Total retail sales of goods and consumer services revenue in July increased by 9.4% over the same period, contributing to the total value in 7 months exceeding 3.6 million billion VND.
Domestic demand has increased over the months, showing that the total demand of the economy is increasing. This is the driving force for production and business.
Revenue from accommodation and catering services in the first 7 months reached over VND420,000 billion, up over 15% over the same period last year. Of which, Hanoi increased by over 11%, while key tourist localities such as Quang Ninh and Da Nang increased by 23-25%, contributing to maintaining high growth rates in the domestic market.
Where there is demand, there is supply, so the growth in domestic market demand will be the driving force for the economy, especially at the end of the year due to the nature of the holiday season, market demand increases at the end of the year.
In recent times, solutions such as tax reduction and expansion credit consumption, continued institutional reform has had an impact on promoting the domestic market, thereby spreading and supporting production and business enterprises.
Ms. Dinh Thi Thuy Phuong - Director of the Department of Trade and Service Statistics, General Statistics Office said: "The Government's decision to reduce value added tax from 10% to 8% and bring the Law on Prices into effect will contribute to stabilizing commodity prices, achieving the target of total GDP growth. retail goods in 2024 increased by 9%".
While other growth pillars need time to spread, boosting consumption is the fastest, least costly solution but has the potential to be the most effective. Therefore, prioritizing stimulating domestic consumption is considered an important solution to reach GDP target this year.
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