Vinh Phuc (VNA) – The northern province of Vinh Phuc is aiming for an average nearly 11 percent growth per year of the commercial and service sector in the 2021-2025 period while developing a modern network of commercial and service facilities.

According to Deputy Director of the provincial Department of Industry and Trade Nguyen Ngoc Phi, total goods retails and services revenues of the province during 2015-2020 were estimated at over 260 trillion VND (11.23 billion USD at current exchange rate), with an annual growth rate of 10 percent.

The figure is expected to increase to 410 trillion VND in the five following years.

Along with economic growth, local people’s living conditions have improved, stimulating demands for modern retail models such as supermarkets or convenient stores.

Phi attributed the good growth in trade and services to local administration’s policies and mechanisms that were designed to facilitate the engagement of all economic sectors in trading and service activities. The province has also invested in infrastructure for trade and services such as markets and stores.

Vinh Phuc has approved a trade development master plan and another on the network of markets, supermarket and trading centres in the province to 2020 with a vision to 2030, which were in accordance with its socio-economic development plans.

The province encouraged the development of modern retail forms such as shopping centres, chains of convenience stores and e-commerce, thus facilitating local residents’ access to modern commercial channels.

At the same time, the network of traditional markets will be maintained and upgraded.

A priority in the province’s policies is to promote the application of information technology and scientific-technological advances in financial, credit, insurance, taxation, payment and trade services, thus enhancing the quality of those services. /.