Statistics from the Ministry of Industry and Trade showed the total retail sales and services of over 248,5 million USD in 2023, a 9.6% increase compared to 2022, surpassing the government's expectations. However, for the entire 2021-2023 period, the total retail sales and services grew by approximately 7.2%, which is lower than the 13-13.5% target set by the domestic trade development strategy.
Businesses are also facing difficulties in preparing resources, especially finances, to implement promotional programs aimed at stimulating the market.
Changes in consumer preferences and trends, along with the rise of cross-border e-commerce, are also creating further challenges.
The Ministry of Industry and Trade is currently studying a proposal to boost domestic consumption and promote domestic trade, with a focus on several key solutions.
The ministry will also support and resolve difficulties and obstacles for businesses in the wholesale and retail sectors. It will encourage localities to scale up production, connect different stages in the supply chain to enhance supply capacity, reduce costs, and stimulate the domestic market to use Vietnamese products./.
