High growth in retail sales

Total retail sales of goods and consumer service revenue in July increased by 9.4% compared to the same period last year, contributing to a total value of over 3.6 trillion VND for the first seven months.

The increase in domestic demand over the months indicates that overall demand in the economy is rising. This is a driving force for production and business activities.

Revenue from accommodation and food services in the first seven months reached over 420,000 billion VND, an increase of over 15% compared to the same period last year. Of this, Hanoi saw an increase of over 11%, while key tourist destinations such as Quang Ninh and Da Nang experienced increases of 23-25%, contributing to maintaining the high growth rate of the domestic market.

Where there is demand, there is supply; therefore, the growth of domestic market demand will be a driving force for the economy, especially at the end of the year due to the festive season when market demand increases even more.

Total retail sales of goods and consumer service revenue in July increased by 9.4% compared to the same period last year, contributing to a total value exceeding 3.6 trillion VND for the first seven months. (Illustrative image)

In recent times, solutions such as tax reductions and expansion have been implemented. credit Consumer spending and continued institutional reforms have had a positive impact on the domestic market, which in turn has spread support to businesses engaged in production and trade.

Ms. Dinh Thi Thuy Phuong, Director of the Trade and Services Statistics Department, General Statistics Office, stated: " The government's decision to reduce the value-added tax from 10% to 8% and bring the Price Law into effect will contribute to stabilizing commodity prices and achieving the overall target." retail goods in 2024, an increase of 9%."

While other growth drivers need time to take effect, boosting consumption is the quickest, least expensive, and most effective solution. Therefore, prioritizing stimulating domestic consumption is considered a crucial solution for achieving GDP targets this year.

Source: https://baoquangninh.vn/ban-le-hang-hoa-tang-truong-cao-3314016.html