On the morning of April 25 in Hanoi , Investor Magazine organized a seminar on "Solutions to strengthen and develop the domestic market".
Speaking at the opening of the seminar, Editor-in-Chief of Investor Magazine - Mr. Pham Duc Son said that the global economy is facing many major fluctuations, focusing on the US-China trade war and the risk of widespread trade protectionism.
On April 2, the US President Donald Trump's administration announced its decision to impose reciprocal tariffs on imported goods from 86 countries, of which Vietnamese goods are among the group subject to the highest tax rate, up to 46%.
“Although this tax policy was later suspended for 90 days, it still poses a big challenge to the Vietnamese economy, forcing us to strengthen the domestic market and reduce dependence on exports,” Mr. Son emphasized.
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Mr. Pham Duc Son - Editor-in-Chief of Investor Magazine delivered the opening speech at the seminar. |
In that situation, Mr. Son acknowledged the proactive and timely policy responses of the Party and the State. He cited that on April 10, 2025, the Government issued Resolution 77, firmly setting the GDP growth target of 8% or more in 2025, along with a series of solutions such as stimulating consumption, maximizing the domestic market, accelerating the disbursement of public investment capital, taking public investment as the leading factor, reducing the lending interest rate, helping people and businesses access capital at reasonable costs, and improving the competitiveness of the economy.
Recently, on April 21, Deputy Prime Minister Ho Duc Phoc met with relevant ministries and branches to study the establishment of a National Housing Development Fund for target groups such as social housing, housing for workers and young people under 35 years old to rent or buy. This is a non-budgetary state fund, expected to create a boost for the real estate market, and at the same time open up many industries such as cement, steel, and construction materials.
Most recently, at the morning session on April 23, the National Assembly Standing Committee agreed with the Government's proposal to reduce value-added tax (VAT) by 2%, applicable from July 1, 2025 to December 31, 2026.
The Editor-in-Chief of the Investor Magazine said: "The discussion "Solutions to strengthen and develop the domestic market" organized by the Investor Magazine today aims to seek and suggest solutions to stimulate consumption, promote domestic market development, improve domestic production and distribution capacity, and support businesses and consumers."
Speaking at the seminar, Mr. Bui Nguyen Anh Tuan - Deputy Director of the Department of Domestic Market Management and Development (Ministry of Industry and Trade) said that the Government set a GDP growth target of 8% in 2025, of which domestic consumption accounts for about 60-65%. To achieve this target, total retail sales of goods and consumer service revenue must increase by 12% - a challenging figure, when in fact, in the past 10 years, no year has exceeded 9%.
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Mr. Bui Nguyen Anh Tuan - Deputy Director of the Department of Domestic Market Management and Development (Ministry of Industry and Trade) spoke. |
Mr. Tuan emphasized that in the context of international fluctuations and pressure from new US tax policies, it is necessary to reduce dependence on exports and strongly develop the domestic market. The Ministry of Industry and Trade has developed many groups of solutions:
Firstly, stimulate domestic consumption through national media campaigns, encourage people to use Vietnamese goods, organize large promotional programs and promote domestic tourism combined with consumption.
Second, support businesses with preferential credit policies, prioritizing businesses producing essential goods and applying green technology; at the same time, connect supply and demand between production and distribution, especially in remote areas.
Third, ensure supply and stabilize the market through an early warning system, market stabilization program and increased investment in modern logistics.
Fourth , develop modern commercial infrastructure, apply digital technology to traditional markets, develop modern retail and organize national trade exhibitions.
Fifth , promote digital transformation and sustainable development through supporting cashless payments, smart retail models, and applying ESG criteria in production and consumption.
According to Mr. Bui Nguyen Anh Tuan, the Ministry of Industry and Trade has also proposed that the Government and the Prime Minister continue to issue fiscal support policies such as extending value-added tax reduction, while directing the synchronous implementation of domestic market development programs.
Specifically, the State Bank needs to coordinate the implementation of preferential credit packages, especially for enterprises applying green technology and sustainable production; Relevant ministries and sectors should step up the review and simplification of administrative procedures, digitize supply chain processes and increase support for international trade promotion; Enterprises and consumers should actively participate in stimulus programs, apply digital technology and prioritize the use of Vietnamese products.
Mr. Tuan emphasized that close coordination between the parties will ensure the feasibility of the plan, create momentum for economic growth and strengthen the role of the domestic market.
Source: https://baophapluat.vn/kich-cau-thi-truong-trong-nuoc-la-chan-kinh-te-truoc-song-lon-toan-cau-post546579.html
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