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Consumption surge in Tết boosts domestic market growth: Experts

VIETNAM, February 20 -  

HÀ NỘI — A strong rise in goods consumption with no shortages or price hikes during the Tết (Lunar New Year) festival is considered a push for domestic market growth through the whole year.

As early as the end of October 2023, the Ministry of Industry and Trade (MoIT) urged localities and businesses to prepare plans to stockpile goods for Tết, the biggest festival of the year for Vietnamese, while launching a market stabilisation programme and strengthening market management and food safety protection.

In Hà Nội, the Department of Industry and Trade reported that the total value of goods consumed during Tết rose about 10 per cent year on year to VNĐ40 trillion (US$1.63 billion).

Experts held that the peak shopping season during Tết is always a push for production and business activities, promoting domestic market growth.

In the context of the Government focusing on the domestic market towards economic growth of 6.5 per cent and inflation of 4-4.5 per cent in 2024, the supply-demand connection and stimulation of domestic product consumption are key to the stable and sustainable development of the national economy in following years, they asserted.

Economist Ngô Trí Long said that along with speeding up public investment and removing difficulties facing businesses, it is necessary to boost domestic market growth by reducing value added tax and adjusting personal and corporate income taxes to suit the new situation.

Long advised businesses to adjust their production and business methods to provide high quality products to consumers quickly and at reasonable prices, while applying promotion policies and building reputations for their brands.

Meanwhile, businesses underlined the need for long-term and stable consumption stimulating policies as well as direct support to enterprises such as cutting down land rent.

The MoIT said that in order to continue ensuring goods supply and market stability, the ministry will keep a close eye on the development of the market and prices to make timely response, while coordinating with other ministries and sectors in regulating prices of State-managed goods, including petrol, contributing to boosting the domestic market and motivating the country’s economic growth in 2024. — VNS