Increased goods consumption helps stimulate domestic market growth

VOV.VN - A drastic upswing in goods consumption without any shortage or price hikes during the Lunar New Year, known locally as Tet, can be considered as added leverage to the growth of the domestic market this year.

As early as the end of October, 2023, the Ministry of Industry and Trade (MoIT) urged localities and businesses to prepare plans in order to stockpile goods for Tet, the biggest festival of the year for Vietnamese people, while also launching a market stabilisation programme and strengthening market management and food safety protection.

In Hanoi, the Department of Industry and Trade reported that the total value of consumed goods during Tet surged by roughly 10% on-year to reach VND40 trillion, equal to US$1.63 billion.

Experts stated that the peak shopping season during Tet is always a push for production and business activities, thereby promoting the growth of the domestic market.

In the context that the Government is focusing on the domestic market towards an economic growth of 6.5% and inflation of 4% to 4.5% in 2024, the supply-demand connection and stimulation of domestic product consumption is key to the stable and sustainable development of the national economy over the following years,, they asserted.

Economist Ngo Tri Long said that along with speeding up public investment and removing difficulties facing businesses, it can be viewed as necessary to boost the growth of the domestic market by reducing value added tax and adjust personal and corporate income taxes in order to suit the new situation.

Long therefore advised businesses to adjust their production and business methods as a means of providing high-quality products to consumers in a fast manner at reasonable prices, while also applying promotion policies and building reputations for their brands.

Meanwhile, firms underlined the need for long-term and stable consumption stimulating policies, as well as direct support to enterprises such as cutting down land rent.

The MoIT said that in order to continue ensuring goods supply and market stability, the Ministry will keep tabs on the development of the market and prices to make timely responses, while also co-ordinating with other ministries and sectors in regulating prices of State-managed goods, including petrol. This will serve to further contribute to boosting the domestic market and stimulating the nation’s economic growth in the year ahead.

 

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