During 11 months of 2025, total retail sales of goods and consumer service revenues maintained impressive growth momentum, while a series of demand-stimulation programs generated strong spillover effects, making an important contribution to the country’s GDP growth target for the year.

Consumption market leads growth

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

Hanoi has set a target of over 8% GRDP growth in 2025, while aiming for a 14% increase in total retail sales and consumer service revenues. To realise these goals, the city has rolled out a “45-day and night” campaign, stepping up digital transformation in trade, 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 is designed to move toward double-digit growth by 2026. At the same time, the city is focusing on improving the effectiveness of investment, trade and tourism promotion, as well as the program “Vietnamese people prioritise Vietnamese goods.”

Notably, the 2025 Hanoi concentrated promotion program mobilized nearly 1,000 retail outlets and more than 500 enterprises, attracting over 100,000 in-person shoppers and generating millions of online transactions. The “Hanoi Midnight Sale, a city that never sleeps” model, with discounts ranging from 70% to 100%, helped increase customer numbers by 135 - 200% and revenues by 85 - 135% at participating outlets.

In Ho Chi Minh City, total retail sales of goods and consumer service revenues over the first 11 months were estimated at over VND 1,756,842 billion; up 15.4% year on year. Retail sales of goods rose 15.3%, accommodation and food services surged 24.9%, travel services increased 24.7%, and other services expanded 11.9%.

Retail sales of goods reached VND 902,337 billion, with strong growth recorded in food and foodstuffs (19.8%), household goods (26.8%), and wood and construction materials (12.1%). Revenues from accommodation and food 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 e-commerce platforms generated positive spillover effects, lifting revenues by 10 - 20% in each promotion period. Consumer demand has increasingly shifted toward supermarkets, thanks to price stabilization and promotion programs, helping households save costs and secure supplies 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 principal growth engine, supporting GDP expansion toward the year’s end and contributing to the target range of 8.3 - 8.5%.

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

Assoc. Prof. Dr. Nguyen Thuong Lang, an expert in international economics and trade, emphasized that in the final month of the year, demand stimulation should be implemented in a coordinated manner for both households and the public sector.

For households, priority should be given to short-term measures with rapid spillover effects. For the public sector, it is crucial to accelerate public investment disbursement, particularly in infrastructure, healthcare, education, and digital transformation, thereby creating jobs, raising incomes, and stimulating private consumption.

Domestic consumption not only drives retail and services but also creates ripple effects across manufacturing, logistics, financial services, and tourism. Localities nationwide have simultaneously rolled out concentrated promotion programs, trade fairs, shopping festivals and business-to-consumer connection activities, while promoting digital transformation and e-commerce.

Since 2009, total retail sales and consumer service revenues have maintained an average growth rate of nearly 10% per year, contributing to reduced trade deficits, keeping the consumer price index below 5%, and maintaining macroeconomic stability. In 2025, the strong momentum of domestic consumption continues to provide a crucial boost to production, services and GDP growth.

Renewing traditional growth drivers and fostering new ones was highlighted by the Prime Minister as a key task at the Government’s regular meeting for November, concluded on December 6. Accordingly, the Ministry of Industry and Trade has been assigned to lead the implementation of key measures to robustly develop the domestic market, particularly e-commerce; ensure adequate supply of essential goods; intensify demand stimulation through promotions, discounts and trade fairs; and fully tap opportunities from the year-end and Lunar New Year season. 

The ministry has also been tasked with reviewing and proposing exemptions and reductions of taxes, fees and charges; strengthening the fight against smuggling and trade fraud; and submitting to the Prime Minister a proposal to establish a national trade fair steering committee before December 10, 2025.

The coordinated efforts of the Government, businesses and localities, together with promotion programs, trade facilitation, and digital transformation, have positioned domestic consumption as a central growth pillar, enabling Vietnam’s economy to accelerate 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 that the department is rolling out a range of measures to shore up consumer purchasing power. All measures are expected to contribute to achieving the city’s GRDP growth target, while ensuring adequate goods supply, market stabilization and food safety control during the year-end period of 2025 and the Lunar New Year 2026.