From a thriving tourism city

Located at the heart of Vietnam’s North - South axis and serving as a gateway to the sea for the Central Highlands and Lower Laos, Da Nang quickly developed its tourism sector by leveraging its nearly 60 km of coastline, diverse natural landscapes, and a strong focus on to sustainable development.

A corner of Da Nang in early 2025. Photo: Nguyen Dong

According to the Da Nang Department of Tourism, in 2019, before the pandemic, the city welcomed nearly 8.7 million visitors, including about 3.5 million international tourists. In 2024, tourist arrivals reached 10.9 million, a 32.4% increase from 2023. Of these, international visitors totaled over 4.1 million, up 35.3%, while domestic tourists reached 6.7 million, up 30.7%. Tourism revenue exceeded 30,000 billion VND.

Alongside tourism growth, a wave of investment in condotels, hotels, and resorts surged from 2015. These became the dominant property types, with large-scale beachfront projects like InterContinental Danang Sun Peninsula Resort, Furama, Mercure Danang, and Hyatt Regency…

Transition to a multifunctional urban center

After a strong tourism-focused phase, particularly following the Covid-19 pandemic, Da Nang adjusted its development strategy to foster a multi-sectoral economy, emphasizing industries, high-tech industries, logistics, education, healthcare, and financial services. While tourism remains a key pillar, the local economy has become more diverse and dynamic.

This shift is reflected in the numbers. Da Nang’s GRDP in 2024 grew by 7.51%. The economy’s scale surpassed 150,000 billion VND, an increase of over 17,000 billion VND compared to 2023. The overall labor productivity of the economy in 2024, based on current prices, reached an estimated 233.2 million VND per person, a 10.0% rise from 2023. Over the 2021-2024 period, Da Nang’s labor productivity grew at an average annual rate of 4.65%. In the past year alone, the city attracted 19 domestic investment projects worth 73,000 billion VND and approved 71 new FDI projects with nearly 250 million USD in capital.

The administrative center in Hai Chau District. Photo: Nguyen Dong

Da Nang’s development vision to 2030, with an outlook to 2045, is to become a major economic and social hub of Vietnam and Southeast Asia, evolving into an ecological, smart, and highly livable city. This vision is being realized through policies to attract investment, upgrade infrastructure, develop smart urban systems, and promote administrative reforms.

The city is undergoing transformation by establishing high-tech zones, financial and commercial districts, and an integrated network of air - sea - road - rail infrastructure, creating hundreds of thousands of job opportunities.

The demand for a diverse, multi-sector workforce, particularly in fields like AI, chips, and semiconductors, is inevitable. According to Duy Tan University's statistics, the city currently requires 77,000 IT personnel but has only 44,000 workers in the sector, highlighting a shortfall of 33,000 programmers, especially in roles requiring high expertise and experience.

To a magnet for settlement

The demand for high-quality labor is driving growth in the mid-to-high-end residential segment, alongside amenities in education, healthcare, culture, and entertainment. The city is striving to expand its urban space through planned residential areas, new transportation routes, and service centers.

The potential of the housing market has been recognized by developers. Over the past five years, Da Nang has seen a strong wave of investment in residential properties, particularly apartments units - a popular and accessible property type in major cities. In 2024, both supply and liquidity surged.

According to a market report by DKRA Group, the Central Vietnam hub recorded over 4,300 newly launched apartments last year, a multi-fold increase from 2021-2023. Nearly 70% of these were in the luxury Class A segment, with a positive absorption rate of 76%, 4.6 times higher than the same period in 2023, reflecting strong demand and buyer interest.

DKRA also forecasts a positive outlook for this segment in the current year and beyond, with sustained supply and demand driven by economic prospects, infrastructure developments, and urban planning.

Meanwhile, developer reputation, legal transparency, and product quality are key factors for buyers and investors when selecting a project, whether for owner-occupancy or rental business. These are also critical foundations for major developers to elevate product standards and diversify offerings in the competitive real estate market.

Looking ahead, Da Nang’s housing market will see an increase in supply, particularly in high-quality apartments, from both new and existing real estate developers.

Recently, a representative from Masterise Homes, a developer with over a decade of experience in large-scale projects in Hanoi and Ho Chi Minh City, announced plans to expand into Da Nang. Their debut project in the Central Vietnam market, part of the Masteri lifestyle collection, aims to meet international standards and enhance residents’ quality of life.

“We are committed to creating high-quality, livable projects, contributing to the city’s development and achieving its strategic goals while seizing new opportunities,” the developer’s representative stated.

A new project developed by Masterise Homes is set to launch in the heart of Hai Chau District, Da Nang City. Photo: Masterise Homes

In mid-April, the Da Nang Party Committee issued a decision to establish a Steering Committee for the restructuring and merger of administrative units between Quang Nam Province and Da Nang City. According to the development vision, the newly formed Da Nang - Quang Nam entity will serve as the economic and social hub of Central Vietnam, taking a pioneering role in leading other localities in their development. The new city will focus on economic restructuring to enhance labor productivity and leverage its potential and advantages. Plans include establishing an international financial center, a free trade zone, a modern coastal city, and a high-quality tourism and heritage resort hub…

With this vision, the city is expected to expand toward the sea with elevated stature, becoming a "promised land" for settlement by experts, high-quality professionals, and the elite.

Source: https://vnexpress.net/da-nang-tu-do-thi-du-lich-den-mien-dat-hua-de-an-cu-4884097.html