sector accounts for 18.50%; the service sector accounts for 70.34%; and product taxes account for 9.21% of the total GRDP.
According to the Da Nang City Statistics Office, thanks to the recovery and outstanding growth of the service sector, the economic structure continues to shift with a trend of expanding the service sector by 1.67 percentage points in structure compared to 2022. In contrast, the industrial and construction sector decreased by 1.54 points; the agricultural, forestry and fishery sector decreased by 0.05 points.
In terms of economic growth rate in 2023, Da Nang ranked 54th out of 63 localities; 4th out of 5 provinces and cities in the Central key economic region; 13th out of 14 provinces and cities in the North Central and Central Coast regions and the lowest in the block of 5 centrally-run cities.
In terms of GRDP scale, Da Nang continues to maintain its leading position among the 5 localities in the Central Key Economic Region; 3rd place out of 14 provinces and cities in the North Central and Central Coast regions; 4th place out of 5 centrally-run cities and 17th place out of 63 localities nationwide.
Total state budget revenue in the area as of December 20, 2023 is estimated to reach VND 19,715 billion, down 14.8% over the same period in 2022, of which central budget revenue is VND 5,150 billion and local budget revenue is VND 14,565 billion.
Total state budget expenditure in the area as of December 20, 2023 is estimated to reach VND 25,035 billion, up 5.0% over the same period in 2022. Of which, development investment expenditure is VND 8,585 billion, up 1.0%; regular expenditure is VND 16,408 billion, up 6.9% over the same period in 2022.
According to the Da Nang City Statistics Office, in 2024, Da Nang City's economy will have opportunities, advantages, difficulties and challenges intertwined. Da Nang's GRDP growth in 2024 is forecasted to not be as strong as before the Covid-19 pandemic. However, to achieve the forecasted growth rate, Da Nang City still needs to synchronously and drastically implement solutions in many areas.
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