Economic resilience from the domestic market

In the first 9 months of the year, the service sector grew by 8.49%, making the largest contribution to the overall growth of the gross domestic product. The strong vitality of the economy is most clearly felt in the bustling return of trade, vibrant tourism and improved people's lives.

Total retail sales of goods and consumer services revenue reached more than 5.1 million billion VND, up 9.5% over the same period, the highest level since the Covid 19 pandemic. The seemingly dry numbers reflect the vitality of millions of stores, supermarkets, traditional markets, and tourist areas that are bustling again. People spend more on long trips and shopping, especially on big holidays like September 2.

Ms. Nguyen Thu Oanh - Head of the Service and Price Statistics Department, General Statistics Office, Ministry of Finance said: "The total retail sales of goods and consumer service revenue contributed mainly by the accommodation and catering services group, which increased by nearly 15%, and the tourism and travel group, which increased by more than 20%. In addition, retail sales of goods maintained a fairly stable growth rate. This shows that people's consumption demand is on the recovery trend."

To continue to maintain growth momentum and promote the role of the domestic market, the Prime Minister recently issued Official Dispatch No. 179 on promoting the implementation of solutions to develop the domestic market. This directive is considered an important driving force to consolidate stimulus policies, ensuring a determined economic growth target for 2025.

Mr. Do Duc Thuan - Head of Marketing Department of S Viet AAB Company shared: "The Prime Minister's telegram 179 on promoting the consumption of Vietnamese goods is very meaningful, especially in the context of Vietnamese people currently promoting patriotism".

In addition to the task of promoting growth and stimulating consumption, controlling inflation is always an important foundation to ensure the stability and sustainability of the economy. Although inflation in the first 9 months of the year was only 3.27%, much lower than the annual target of 4.5% approved by the National Assembly, price management is still given top priority, inseparable from other macroeconomic policies such as continuing to reduce value added tax to directly reduce costs and stimulate consumption.

Mr. Johnathan Hanh Nguyen - Chairman of IPPG Group commented: "Consumers are very happy to save 2%, they stock up and have the strength to continue shopping."

The determination to maintain macroeconomic stability, control inflation and boost the domestic market demonstrates the Government's proactive and flexible management. These synchronous efforts aim to fully exploit the strong resilience of the domestic market of 100 million people, consolidating the foundation for the target of high economic growth in 2025.

Source: https://vtv.vn/suc-bat-cua-nen-kinh-te-tu-thi-truong-trong-nuoc-100251009105846758.htm