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Stimulating domestic consumption

Việt NamViệt Nam04/10/2024

With numerous policies to stimulate domestic consumption implemented since the beginning of the year, the purchasing power of goods produced within the province is steadily increasing. This is expected to be a powerful "lever" to actively support people and businesses in boosting production and business, and making a significant contribution to the socio-economic growth of the locality.

GO! Ha Long supermarket is implementing various promotional and discount policies to stimulate consumer demand.

To guide the development of domestic trade towards modernization, the Provincial People's Committee has issued a plan to implement the provincial domestic trade development strategy for the period 2030, with a vision to 2045. Specifically, in the period 2022-2025, the goal is to achieve an average annual growth rate of approximately 9-9.5% in added value for the trade sector in the province, contributing approximately 10-12% annually in the period 2026-2030; and by 2030, contributing approximately 15% to the province's economy. The total value of goods and consumer service revenue is projected to grow at an average rate of 17-18% annually in the period 2022-2025; and at an average rate of 15-16% annually in the period 2026-2030...

Currently, Quang Ninh province enjoys many favorable conditions for commercial development. In particular, promoting domestic consumption is being actively implemented by departments, localities, and businesses through various demand-stimulating and promotional policies, such as: voucher programs; product discounts; price stabilization programs; and the application of credit and consumer loan programs with low and preferential interest rates. The province has 133 markets, 26 supermarkets, 7 shopping malls; 342 convenience stores; 25 centers and points of sale for OCOP products; and 24,000 retail food businesses. Supermarkets, shopping malls, and convenience stores offer a diverse and abundant range of goods, ensuring civilized commercial practices.

Ms. Pham Lu, Director of GO! Ha Long Supermarket, said: Currently, the supermarket is selling over 98% domestic products. The supermarket always has a ready supply of goods in stock and has contingency plans to ensure sufficient supply for the people under all circumstances. In addition, the supermarket also has many policies to stimulate shopping demand such as: maximum discounts; promotions on vegetables, confectionery, and food products; order discounts… We are committed to selling quality goods, ensuring food safety, and saying no to selling goods of unknown origin.

Furthermore, Quang Ninh's OCOP products are currently experiencing strong demand and are favored by consumers through e-commerce platforms, trade fairs, and trade promotion weeks. To date, 393 OCOP products with 3 to 5-star ratings have been listed on e-commerce platforms such as Shopee, Tiki, Lazada, YouTube, and TikTok for promotion and sales. 82 OCOP products have established stable distribution channels in modern supermarkets like GO! Ha Long, MM Mega Market, Winmart, Aloha..., convenience stores selling clean agricultural products, and shopping points specializing in OCOP products and typical provincial products for tourists . 123 OCOP products from the province have been sold in several major cities and provinces nationwide, including Hanoi, Hai Phong, Da Nang, Nam Dinh, Hung Yen, and Hai Duong.

From the beginning of 2024 until now, Quang Ninh has also organized 1 national trade promotion program; 2 provincial-level trade promotion programs; 2 Vietnamese Goods Weeks; participated in 2 trade promotion programs in Hanoi and Da Nang; 2 conferences to connect and support the consumption of agricultural products and OCOP products; organized 7 trade promotion programs within the province… aiming to stimulate consumption of "Made in Quang Ninh" products.

People shopping at the OCOP Fair in the Northeast region – Quang Ninh 2024 (September 2024).
People shopping at the OCOP Fair in the Northeast region – Quang Ninh 2024 (September 2024).

According to statistics from the Department of Industry and Trade, in the first nine months of 2024, total retail sales of goods and consumer service revenue are estimated to have increased by 12.97% compared to the same period in 2023. Commercial activities in the province have become vibrant again, with markets, supermarkets, and shops reopening normally after the impact of typhoon No. 3.

However, to meet the demands of the market in the new phase, Quang Ninh still has many issues to address. For example: while e-commerce activities promoting OCOP products have developed, they haven't truly lived up to the potential and consumer preferences; many people still haven't changed their traditional shopping habits; smuggling and illegal trade remain complex; and the competitiveness of retail businesses is still low…

In the coming period, to further develop the domestic market and stimulate consumption of local products, the Department of Industry and Trade will strengthen coordination with other departments, agencies, and localities to improve the investment and business environment and product market management; develop distribution enterprises, link goods circulation with production, promote linkages in product supply chains; develop commercial infrastructure; develop e-commerce and digital-based commercial models; and develop and improve the quality of human resources. At the same time, it will strengthen information dissemination and provide market trend forecasts to support businesses in responding promptly to unfavorable market fluctuations; and promote the application of science and technology to develop commerce in the province.


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