Need to reduce prices of goods to stimulate consumption

ANTD.VN - Stimulating domestic consumption is considered an important solution to boost economic growth in 2023 when export growth slows down and many businesses face a shortage of orders...

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Need to reduce taxes and prices of goods to stimulate consumption

According to Ms. Nguyen Thi Huong - General Director of the General Statistics Office, in addition to solutions to stimulate investment, promote exports, and maintain a sustainable trade surplus, stimulating consumption is also an important contribution to promoting growth in the last months of 2023.

Stimulating consumption is considered an effective solution when export growth slows down and many businesses face a shortage of orders...

To stimulate consumption, the General Statistics Office leader said that the Government, ministries, sectors and localities need to implement synchronous solutions such as: reducing consumer goods prices; adjusting salaries; reducing personal and corporate income taxes; increasing consumer loans, at the same time implementing debt deferral and increase social security support, especially direct subsidies for the poor, expanding unemployment insurance, reducing tuition and hospital fees.

At the same time, implementing the VAT reduction policy to stimulate consumers to shop more, manufacturing and trading enterprises will have better capital turnover. The 2% VAT reduction on raw materials, spare parts, equipment, etc. will help reduce input production costs, leading to lower product prices, thereby helping businesses share difficulties with consumers. This policy also has a reciprocal impact to help businesses recover production and business due to increased consumer demand.

In addition, it is necessary to boost domestic purchasing power, effectively implement domestic market trade promotion programs, promote the distribution of goods through digital platforms and e-commerce to expand domestic consumption; encourage Vietnamese people to prioritize using Vietnamese goods;

The General Statistics Office also noted the need to closely monitor developments in supply and demand, prices, and markets of essential goods to manage appropriately and effectively, ensuring the supply of electricity and gasoline for the market in all situations.

According to the General Statistics Office, in the first 8 months of 2023, the total retail sales of goods and consumer service revenue at current prices is estimated at VND 4,043.9 trillion, up 10% over the same period last year, and up 7.7% if excluding price factors.

However, GDP growth in the first 6 months of 2023 is still lower than the target set in Resolution No. 01/NQ-CP (6.2%). Therefore, achieving the growth target of 6.5% in 2023 will be a huge challenge in the context of the world economy continuing to face many risks and the internal weaknesses of Vietnam's economy, requiring more efforts from the Government, ministries, branches, and localities along with the consensus and determination of the business community and people.

Currently, businesses are facing a series of difficulties. Import and export activities have also decreased and are negatively affected by the difficulties of the world economy. In the first 8 months of 2023, the total import and export turnover reached 436.44 billion USD, down 12.8% over the same period last year, of which exports reached 228.17 billion USD, down 9.8%; imports reached 208.27 billion USD, down 15.9%.

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