As a result of numerous promotional initiatives, retail sales are recovering strongly.

DNHN - To diversify markets, products, and supply chains, the Minister of Industry and Trade stated that the Ministry has implemented numerous solutions, including negotiating and signing trade agreements, commitments, and new trade links. In response,...

Vietnam is currently experiencing a gradual recovery in its economic situation. In recent months, there has been a notable resurgence in retail sales of goods, particularly in sectors such as accommodation services, dining, travel and tourism, and household appliances and appliances. To ensure the development and maintenance of this growth, however, effective policies and measures to stimulate consumer demand are required.

In addition to increasing taxes on consumer goods and services, the government has implemented numerous measures to directly encourage individuals to consume, such as reducing interest rates and personal income taxes, increasing promotions, and decreasing prices of consumer goods and services. assistance with social security and consumer loans. Furthermore, price reductions on consumer goods exert a favourable influence on individuals' spending psychology, thereby stimulating consumption and augmenting overall consumer demand within the economy.

In addition, the Ministry of Industry and Trade advocated for the implementation of market stabilisation programmes, the development of a goods reserve plan, and the close monitoring of market developments and the supply of essential goods. Organising programmes to link local supply and demand will concurrently aid organisations seeking to expand their distribution channels and enter new markets.

Furthermore, fostering business engagement in the domestic market and generating spillover effects are key objectives that can be achieved through the implementation of domestic consumer stimulation programmes, such as the National Concentrated Promotion Month. In every domain, to invigorate the domestic consumer market.

Additionally, the General Statistics Office reported that retail sales of goods and consumer services experienced a 7% growth rate compared to the corresponding period in the previous year. Furthermore, when price increases were accounted for, this growth rate remained at a noteworthy 9.4%. This demonstrates a positive outlook regarding the economic recovery and the subsequent rise in domestic consumption.

The Minister of Industry and Trade stated that the Ministry has implemented numerous solutions to assist export businesses, including the negotiation and signing of trade agreements, commitments, and trade links. to increase supply chain, product, and market diversity.

The Ministry of Industry and Trade maintains specialised agencies that assist businesses to enable them to benefit from commitments made in free trade agreements (FTAs), disseminate rules of origin, and issue Certificates of Origin (C/O). Additionally, in collaboration with the Ministry of Agriculture and Rural Development, the Ministry coordinated negotiations with China to expand export markets for the following fruits and vegetables: avocado, melon, star apple, green-skinned grapefruit, and fresh coconut.

The Ministry also guides businesses on how to respond to trade defence lawsuits and enhances early warning systems; it ensures that associations and businesses are promptly notified of new market information, regulations, and requirements.

P.V (t/h)