Implement many programs to stimulate domestic consumption

Compared to the Government's target of GDP growth of over 8% in 2025, total retail sales of goods and services reached 12% - Illustrative photo

The Directive clearly states that in the first three months of 2025, the world political and economic situation continued to have many complex fluctuations affecting domestic and foreign commodity markets. Domestically, with the strong direction of the Government, the Prime Minister and ministries, the country's economy continued to recover and develop, the fields of investment, import-export, trade... maintained a fairly good growth momentum compared to the same period in 2024 (compared to the same period last year, in the first two months of the year, state budget investment increased by 21.7%, foreign investment increased by 35.5%, export turnover increased by 32.6%, total retail sales of goods and services increased by 9.4%).

Although the economy has achieved some initial positive results, compared to the Government's target of GDP growth of over 8% in 2025, total retail sales of goods and services reaching 12%, the growth rate of the retail market of goods and services in the first months of the year has not reached the expected level and is facing many difficulties and challenges due to the impact of foreign markets and protectionist policies of major countries in the world.

Assign retail growth targets to localities

In order to strive to achieve the Government's target of growth in the domestic retail market of goods and services, contributing to achieving the economic growth target of over 8% in 2025 in accordance with the spirit of Resolution No. 25/NQ-CP of the Government, the Ministry of Industry and Trade requests the Departments of Industry and Trade of provinces and centrally run cities, units under the Ministry, corporations, general companies, companies, and industry associations to continue to actively implement the tasks and solutions (stated in Directive No. 05/CT-TTg, Official Dispatch No. 02/CD-TTg) and at the same time strive to achieve specific growth rates:

Accordingly, Hanoi strives to increase total retail sales of goods and consumer service revenue by 18%; Hai Phong by 18%; Hai Duong by 18%; Hung Yen by 12%; Quang Ninh by 20%; Ho Chi Minh City by 18%; Da Nang by 18%...

The Directive aims to promote the development of a sustainable and modern domestic market, increase the purchasing power of the economy and stimulate domestic consumption, with a special focus on stabilizing the supply chain and ensuring the circulation of goods. The highlight is to continue to vigorously implement the Campaign "Vietnamese people prioritize using Vietnamese goods" in conjunction with trade promotion activities, connecting supply and demand of goods between localities and industries.

The Ministry of Industry and Trade requires its affiliated units to coordinate with localities and enterprises to implement a variety of stimulus programs: organizing fairs, exhibitions, Vietnamese Goods Weeks abroad, strengthening modern distribution channels, and connecting supply chains from production to consumption.

The Directive also clearly states: priority will be given to promoting domestically produced goods, especially agricultural products, regional specialties, goods from remote, mountainous and ethnic minority areas. At the same time, domestic trade promotion activities will be promoted through e-commerce and modern logistics, helping small and medium enterprises expand their markets and increase the coverage of Vietnamese brands.

Connecting manufacturers and modern distribution systems is identified as one of the key solutions. The Ministry of Industry and Trade assigns specific tasks to local departments, branches, and industry associations for synchronous implementation.

The Ministry of Industry and Trade also requested to strengthen the role of the media and press, creating a pervasive influence for stimulus programs and policies, while raising consumer awareness of domestic products. Media agencies are requested to coordinate to promote information and propaganda, encourage businesses to innovate products, improve quality, and build Vietnamese brands on the basis of sustainable values.

Over the past 10 years, the scale of modern retail in Vietnam has increased 10 times, from 2.6 billion USD to 26 billion USD. However, the market share of modern retail only accounts for about 24% of the total market share, compared to 95% in Singapore, 65% in Thailand, and nearly 40% in Malaysia. Compared to other countries in terms of market penetration, modern retail in Vietnam is still considered lagging behind. A positive sign is that Vietnamese retailers are facing a great opportunity to innovate, develop new products and take advantage of the high use of mobile devices among consumers to diversify sales methods and increase revenue.

PT

Source: https://baochinhphu.vn/trien-khai-nhieu-chuong-trinh-kich-cau-tieu-dung-noi-dia-102250404172729761.htm