While the world faces uncertainties regarding growth, supply chain disruptions, trade conflicts, and geopolitical volatility, domestic demand serves as a "launchpad" to help Vietnam's economy maintain its growth momentum, ensure social welfare, and strengthen consumer confidence.
Total revenue from retail sales of consumer goods and services increased 10.9% year-on-year in the first six month of this year to more than 3 quadrillion VND (127 billion USD), according to the General Statistics Office (GSO).
Measures have been taken to effectively exploit the domestic market with a population of nearly 100 million to fulfil the goal of an increase of 8-9% in retail sales of goods and services, according to the Ministry of Industry and Trade (MoIT).
A strategy for developing domestic trade between 2021 and 2030 has been signed off by Deputy Prime Minister Le Van Thanh, aiming to raise domestic trade’s proportion in the country’s GDP to 15 - 15.5 percent in the next 10 years.
Domestic trade is expected to contribute about 13.5 percent of GDP by 2025, according to the Ministry of Industry and Trade’s target to effectively realise the 2021-2025 socio-economic development plan.
Domestic trade is expected to contribute about 13.5 percent of GDP by 2025, according to the Ministry of Industry and Trade (MoIT)'s target to effectively realise the 2021-2025 socio-economic development plan.
Vietnam has been interested in joining the global supply chain and management governance, which is considered an effective competitive tool for businesses to control the market, build up confidence among customers and increase profits and connectivity with global partners, said a trade official.
