According to data from the MoIT, the total retail sales of consumer goods and services in June 2024 reached an estimated VND522.1 trillion, a year-on-year increase of nine percent. In the first six months of 2024, the total retail sales of consumer goods and services exceeded VND2.06 trillion, up 8.5 percent compared to the same period last year.

In the first half of 2024, the total retail sales of consumer goods and services exceeded VND2.06 trillion Photo: Can Dung

The MoIT has implemented the national trade promotion program, focusing on developing the domestic market. According to preliminary statistics, in 2023, sales at regional fairs and exhibitions reached over VND142 billion, contributing to the sustainable development of the domestic market.

To stimulate consumption, the MoIT has organized the National Concentrated Promotion Program nationwide.

Le Hoang Tai, Deputy Director of the MoIT’s Vietnam Trade Promotion Agency, said that the program offers promotions of up to 100 percent and is organized during the year-end shopping season, interesting both businesses and consumers.

Widespread effects

The national trade promotion program has helped localities implement their trade promotion initiatives with innovative approaches and achieved significant results.

For example, the concentrated promotion program in Ho Chi Minh City with Phase 1 taking place from June 15 to September 15 is one of the key trade promotion activities. A new feature of this year’s program is that in August, the municipal Department of Industry and Trade will organize sales trips to serve low-income workers in districts, industrial zones, and export processing zones. The department will work with districts to set up local sales points, focusing on areas with a large number of workers.

In Thanh Hoa Province, trade promotion events focus on safe food products. Since the beginning of 2024, the provincial Department of Industry and Trade has coordinated with the People’s Committees of districts, communes and towns to organize four Safe Food fairs in Tho Xuan, Cam Thuy, Nong Cong and Nga Son districts. Each fair featured about 30 stalls selling a variety of products such as food, farm produce, seafood, beverages, and processed foods made by enterprises, cooperatives, and OCOP (One Commune One Product) producers inside and outside the province. Each fair lasted for 2-3 days, attracting about 4,000 buyers, with estimated sales ranging from VND300-500 million.

Demand stimulus solutions have been implemented to develop the domestic market - photo: MM Mega Market

In the city of Da Nang, tourism has resumed growth after the COVID-19 pandemic. According to Nguyen Thi Thuy Mai, Deputy Director of the Da Nang Department of Industry and Trade, the city has leveraged tourism to promote domestic trade. Da Nang has upgraded the distribution system and transformed markets into tourist attractions with diverse goods to retain visitors.

The Party and the Government have set a GDP growth target of 6-6.5 percent for 2024. To achieve this target, it is necessary to promote public investment, exports, and domestic consumption. Among these, domestic consumption is one of the most important growth drivers of the economy.

Dr. To Hoai Nam, Vice President and Secretary General of the Vietnam Association of Small and Medium Enterprises (VINASME), suggested that efforts should focus on implementing the MoIT’s projects and programs aimed at promoting the domestic market. These include programs responding to the Buy Vietnamese Goods campaign.

Additionally, it is necessary to develop a support program for the commercial service sector and the circulation of goods. The support includes tax preferences for trading businesses.

Moreover, it is essential to prevent smuggling and tax evasion, thereby creating a healthy business environment and balancing supply and demand according to market principles.