In the 11 months of 2025, total retail sales of goods and consumer service revenues maintained impressive growth momentum. Demand-stimulus programmes have generated strong spillover effects, making an important contribution to achieving this year’s GDP growth target.

Consumer market leads growth

According to the Hanoi Department of Industry and Trade, in the 11 months of 2025, total retail sales of goods and consumer service revenues in the capital reached VND 877.2 trillion, up 13% year on year. Of this total, retail sales of goods amounted to VND 549 trillion, accounting for 62.6% and increasing by 12%.

Hanoi has set a target of GRDP growth of over 8% in 2025, while striving to raise total retail sales and consumer service revenues by 14%. To realise these goals, the city has launched a “45 days and nights” campaign, stepping up digital transformation in commerce, promoting supply-demand linkages and strengthening consumer protection, both offline and in the digital space.

Nguyen The Hiep, Deputy Director of the Hanoi Department of Industry and Trade, said the campaign aims to lay the groundwork for double-digit growth in 2026. At the same time, the city is focusing on improving the effectiveness of investment, trade and tourism promotion, alongside the “Vietnamese people give priority to Vietnamese goods” programme.

Notably, the 2025 Hanoi concentrated promotion programme mobilised nearly 1,000 retail outlets and more than 500 businesses, attracting over 100,000 in-person shoppers and millions of online transactions. The “Hanoi Midnight Sale - Hanoi sleepless night” model, with discounts ranging from 70% to 100%, helped increase customer traffic by 135%–200% and boost revenues by 85% - 135% at participating outlets.

In Ho Chi Minh City, total retail sales of goods and consumer service revenues in the first 11 months were estimated at VND 1,756.842 trillion, up 15.4% year on year. Retail sales of goods rose by 15.3%, accommodation and catering services by 24.9%, travel services by 24.7%, and other services by 11.9%.

Retail sales of goods reached VND 902.337 trillion, recording strong growth in food and foodstuffs (19.8%), household appliances (26.8%), and wood and construction materials (12.1%). Revenues from accommodation and catering services were estimated at VND 207.001 trillion, up 24.9%.

Major promotion campaigns such as Black Friday and Mega Sale at shopping malls and on e-commerce platforms generated positive spillover effects, lifting revenues by 10% - 20% per promotion period. Consumption has increasingly shifted toward supermarkets thanks to price stabilisation and promotion programmes, helping consumers save costs and ensuring supply amid food price fluctuations caused by natural disasters.

Domestic consumption, a key driver of GDP growth

According to the General Statistics Office under the Ministry of Finance, total retail sales of goods and consumer service revenues nationwide in the first 11 months of 2025 were estimated at VND 6,377.7 trillion, up 9.1% year on year. Excluding price factors, growth still reached 6.8%. Domestic consumption has emerged as the main growth engine, supporting GDP expansion toward the end of the year and contributing to the achievement of the 8.3% - 8.5% target.

The Ministry of Industry and Trade has activated the 2025 national concentrated promotion programme from December 1, 2025 to January 18, 2026, applicable to all businesses, with maximum promotion rates of up to 100%. These programmes not only help enterprises reduce inventories and expand production, but also generate strong nationwide consumption spillovers.

Nguyen Thuong Lang, Associate Professor and Doctor, an expert in economics and international trade, noted that in the final month of the year, it is necessary to synchronously stimulate consumption from both households and the public sector. For households, priority should be given to short-term solutions with rapid spillover effects. For the public sector, accelerating public investment disbursement, particularly in infrastructure, healthcare, education and digital transformation, will create more jobs and income, thereby promoting private consumption.

Domestic consumption not only boosts retail and services, but also creates ripple effects across manufacturing, logistics, financial services and tourism. Localities nationwide have rolled out concentrated promotion programmes, trade fairs, shopping festivals and business-to-consumer connectivity initiatives, while accelerating digital transformation and e-commerce development.

From 2009 to the present, total retail sales and consumer service revenues have maintained an average growth rate of nearly 10% per year, contributing to reduced trade deficits, keeping CPI below 5% and maintaining macroeconomic stability. In 2025, the strong rebound in domestic consumption has continued to provide an important boost to production, services and GDP growth.

Renewing traditional growth drivers while promoting new ones is among the key tasks emphasised by the Prime Minister at the conclusion of the Government’s regular meeting for November, held on December 6. Accordingly, the Prime Minister assigned the Ministry of Industry and Trade to take the lead in implementing key solutions to strongly develop the domestic market, especially e-commerce; ensure the supply of essential goods; intensify demand stimulation through promotions, discounts and trade fairs; and fully capitalise on opportunities during the year-end and Lunar New Year period. The ministry was also tasked with reviewing and proposing tax, fee and charge exemptions and reductions, strengthening efforts to combat smuggling and trade fraud, and submitting a proposal to the Prime Minister on the establishment of a national trade fair steering committee before December 10, 2025.

The close coordination among the Government, businesses and localities, together with promotion programmes, trade facilitation and digital transformation, has turned domestic consumption into a core growth axis, helping Vietnam’s economy gain strong momentum in the final months of 2025. This clearly demonstrates the decisive role of the domestic market in maintaining stability and promoting sustainable economic growth, contributing to the realisation of the GRDP and GDP targets set by the Government.

Nguyen The Hiep, Deputy Director of the Hanoi Department of Industry and Trade, said: “The department is rolling out a range of measures to strengthen consumer purchasing power. All these measures will contribute to achieving the city’s GRDP growth target, while ensuring adequate goods supply, market stabilisation and food safety during the year-end period of 2025 and the 2026 Lunar New Year.”