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Vietnam’s trade sector is set to record 8-9% growth in retail sales of consumer goods and services this year.
Speaking at the 2023 conference on promoting domestic production and consumption and expanding the export market yesterday, Industry and Commerce Minister Nguyen Hong Dien said supplies of materials and fuels for production and consumption have stabilized year-to-date.
However, the index of industrial production, trade and export-import in January fell over the past month and the same period last year. Manufacturing and exports showed signs of sluggish growth with limited participation of domestic firms in global supply chains and exports heavily dependent on FDI.
Given the challenges ahead, the Department of Industry and Commerce has been tasked with ensuring a stable supply of necessary raw materials and keeping inflation below 4.5% as set out in Government Resolution 01.
The ministry should boost local product consumption and adopt virtual platforms to ensure smooth delivery of goods and services to customers, Prime Minister Pham Minh Chinh said at the conference.
To archive the 8-9% growth, the ministry proposed measures including speeding up the finalization of legal documents to effectively manage trading activities.
The ministry also aims to implement the strategy for the development of domestic trade by 2030, with a vision of 2045, integrate local trade promotion activities into consumption stimulation programs and implement market stabilization programs.
The ministry will help locals and business associations make the most of free trade agreements to diversify markets and supply chains and facilitate trade, the Saigon Times reported.
