Promoting important growth drivers by exploiting domestic market
VOV.VN - As part of efforts to promote economic growth during the remaining quarters of the year, localities and businesses must maintain many solutions in a bid to stimulate consumption demand in order to connect and expand domestic consumption.
According to information given by the General Statistics Office (GSO), in the first quarter of this year, total retail sales of goods and consumer service revenue reached more than VND537 trillion, an increase of 8.2% over the same period from last year.
However, compared to the pre-COVID period, the increase in total retail sales and consumer service revenue during the first quarter of the year has yet to reach the level recorded before the pandemic.
Specifically, the increase in total retail sales and consumer service revenue in the first quarter of the year dropped by 3.3 percentage points compared to the average increase recorded in the 2015 to 2019 period, which was a low growth rate compared to the pre-pandemic period.
As part of efforts to support businesses, it can be considered necessary to pay attention to the domestic market as the main driver to ensuring the national economy has a solid development foundation, Associate Professor, Dr. Tran Dinh Thien, economic expert recommended.
In fact, recent surveys conducted by several market research organizations show that Vietnamese consumers are more cautious with their spending habits. In fact, they tend to cut down unnecessary spending, focusing on essential goods such as food and cosmetics to serve daily needs.
Associate Professor, PhD. Phan Chi Anh, director of the Center for Business Administration Research from the University of Economics, emphasized that firms need to closely monitor trends and promptly adapt to be able to maintain competition in the ever-changing market context.
To increase overall operational efficiency within the domestic market, many economic experts recommend that businesses move to proactively diversify products which offering competitive prices, thereby creating solid links to have the most reasonable costs at all stages, while reaching consumers both quickly and effectively.
Mac Quoc Anh, vice president and general secretary of the Hanoi Association of Small and Medium Enterprises and director of the Institute of Economics and Enterprise Development, said that if businesses fail to control quality then it will be difficult to access the market.
Moving forward, the Ministry of Industry and Trade will seek to integrate domestic trade promotion activities with consumer stimulation schemes, with priority given to the development of modern commercial and digital platforms.
Cashless payment methods and e-commerce will be encouraged, with a specific focus on using digital technology to trace the origin of goods, as well as building new retail methods to meet consumer demand.
The Ministry of Industry and Trade is in the process of accelerating the implementation of the Domestic Trade Development Strategy to 2030 with a vision towards 2045 and related programs, including the Domestic Market Development Project associated with the "Vietnamese people priotize using Vietnamese products" in the 2021 to 2025 period.
