Wood-chips ready for loading at Da Nang port. Textile, wood export and manufacture sectors have been badly impacted by COVID-19. VNS Photo Cong Thanh Da Nang City and Quang Nam Province – two key economic driving forces for the central region – have both suffered sharp reductions in growth in the first quarter due to the impacts of the COVID-19 pandemic. While VND1.1 trillion (US$48 million) of public investment was disbursed in the first quarter, foreign direct investment (FDI) in Da Nang fell 80 per cent compared to the same period last year. A report from the city’s planning and investment department unveiled that the city attracted 31 FDI projects worth $80 million in the first quarter. Meanwhile, the city granted investment licenses for two domestic projects in real estate with total VND7.7 trillion ($335 million). In the first quarter, nearly 1,000 businesses were either dissolved or stopped operation due to difficulties related to COVID-19. There are 30,000 enterprises in the city, 95 per cent of them small- and medium-sized businesses. The city’s tourism and service sector is set to lose an estimated US$870 million and 35,000 jobs due to the pandemic, according to the city’s tourism association. In the… Read full this story
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