Boosting consumption to restore growth

Ngoc Diep, who lives in Hanoi and regularly goes to the supermarket to buy necessities for her family, said that in the past, with her husband and wife's income of about 25 million VND/month, the family could spend freely. Now, in the difficult economic context, we have to calculate and only buy what is really necessary and on sale.

"Not only my family but also other families are having to consider all expenses. There are many expenses that we have to worry about, so balancing and calculating everything is very important. Currently, the prices of goods increase and decrease, some goods have stable prices, but we have to balance, calculate, and only buy what is really necessary..." - Ms. Ngoc Diep shared.

In the first six months of this year, total retail sales of goods and consumer services revenue increased by 8.6% over the same period last year, but the increase was 2.7 percentage points lower than the same period last year. This figure reflects that domestic consumer demand has recovered but remains low.

Dr. Nguyen Quoc Viet, Deputy Director of the Institute for Economic and Policy Research - University of Economics, Vietnam National University, Hanoi, said: "The growth rate of our domestic consumer goods service sector is still lower. In the general context, we focus on domestic demand, which will contribute to stimulating domestic production, especially helping domestic enterprises to be confident in investing and supporting the recovery process of domestic enterprises, small and medium enterprises... ".

Boost consumption to restore growth.

In the context of low purchasing power, supermarket systems, convenience stores, and shopping malls have implemented many stimulus programs, promotions, and discounts on many products, especially essential consumer goods.

Mr. Le Van Liem, Director of the Northern Region of the Ho Chi Minh City Union of Trading Cooperatives (Saigon Co.op) said that consumers are very interested in promotional and discount programs, so retail systems have designed diverse and rich incentive programs that closely meet the actual needs of consumers.

"We focus on essential goods for promotion... Besides the product lines with weak consumption, we have our own programs to stimulate consumer demand." - Mr. Liem said.

The domestic market still has a lot of potential to exploit, prioritizing stimulating domestic consumption is considered an important solution to contribute to GDP growth in 2024. With a population of more than 100 million people, promoting aggregate demand will help Vietnam not only grow its economy but also develop sustainably, be self-reliant and increase its resilience to external shocks.

According to vov.vn

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