Numerous Bright Spots in Da Nang’s Economic and Social Portrait
The economic and social situation of Da Nang in July 2023 exhibits several promising aspects. Industrial production activities are gradually regaining momentum, trade and service sectors are vibrant, and notably, the tourism industry is steadily gaining traction through a succession of events and festivals that are drawing significant numbers of both domestic and international visitors.
According to the Da Nang City Statistics Office, in July 2023, the economic and social activities within the city are gradually stabilizing and experiencing positive development. Among these, trade and service activities are particularly vibrant, featuring numerous programs aimed at fostering connections, stimulating demand, and promoting commerce, all of which are being implemented to strive for the highest attainment of the set growth targets.
The total retail sales of goods and consumer service revenue in Da Nang for July 2023 are estimated to reach 11.695 trillion VND, reflecting an increase of 6.8% compared to the previous month and a growth of 21.0% compared to the same period in 2022.
Numerous Bright Spots in Da Nang’s Economic and Social Portrait
Tourism activities are gradually recovering and experiencing robust development. A continuous series of events and festivals contribute to creating a lively and fresh atmosphere, attracting a large number of domestic and international visitors for exploration and experiences. For instance, events like the “Enjoy Summer Festival 2023 – Wow Da Nang”, the “Bà Nà Wow Summer Festival”, the 2023 B’Festival of food and beer, new activities at the Nui Than Tai Mineral Spring Park, and notably, the Da Nang International Fireworks Festival, which resumed after a 3-year hiatus due to the pandemic, have brought about an exceptionally vibrant and dynamic ambiance to the city in the early months of 2023.
The estimated revenue from accommodation and dining services in Da Nang for July 2023 is projected to reach 2,185.2 billion VND, reflecting a 6.3% increase compared to the previous month and a 30.7% increase compared to the same period in 2022. Specifically, the estimated revenue from the accommodation sector is anticipated to be 1,012 billion VND, marking a 32.4% increase from the same period in 2022, while the estimated revenue from the dining sector is expected to be 1,173 billion VND, representing a 29.2% increase from the same period in 2022.
The estimated number of guests served by lodging establishments in July 2023 is nearly 782,000, indicating a 5.3% increase compared to the previous month. Among these, international guests are estimated to be around 204,600, showing an 8.7% increase from the previous month, while domestic tourists are projected to reach 577,200, marking a 4.1% increase from the previous month and a remarkable 54.9% increase compared to the same period in 2022.
Numerous Bright Spots in Da Nang’s Economic and Social Portrait
Despite the positive signs, the city still faces various challenges and difficulties. The preliminary state budget revenue in Da Nang as of July 20, 2023, reached 11.121 trillion VND, marking a 25.7% decrease compared to the same period in 2022. Among this, central budget revenue reached 3.077 trillion VND, while local budget revenue reached 8.044 trillion VND.
According to the Da Nang City Statistics Office, the continuation of resolving exemption and reduction policies to support citizens and businesses in recovering their production and business activities after the pandemic, along with newly enacted policies in 2023, is one of the main reasons leading to the decrease in revenue in July 2023.
Furthermore, the challenging economic conditions have led to reduced consumer demand among the population. Some high-tax sectors have experienced significant declines in revenue, impacting state budget income. Meanwhile, expenditures must still be ensured to facilitate economic recovery, development, and uphold social welfare policies.
According to Business and Marketing Magazine
