Consumption surge in Tet gives a boost to domestic market growth: Experts
A strong rise in goods consumption without any shortage or price hikes during the Lunar New Year (Tet) festival is considered a push for the growth of the domestic market in the whole year.
Hanoi (VNA) – A strong rise in goods consumptionwithout any shortage or price hikes during the Lunar New Year (Tet) festival isconsidered a push for the growth of the domestic market in the whole year.
As early as the end of October, 2023, the Ministry of Industry andTrade (MoIT) urged localities and businesses to prepare plans to stockpile goods for Tet, the biggest festival in a year for Vietnamese, while launching a market stabilisation programme andstrengthening market management and food safety protection.
In Hanoi, the Department of Industry and Trade reported that the total valueof consumed goods during Tet rose about 10% year on year to 40 trillion VND (1.63billion USD).
Experts held that the peak shopping season during Tet is always apush for production and business activities, promoting the growth of thedomestic market.
In the context that the Government is focusing onthe domestic market towards an economic growth of 6.5% and inflation of 4-4.5%in 2024, the supply-demand connection and stimulation of domestic productconsumption is key to the stable and sustainable development of the nationaleconomy in following years, they asserted.
Economist Ngo Tri Long said that along with speeding uppublic investment and removing difficulties facing businesses, it is necessaryto boost the growth of the domestic market by reducing value added tax and adjust personal and corporate income taxes to suit the new situation.
Long advised businesses to adjust their production andbusiness methods to provide high quality products to consumers in a fast mannerat reasonable prices, while applying promotion policies and build reputationsfor their brands.
Meanwhile, businesses underlined the need for long-term andstable consumption stimulating policies as well as direct support toenterprises such as cutting down land rent.
The MoIT said that in order to continue ensuring goodssupply and market stability, the ministry will keep a close eye on thedevelopment of the market and prices to make timely response, whilecoordinating with other ministries and sectors in regulating prices ofState-managed goods, including petrol, contributing to boosting the domesticmarket and motivating the country’s economic growth in 2024./.
Export activities bustled on the first workday after the Lunar New Year (Tet) holiday on February 15 with many batches of goods departing for foreign markets such as the US, the EU and Australia.
The strong recovery of industrial production, the exponential rise in exports, abundant goods supply, and good revenue from services in January paint a rosy picture for the domestic industry and trade sector this year, heard an online conference held by the Ministry of Industry and Trade (MoIT) on February 16.
Ho Chi Minh City delivered assistance worth nearly 1.3 trillion VND (53 million USD) to over 1.41 million people on the occasion of the Lunar New Year (Tet) festival, its Department of Labour, Invalids and Social Affairs reported.
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Shoppers at Big C Thang Long (Photo: hanoimoi.vn) 
