According to surveys conducted at supermarkets and retail stores, Vietnamese goods currently account for 70-90% of the total merchandise. The domestic market is showing many signs of recovery.
Businesses are increasing investment in technological change.
According to data from the General Statistics Office, the domestic market has shown signs of warming up since the beginning of the year, with total retail sales of goods and consumer service revenue reaching VND 3,625.7 trillion, an increase of 8.7% compared to the same period last year. Of this, retail sales of goods reached VND 2,801.1 trillion, an increase of 7.4% compared to the same period last year.
The good news is that domestically produced products are gradually asserting their advantages as Vietnamese businesses proactively invest in and adopt advanced technologies, apply scientific management, and reduce indirect costs to improve product quality, create diverse product designs, reduce prices, and enhance product promotion. This, in turn, fosters consumer trust and pride in Vietnamese goods.
A survey by the Association of High-Quality Vietnamese Goods Businesses also showed that the majority of sellers rated the products of businesses that meet the high-quality Vietnamese goods standards as having many buyers (80%), reputable brands (60%), diverse product types (47%), and competitive prices (39%). Over 50% rated the businesses as having many new or improved products in the past year. This shows that consumers are increasingly trusting, accepting, and using Vietnamese goods.
To stimulate domestic consumer demand, boost production and business activities, and contribute to economic recovery in the final months of the year, the Ministry of Industry and Trade has issued a Decision to organize the "National Concentrated Promotion Program 2024 - Vietnam Grand Sale 2024". The program is expected to take place from December 2nd to 31st, 2024; it will be organized simultaneously nationwide by the Trade Promotion Department, in coordination with relevant units of the Ministry of Industry and Trade; Departments of Industry and Trade of provinces and centrally-administered cities; associations and industries; and relevant businesses and organizations.
Former Chairwoman of the Vietnam Retailers Association, Vu Thi Hau, believes that the domestic market currently has a size of 180 billion USD and is projected to reach 350 billion USD by 2025. This presents not only opportunities for retailers but also for Vietnamese goods to enhance their position in the domestic market.
Ms. Hau believes that the simultaneous implementation of domestic consumption stimulus programs by localities, as well as the expansion of retail outlets by businesses, will be an opportunity for Vietnamese goods to establish a firm foothold in the domestic market. However, according to Ms. Hau, to seize this opportunity, manufacturers must meet standards such as ensuring food safety and hygiene, clear traceability, and most importantly, the products must have an "green" element.
Hanoi strengthens supply-demand connectivity.
In Hanoi, in order to ensure sufficient supply and stabilize the market for essential goods during the rainy and stormy season, and at the same time meet the needs of production and daily life of the people of the capital city, the People's Committee of the city has issued a directive on ensuring a balance between supply and demand of goods during the end of 2024 and the Lunar New Year of the Year of the Snake 2025.
Accordingly, the product groups and quantities requiring supply-demand balance include: rice, pork, chicken, duck, seafood, poultry eggs, processed foods, vegetables, sugar, cooking oil, spices, and milk for children under 6 years old. Product groups with high demand during peak seasons like Tet (Lunar New Year) include Tet jam, confectionery, wine, beer, and soft drinks.
In addition to ensuring the supply of essential goods during the year-end period, and to stimulate consumer demand, especially for domestic products, representatives from the Hanoi Department of Industry and Trade announced the Hanoi Promotion Month event, featuring approximately 800-1,000 promotional points and 50 "Golden" promotional points. Participating businesses will offer discounts ranging from 30% to 100% on their products.
Mr. Nguyen The Hiep, Deputy Director of the Hanoi Department of Industry and Trade, said that promoting the presence of Vietnamese goods in supermarkets has always been one of the department's key priorities for many years.
Accordingly, many agricultural products and OCOP products have been connected to and integrated into Hanoi's distribution system, receiving priority support in communication and promotion, and are preferred by consumers. This has been recognized and highly appreciated by other provinces… “The implementation of activities connecting supply and demand between Hanoi and other provinces and cities has contributed to increasing the effectiveness of the campaign ‘Vietnamese people prioritize using Vietnamese goods’,” Mr. Hiep said.
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