However, exchange rate volatility, rising input prices and inflationary pressure require sustainable measures to maintain growth momentum.

Domestic market maintains strong growth momentum

According to the Ministry of Industry and Trade’s (MoIT) report on industrial and commercial performance in September 2025, the domestic market entered a vibrant phase as consumer demand surged during the back-to-school season and the National Day holiday.

Retailers nationwide launched large-scale promotion campaigns, expanded distribution systems and organized in-store experiences, creating a lively shopping atmosphere from urban to rural areas.

Preliminary estimates show that total retail sales of goods and services in September reached over VND 598 trillion, up 2% month-on-month and 11.3% year-on-year. In the first nine months, the figure exceeded VND 5.1 quadrillion, marking a 9.5% increase compared with the same period last year. Notably, tourism and travel services grew by 20.5%, reflecting the robust recovery of the service sector after the pandemic.

The MoIT report also highlighted that several localities continued to post higher-than-average growth, including Da Nang, Can Tho, Hanoi, Ho Chi Minh City and Hai Phong. In major cities, modern retail channels accounted for an increasing share, while rural areas also recorded significant improvements in purchasing power, especially for essential goods and processed agricultural products.

However, the domestic economy still faces multiple challenges. Three major storms, along with flash floods and landslides in northern mountainous areas, disrupted supply chains. Meanwhile, rising import prices and unfavorable exchange rate fluctuations have pushed up production costs, exerting pressure on consumer prices.

Inflationary pressure tended to increase toward the end of the third quarter, particularly as prices of luxury goods and precious metals reached record highs. Nevertheless, thanks to the flexible management of the Government and the State Bank of Vietnam, the consumer price index has been kept below the target, ensuring room for fiscal and monetary policies to support growth in the remaining months of the year.

The stock market continued its recovery with improved liquidity, while total social investment rose as both public investment and private sector capital were boosted. The supply of essential goods, particularly food and foodstuffs, remained stable, contributing to positive consumer sentiment.

Despite intertwined risks and opportunities, the solid macroeconomic foundation and the Government’s adaptive policy direction are providing a strong boost for the domestic market in the final stretch of 2025.

Ensuring market stability and sustainable demand

To maintain growth momentum and stabilize the market, the MoIT has proactively developed mechanisms and policies to remove obstacles and enable enterprises to maximize their advantages in production, domestic distribution and export.

The Ministry will effectively implement key programs such as the Trade Development Program for Mountainous, Remote and Island Areas, the Border Trade Infrastructure Development Program through 2030, and the Domestic Market Development Project associated with the “Vietnamese People Prioritize Vietnamese Goods” campaign for 2020 - 2025.

In addition, the MoIT will coordinate with local Departments of Industry and Trade to monitor and manage the operation of shopping centers, supermarkets and markets, and supervise business activities related to tobacco, alcohol and food safety.

The Ministry will also continue to closely follow the production of the two domestic refineries, fuel imports and consumption to ensure stable supply in the domestic market.

Another key focus is strengthening inspection and supervision. Market surveillance forces across the country are directed to strictly handle violations related to smuggling, counterfeit goods and e-commerce fraud, particularly concerning food, pharmaceuticals and essential commodities.

The Ministry has instructed local departments and functional units to stay closely informed of market developments, enhance data collection and analysis on supply-demand trends and prices, and step up communication efforts against smuggling and trade fraud. At the same time, the MoIT is reviewing and proposing amendments to the regulations on the functions and inspection authority of market management and enforcement agencies.

The MoIT will also coordinate with local departments to lead specialized inspection teams overseeing licensing, production, trading and goods circulation. Working groups will collaborate with provincial Departments of Industry and Trade, especially in key localities such as Hanoi, Lang Son, Quang Ninh and Hai Phong, to promptly address difficulties and report solutions to competent authorities.

Results achieved in the first nine months of 2025 show that the domestic market has remained a key pillar of economic stability while serving as a dynamic growth space that creates new opportunities for both enterprises and consumers.

Sustaining retail growth above 9%, keeping inflation below the target and maintaining solid purchasing power in both urban and rural areas are clear indicators of the Government’s and the MoIT’s proactive and flexible management.

From now until the end of the year, market management will continue to focus on ensuring sufficient supply, stabilizing prices, protecting consumers and fostering a transparent and stable business environment. With the concerted efforts of local authorities, enterprises and citizens, the domestic market is expected to maintain its strong momentum and contribute positively to Vietnam’s overall economic goals for 2025.

Statistical indicators in industry and trade confirm continued macroeconomic stability. The three main economic sectors have shown clear improvement; major production balances are maintained; import and export turnover is rising strongly; and the supply of essential goods remains secured. These achievements further strengthen confidence in Vietnam’s potential for a robust economic breakthrough in the final months of the year.