Speaking at a meeting to implement a consumer stimulus program to promote domestic trade and exports, Head Phan Van Chinh of the Domestic Market Department under the Ministry of Industry and Trade stated that from 2021 to now, the total retail sales of goods and services have increased by an average of about 7.2 percent per year, much lower than the sector’s target of 13 percent -13.5 percent per year.
According to the Ministry of Industry and Trade, although the total annual retail sales and the first six months of 2024 still show positive signs, the growth rate has fallen short of expectations.
This reality will affect the contribution ratio of domestic trade to the growth of the service sector and the overall GDP of the country.
The Ministry of Industry and Trade has coordinated with localities, relevant units and large distribution enterprises to implement many activities to promote the market, connect supply and demand, and support businesses and consumers to buy, and exchange goods.
Moreover, the Ministry has strengthened the implementation of activities to provide market analysis and forecasting information to improve business efficiency, consume agricultural products in the domestic market and support Vietnamese products to participate in the distribution chains of foreign enterprises in the domestic and foreign markets.
To continue maintaining and promoting the domestic market and supporting exports, the Ministry of Industry and Trade urgently requests an assessment of the situation, trend forecasting, and timely proposals to immediately implement urgent and practical solutions to stimulate social consumption.
