Domestic spending stimulus fuels post-pandemic economic growth

Hanoi is promoting stimulus programmes to enhance domestic consumption. (Photo: VietnamPlus)

Hanoi (VNA) – The “Vietnamese People Prioritise Vietnamese Goods” campaign has affirmed its role in boosting economic growth, particularly when local firms are facing formidable challenges caused by the COVID-19 pandemic.

A myriad of stimulus programmes have been carried out in the past time in Hanoi, aiming to achieve a gross regional domestic product (GRDP) growth of 7.5 percent in 2021. 

According to Tran Thi Phuong Lan, Acting Director of the municipal Department of Industry and Trade, the city has directed competent authorities and departments to support production facilities and enterprises during this tough time so as to complete the set economic development targets.

Lan said her department has worked with suppliers across the nation to provide opportunities for residents to purchase high-quality products at good discount in the end of the year.

The move contributed significantly to the “Vietnamese People Prioritise Vietnamese Goods” campaign, she added.

Meanwhile, Director of Co.opmart Ha Dong Nguyen Thi Kim Dung said a glut of agricultural products have hit the shelves at Co.opmart for a long time, serving the locals’ increasing demands for regional staples.

Co.opmart will further expand cooperation with businesses and cooperatives to bring more high-quality farm produce to the consumers in Hanoi, Dung stressed.

The local industry and trade sector is sharpening focus on designing promotion programmes, in which enterprises will receive support to offer good-quality products and services to local people, as well as domestic and international visitors.

The municipal Department of Industry and Trade will organise five Vietnamese Goods weeks in 2021. (Photo: VietnamPlus)

In a bid to stimulate domestic spending, the department will carry out the “One Commune, One Product” programme in an effective manner, Lan said, adding five “Vietnamese Goods” weeks with the presence of 100 booths selling farm produce, leather shoes, garment and textile, consumption goods will be held in the city in 2021.

“The city is calling for investment to develop trade infrastructure, upgrade market chain, as well as branch out modern retail system to better serve the needs of the locals. Besides, the city will enhance the application of information technology into business and production management, while supporting enterprises to form supply chain in the city”, Lan stated.

President of the Vietnam Chamber of Commerce and Industry Vu Tien Loc held that when enterprises see it difficult to find markets for their products, the “Vietnamese People Prioritise Vietnamese Goods” campaign is practical to back up local firms.

However, besides support from local authorities and management agencies, enterprises must develop good-quality products with competitive prices, and offer sound post-sale services, Loc pointed out.

A recent survey on 10 years of the campaign “Vietnamese people prioritise Vietnamese goods” revealed 88 percent of Vietnamese were interested in the campaign.

Sixty-seven percent of respondents said they would buy Vietnamese goods, 52 percent said they recommended relatives buy Vietnamese goods and 36 percent said they had shifted from buying foreign goods to domestic ones./.