Da Nang sees negative economic growth for first time in over 20 years
Da Nang sees negative economic growth for first time in over 20 years
Due to the coronavirus pandemic, the central city of Da Nang saw its GRDP for the first half of the year contract by 3.61 per cent from the same period in 2019, the first time since the city became a centrally-run locality in 1997.
Data of the city’s statistics office showed Da Nang’s GRDP in the reviewed period totalled over VND51 trillion (US$2.19 billion at current exchange rate), down VND917.6 billion year on year, as a consequence of the impact of the COVID-19 pandemic.
As such, the city was ranked 16th out of the country’s 63 localities in terms of the economy’s size, down one place from 15th position during 2016-2019.
Da Nang is among 12 provinces and cities with negative growth in the first half of the year, and one of the five localities with the lowest growth rate in the country.
Tran Van Vu, head of the city’s statistics office, noted some positive signs such as good disbursement of public investment and foreign investment. The city has also successfully stopped the spread of the COVID-19 pandemic and implemented social security policies.
According to him, at the direction of the municipal People’s Committee, the statistics office, in coordination with relevant departments, sectors and research institutes, has come up with three economic development scenarios for the second half of the year.
In the worst scenario, the city will see negative growth for the whole of 2020, while the best scenario predicts a growth of 2-3 per cent, provided all sectors make concerted efforts.
The statistics official added that the restoration of business and production depends on the pandemic situation in countries which are big trade partners of Viet Nam.
