With purchasing power gradually recovering and new policies aimed at stimulating consumption, the domestic market is expected to drive economic growth in the new year.
The Hanoi People's Committee has released a plan for citywide promotional activities in 2024 to stimulate demand and boost sales.
The program, which will take place in May, July and November, will involve around 1,000-2,000 businesses from all sectors nationwide.
The plan aims to increase total retail sales of goods and services, promote the consumption of goods, improve production and business activities, and contribute to the growth of the Gross Regional Product (GRDP) in 2024.
Local consumers shop at the Big C supermarket in Hanoi's Cau Giay district. Photo: Pham Hung/The Hanoi Times |
The program is a concrete step toward realizing the "Vietnamese People Buy Vietnamese Goods" campaign so that domestic and foreign tourists can buy quality goods at reasonable prices.
At the same time, Hanoi will continue to remove difficulties, develop diverse and intelligent business types in line with the development of e-commerce, aim for an intelligent consumer market and faster connection between businesses and consumers, contribute to economic growth in the industry, trade, services and tourism, stabilize prices and the market, control inflation, and ensure social security in the capital.
The Hanoi Department of Industry and Trade is responsible for considering and approving companies participating in the promotional scheme.
"If businesses can meet the demand of a domestic market of 100 million people, they will gain the ability to withstand the impact of adverse external factors," the department's Deputy Director Tran Thi Phuong Lan told The Hanoi Times.
She added that with purchasing power gradually recovering and new policies aimed at stimulating consumption, the domestic market is expected to serve as a driver of economic growth in the new year.
"It is necessary to grasp domestic consumption trends to promote production and other economic activities to achieve a high growth rate," said the Deputy Director.
To stimulate domestic consumption, the Vietnamese government has introduced policies to boost production, business and consumption. In particular, the 2% reduction in value-added tax (VAT) from 1 July 2023 has contributed significantly to stabilizing the prices of many goods.
Lan said the policy has helped companies cut input costs to lower goods prices and step up promotional activities to boost sales.
The increase in the basic wage from July 1 is also encouraging consumption. In addition, the reduction, exemption and extension of payment deadlines for many fees, levies and taxes have also helped reduce enterprises' expenses.
A number of programs to support product promotion and connectivity have also been implemented to help businesses minimize costs and, consequently, selling prices, Lan added.
She stressed that more measures should be taken to connect producers with consumers to cut inventory and other costs and encourage Vietnamese to prioritize locally produced goods.
Other News
- Hanoi upholds great national unity bloc
- Hanoi to auction 36,000 trees damaged by Super Typhoon Yagi
- Elite firefighting and rescue teams set up in Hanoi
- Hanoi steps up efforts to combat smuggling and trade fraud
- Hanoi administers more vaccine doses to residents
- Hanoi promotes sustainable artisan production
- Hanoi secures supply of goods in late 2024
- Food safety in and around schools strengthened in Hanoi
- Hanoi addresses gender disparity in fertility
- Hanoi protects students from toxic food at school gates
Trending
-
Vietnam, Hesse (Germany) promote high-tech cooperation
-
Vietnam news in brief - November 28
-
PM approves nine-day Lunar New Year holiday to boost tourism
-
Christmas in Vietnam: A blend of Western cheer and local charm
-
Hanoi's Pho declared national intangible heritage
-
Finding ways to unlock Hanoi's suburban tourism potential
-
Hang Ma Street gears up for festive season
-
A Hanoi artisan turns straw into appealing tourism product
-
“Look! It’s Amadeus Vu Tan Dan” workshop - an artistic journey for kids