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Saturday, July 13, 2024

Retail sales of goods and services seen growing 8-9%

By T. Huy

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HCMC – Vietnam’s trade sector is set to achieve 8-9% growth in retail sales of consumer goods and services this year.

At the 2023 conference on domestic production and consumption promotion and export market expansion yesterday, Minister of Industry and Trade Nguyen Hong Dien said the supply of materials and fuels for production and consumption has stabilized in the year till now.

However, the index of industrial production, commerce and export-import in January declined over the last month and the same period last year. Production and export showed signs of sluggish growth with limited participation of domestic enterprises in global supply chains and exports relying much on FDI.

Given the challenges ahead, the Ministry of Industry and Trade has been told to ensure a stable supply of necessary commodities and curb inflation under 4.5% as set by Resolution 01 of the Government.

The ministry needs to enhance local product consumption and apply virtual platforms to ensure the smooth delivery of goods and services to customers, Prime Minister Pham Minh Chinh said at the conference.

To realize growth of 8-9%, the ministry proposed measures including expediting finalizing legal documents to effectively manage trading activities.

The ministry also seeks to carry out the strategy for domestic trade development by 2030, with a vision toward 2045, factor local trade promotion activities into consumption stimulus programs and conduct market stabilization schemes.

The ministry will assist localities and business associations to make the most of free trade agreements to diversify markets, supply chains and facilitate trade.

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