Will total retail sales of goods and consumer service revenue reach the target by 2024?

The target for total retail sales of goods and consumer service revenue in 2024 is set to increase by 9% over the same period. The figure achieved after the third quarter was 8.8%.

Total retail sales of goods and consumer service revenue increased, but not significantly.

According to the latest report of According to the General Statistics Office, recently, the recovery of domestic consumption and production demand along with the strong growth of tourism has contributed positively to the growth of the trade and service sector in the first nine months of this year.

Accordingly, the total level retail Estimated retail sales of goods and consumer services at current prices in September reached VND535.8 trillion, up 7.6% over the same period last year, of which: Revenue from food and foodstuffs increased by 10.6% and accommodation and catering increased by 7.9%. In the third quarter of 2024, the total retail sales of goods and consumer services at current prices were estimated at VND1,591.0 trillion, up 1.7% over the previous quarter and up 8.4% over the same period last year.

Total retail sales of goods and consumer services revenue increased by 8.8% in 9 months (Photo: Can Dung)

In the first 9 months of 2024, the total retail sales of goods and consumer service revenue at current prices is estimated at VND 4,703.4 trillion, up 8.8% over the same period last year (the same period in 2023 increased by 10.1%), if excluding price factors, it increased by 5.8% (the same period in 2023 increased by 7.6%).

Thus, total retail sales of goods and consumer service revenue still increased, but not as much as in the first months of the year. Part of the reason was that Typhoon Yagi had a strong impact on production and consumption in recent times, causing people's demand to no longer maintain a strong growth rate.

In addition, the economy has not really recovered, causing consumer demand to be low. Evidence for this is that in the structure of total retail sales of goods and consumer service revenue, retail sales of goods in the first 9 months of 2024 are estimated at VND 3,630.2 trillion, up 7.9% over the same period last year (excluding the price factor, which increased by 5.4%). This is an important factor in total retail sales of goods and consumer service revenue.

In fact, since the beginning of 2024, Quang Ninh has also organized 1 national trade promotion program; 2 provincial 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 in the province... to stimulate consumption of "Made in Quang Ninh" products.

In Ho Chi Minh City, recently, the Department of Industry and Trade of Ho Chi Minh City has implemented many programs to stimulate consumption. domestic market, product promotion to promote domestic market development.

Strengthening consumer demand

According to experts, the target of total retail sales of goods and consumer service revenue increasing by 9% can be achieved, but appropriate stimulus policies are needed.

Accordingly, in order to stimulate domestic consumer market, boost production and business activities, and contribute to economic recovery in the last months of the year, the Ministry of Industry and Trade has issued Decision No. 2245QD-BCT on organizing the "National Concentrated Promotion Program 2024 - Vietnam Grand Sale 2024". The program is expected to take place from December 2, 2024 to December 31, 2024. Vietnam Grand Sale 2024 is organized simultaneously nationwide by the Trade Promotion Agency as the focal point, in coordination with relevant units of the Ministry of Industry and Trade; Departments of Industry and Trade of provinces and centrally run cities; associations, industries; relevant enterprises and organizations.

Along with the National Concentrated Promotion Program, localities are also actively implementing stimulus solutions at the provincial and city levels. For Hanoi, after 2 rounds of concentrated promotion programs held in May and July, the year-end program will take place in November 2024. The discount and promotion levels in these programs can be up to 100%.

The event will attract 1,000 - 2,000 businesses from all economic sectors to participate. Thereby, creating conditions for businesses to stimulate demand, consume products, reduce inventory and serve the shopping needs of the capital's people, contributing to the capital's economic growth, especially in the field of trade and services. Together with ministries, branches and localities, in order to promote consumption in the last months of the year, currently, distributors are making efforts to launch incentive programs, increase product promotion to stimulate consumption in the last months of the year.

In addition, the Department of Industry and Trade of Ho Chi Minh City has also announced the market stabilization program at the end of 2024 and Tet At Ty 2025. This year's program is expected to attract 69 key enterprises to participate, an increase of 10 enterprises compared to 2023. The program has also expanded, adding many groups of products such as: Salt, drinking water to the group of essential food and food products; adding electronic equipment products for studying (laptops, desktop computers, inkjet printers, laser printers...) to the group of products for studying; adding groups of essential consumer goods such as dishwashing liquid, floor cleaner, laundry detergent, detergent, paper towels, biodegradable garbage bags...

In the coming time, to continue developing the domestic market, stimulating consumption of domestic products, the Department of Industry and Trade of Quang Ninh will also promote coordination with departments, branches and localities to improve the investment and business environment and manage product markets; develop distribution enterprises, link goods circulation with production, promote linkages of product and goods supply chains; develop trade infrastructure systems; develop e-commerce, types of trade based on digital platforms; develop and improve the quality of human resources. At the same time, promote information, propaganda, and provide information to forecast market share trends to support businesses to promptly respond to adverse market fluctuations; promote the application of science and technology to develop trade in the province.

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