According to the Ministry of Industry and Trade, the goods market in April was more vibrant due to many holidays, increasing demand for shopping and entertainment.
Retail market in April is bustling
Prices of some food and foodstuff commodities are relatively stable thanks to abundant supply, except for the price of live pigs which has increased slightly.
Animal feed, sugar, fuel and energy groups increased and decreased alternately due to the impact of prices.
Total retail sales of goods and service revenue in April is estimated at VND522.1 trillion, up 9% over the same period last year.
The first four months of the year are estimated at VND 2,062.3 trillion, up 8.5% over the same period last year (up 13.3% over the same period in 2023).
Total import and export turnover of goods is estimated at over 238 billion USD, up 15.2%. The trade balance of goods has a surplus of 8.4 billion USD.
The index of industrial production (IIP) is estimated to increase by 6.0% over the same period last year.
The Ministry of Industry and Trade believes that despite achieving positive results, there are still potential problems that need to be monitored for timely handling.
Specifically, IIP recovery is not comprehensive (9/63 localities have decreased IIP), including key localities in industrial production such as Bac Ninh with IIP decreasing by 5.5%...
Domestic market growth is lower than the same period last year. Domestic consumer price index may increase after implementing salary reform from July 1 and adjusting electricity prices according to the new mechanism.
Although the export market has recovered, it is not yet stable. The strong exchange rate fluctuations in April have affected the import, production and export plans of enterprises.
Export prices of some agricultural products such as rice, coffee, pepper, etc. have increased sharply, helping to increase export value but potentially disrupting supply sources due to the low professionalism of businesses and suppliers.
Notably, since May, the peak of widespread heat and drought has led to a sudden increase in demand for electricity and gasoline.
Cumulative electricity output in the first four months increased by 12.3% over the same period, exceeding the high scenario of 8%-9% forecast by the end of 2023; some areas increased output by 35%-36%.
Countries diversifying supply sources outside of China, focusing on a number of partners equivalent to Vietnam such as India, Indonesia, Bangladesh increases competition in Vietnam's export markets...
To cope with the potential challenges, in the coming time, the Ministry of Industry and Trade will continue to coordinate with ministries and branches to closely monitor the market, ensuring adequate supply of essential goods to serve the people. There will be no shortage of goods or price increases.
The Ministry of Industry and Trade continues to promptly inform industry associations about developments in export markets so that businesses can promptly adjust their production plans accordingly and seek orders from markets.
Developing logistics services, supporting businesses to strongly shift to official exports associated with brand building...
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