Need to reduce commodity prices to stimulate consumption

It is necessary to reduce taxes and reduce commodity prices to stimulate consumer demand

According to Ms. Nguyen Thi Huong - General Director of the General Statistics Office, in addition to solutions to stimulate investment demand, promote exports, and maintain a sustainable trade surplus, stimulating consumption also makes an important contribution to promoting economic growth. push growth in the last months of 2023.

Stimulating consumer demand is considered an effective solution when export growth slows down, many businesses face a shortage of orders...

To stimulate consumer demand, leaders of the General Statistics Office said that the Government, ministries, branches and localities need to synchronously implement solutions such as: Reducing prices of consumer goods; salary increase adjustment; reduce personal and corporate income taxes; increase consumer loans, at the same time extend and freeze debt and increase social security supports, especially direct subsidies for the poor, expand unemployment insurance, and reduce tuition and hospital fees.

At the same time, implementing a VAT reduction policy to stimulate consumers to shop more, production and business enterprises will have better capital turnover. The 2% VAT reduction on raw materials, spare parts, equipment... will help reduce input production costs, leading to reduced product prices, thanks to which businesses share difficulties with consumers. This policy also has a positive impact on helping businesses restore production and business due to increased consumer demand.

In addition, it is necessary to promote domestic purchasing power, effectively implement domestic market trade promotion programs, and promote goods distribution via digital platforms and e-commerce to expand domestic consumption. land; Encourage Vietnamese people to prioritize using Vietnamese products;

The General Statistics Office also noted the need to closely monitor developments in supply and demand, prices, and the market for essential goods to operate appropriately and effectively, ensuring the supply of electricity and gasoline to the market in all situations. .

According to data from the General Statistics Office, in the first 8 months of 2023, total retail sales of consumer goods and services at current prices are estimated to reach 4.043,9 trillion VND, an increase of 10% over the same period last year. , if excluding the price factor, the increase is 7,7%.

However, GDP growth in the first 6 months of 2023 is still lower than the target set in Resolution No. 01/NQ-CP (6,2%). Therefore, achieving the growth target of 6,5% in 2023 will be a huge challenge in the context that the world economy continues to face many risks and Vietnam's internal economy still has many weaknesses, requiring further efforts of the Government, Ministries, branches and localities along with the consensus and determination of the business community and people.

Currently, businesses are facing a series of difficulties. Export and import activities also declined and were negatively affected by difficulties in the world economy. In the first 8 months of 2023, total export and import turnover reached 436,44 billion USD, down 12,8% over the same period last year, of which exports reached 228,17 billion USD, down 9,8%; Imports reached 208,27 billion USD, down 15,9%.