The central city of Da Nang granted investment certificates for 19 domestic projects in 2024, as of December 25, with total registered capital estimated at VND 73.34 trillion ($2.88 billion), according to data from the Da Nang Statistics Office announced on January 3.

While the number of projects represents a reduction of six compared to 2023, the total registered and adjusted capital increased by 56.5 per cent year-on-year.

Meanwhile, foreign direct investment (FDI) attraction reached $243.4 million, up 33.2 per cent compared to 2023. Of this, 71 new projects were approved (a decrease from 107 in 2023), with registered capital totaling $233.6 million (higher than $182.7 million in 2023); and 26 projects adjusted their capital, with $7.9 million added.

Over the past year, the city's total realized social investment capital at current prices was estimated at VND 33.68 trillion ($1.32 billion), up 9.9 per cent year-on-year. This included VND 10.2 trillion ($401.1 million) from the state sector (up 7.1 per cent), VND 20.93 trillion ($822.65 million) from the domestic non-state sector (up 16.1 per cent), and VND 2.54 trillion ($99.88 million) from the FDI sector (down 17.6 per cent).

During a press conference on January 3 to announce the city’s economic statistics, Mr. Tran Van Vu, Director of the Da Nang Statistics Office, affirmed that Da Nang continues to maintain its position as a reliable and attractive destination for both domestic and foreign investors.

According to Mr. Vu, Da Nang will continue promoting the development of microchip technology, semiconductors and artificial intelligence (AI) in alignment with the national strategic development plan. Accordingly, the city has submitted a proposal to the Prime Minister for approval to designate Software Park No. 2 as a centralized information technology zone and to establish the Da Nang Semiconductor Advanced Center (DSAC) for research, training and chip design.

These policies aim to create favorable conditions for investors and businesses in high-tech fields, contributing to Da Nang's development as a leading hub for technology and innovation in the region.

With robust strategies and a focus on high-tech industries, Da Nang is laying a solid foundation to attract investment and drive sustainable economic growth in the years ahead.

Overall, the Da Nang Statistics Office reported that the city’s GRDP growth rate for 2024 was estimated at 7.51 per cent, equivalent to nearly VND 17.08 trillion ($671.64 million), compared to 2023. The service sector contributed the most  to this growth, expanding by VND 12.99 trillion ($510.8 million).

The city's GRDP size was projected to stand at over VND 151,3 trillion ($5.95 billion) in 2024.

Meanwhile, its  export and import turnover totaled $1.91 billion, up 2.9 per cent year-on-year.

In the tourism sector, the total number of tourists is estimated at 12.4 million, 56.1 per cent higher than the previous year. Of which, 4.6 million are international visitors, an increase of 231 per cent compared to 2023.

Meanwhile, total retail sales of goods and consumer services are estimated at VND 136.9 trillion ($5.38 billion), up 15 per cent compared to 2023, with travel services and tourism activities recording the highest growth of 29.8 per cent.