Developing the domestic market is vital.

Domestic commodity market recovers

This morning, April 22, 2025, in Ho Chi Minh City, the Ministry of Industry and Trade held a conference on Developing the domestic market and stimulating consumption.

Attending the conference, in addition to the host unit, the Ministry of Industry and Trade, there were also the participation and coordination of ministries and branches including: Ministry of Finance, Ministry of Agriculture and Environment, State Bank; Department of Industry and Trade of provinces and cities, and a number of large enterprises in the provinces and cities; large industry associations; distribution enterprises, large consumer goods manufacturing enterprises; and credit institutions.

Overview of the conference on solutions to promote domestic market development and stimulate consumption

Speaking at the conference, Mr. Phan Van Chinh - Deputy Director of the Department of Domestic Market Management and Development (Ministry of Industry and Trade) - said that the domestic goods market has continued to recover in line with the recovery of the national economy.

Developing the domestic market has advantages such as: GDP in the first quarter of 2025 is estimated to increase by 6.93% over the same period, which will support income and consumption demand in 2025. Public investment is promoted to help increase the income of workers in the construction and infrastructure sectors, thereby promoting consumption.

Along with that, the Government continues to implement support programs such as VAT reduction and interest rate support for retail businesses. Minimum wages increase, people's disposable income improves, helping domestic spending increase.

In addition, consumers are increasingly accustomed to online shopping, making it easier for businesses to reach customers through digital platforms. Many shopping malls, supermarkets, and convenience stores are expanding, making domestic goods more accessible to consumers.

In addition to the advantages, the domestic market also faces some difficulties and challenges such as the global economy showing signs of decline. The change in consumer shopping behavior from offline to online. Along with that, many domestic enterprises have not yet had time to convert to meet the new trend, while small enterprises, trading products from localities, still face difficulties in bringing products to the supermarket system and shopping centers due to high display costs and complicated procedures.

Cross-border e-commerce is growing strongly, consumers can easily buy goods directly from abroad, affecting the consumption of goods in the domestic market. In addition, factors from the labor market, unstable income leading to tightening of people's spending and new tax policies also partly affect consumers' purchasing power.

Mr. Phan Van Chinh - Deputy Director of the Department of Domestic Market Management and Development (Ministry of Industry and Trade) - stated the advantages and difficulties in developing the market for goods consumption.

Also in the report, the Deputy Director of the Department of Domestic Market Management and Development also proposed a number of solutions to develop the domestic market in 2025 and the following years. In which, he emphasized the roles and recommendations for the Ministry of Industry and Trade; Departments of Industry and Trade of provinces and centrally run cities and for relevant ministries, branches and associations.

Developing the domestic market is vital

Also at the conference, delegates focused on discussing the following contents: Assessing the current situation of the commodity market, purchasing power, and domestic consumption demand since the beginning of the year; analyzing the difficulties and barriers affecting the ability of people and businesses to consume goods. At the same time, discussing and proposing synchronous, effective and timely solutions to promote domestic consumption, support businesses to expand the market, contribute to completing the economic growth target in 2025 and creating a foundation for the following years.

Here, representatives of the Ministry of Finance and the State Bank also presented stimulus support policies, focusing on fiscal, credit, tax policies and business support.

Representatives of some Departments of Industry and Trade of Ho Chi Minh City, Hanoi, Da Nang, and Can Tho also had detailed reports on the market situation, plans to implement consumer stimulus programs, and trade promotion in the localities. In which, they highlighted the advantages and difficulties in implementing Directive 08/CT-BCT dated April 4, 2025 of the Ministry of Industry and Trade.

Along with that, representatives of some units such as the Association of Retailers, the E-commerce Association and representatives of enterprises that are distributors and manufacturers had discussions on the current situation of goods consumption, development of distribution systems, orientation of digital transformation, application of information technology in production and trading of goods as well as proposed solutions and recommendations.

In addition, the workshop also had frank opinions and proposed solutions related to connecting supply and demand, expanding the market, enhancing domestic trade promotion, application in distribution and focused promotion programs.

Mr. Tran Huu Linh - Department of Domestic Market Management and Development (Ministry of Industry and Trade) - speaking

After listening to opinions at the workshop, Mr. Tran Huu Linh - Department of Domestic Market Management and Development (Ministry of Industry and Trade) - highly appreciated the presentations and comments from units from state management agencies, Departments of Industry and Trade of provinces and cities; associations, industries and retail and manufacturing enterprises.

Mr. Tran Huu Linh said that developing the domestic market and stimulating consumption is not the responsibility of any single department, but rather the role of businesses, consumers, policy makers, and the press and media.

Mr. Tran Huu Linh said that recent policies and guidelines of the Party and Government have shifted, thereby enhancing the role and importance of the domestic market and private economy.

“General Secretary To Lam has directed and developed the domestic market so that our domestic enterprises must be sustainable in order to create value. Currently, our country's economy is very open, and any incident or impact from the world will affect the country's internal strength. Therefore, in terms of long-term strategy, developing the domestic market will be vital and very important,” Mr. Tran Huu Linh emphasized.

Mr. Tran Huu Linh also said that the comments will be received, synthesized and submitted to the Prime Minister by the Ministry of Industry and Trade for appropriate recommendations and timely solutions to promote the stable and sustainable development of the domestic market.

According to the General Statistics Office - Ministry of Finance, the scale of Vietnam's retail market is currently about 4,922 trillion VND (equivalent to about 190 billion USD, 2024 data), of which, consumption for food and foodstuffs still accounts for the largest proportion of 35.7%, followed by household appliances, tools and equipment at 10.7%, clothing at 5.5%, means of transport at 4.8%, and finally cultural and educational items at 1.3%.

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Source: https://congthuong.vn/phat-trien-thi-truong-trong-nuoc-mang-y-nghia-song-con-384341.html