Organizing consumer stimulus needs to be more practical, effective and regular.

Businesses have fewer orders, sales in the domestic market and exports have decreased sharply, so inventories have increased.

The above situation has led to some businesses having to lay off workers, reduce their work, and work at a reduced pace. As a result, workers and laborers have difficulty earning a living, and the purchasing power of this group has decreased sharply.

In the market, especially in big cities, the phenomenon of closing stores, transferring stores, shops in shopping malls and retail stores is quite common. People turn to saving, accumulating, leading to a decrease in purchasing power, this is an inevitable thing.

According to the General Statistics Office, retail sales in the first 6 months of 2023 grew by over 12%, but in terms of scale, it was only 80% of the social purchasing power of the years before the pandemic. Social purchasing power was also reduced by a number of other factors such as: The national distribution system is still flawed, especially when goods go from production to consumption through too many intermediaries. There is still a situation of price pressure from some exclusive retail chains, leading to high prices of goods.

In addition, in the domestic market, counterfeit goods, fake goods, and commercial fraud are still quite complicated and widespread, not being fundamentally prevented, causing damage to consumers and genuine manufacturers. Purchasing power is also dispersed and affected not a little.

What should we do in the face of the above situation? In the past few months, many conferences have been held to discuss solutions to stimulate consumption. Many practical initiatives have been proposed to promote support for product consumption, increase sales, and restore social purchasing power. In this article, I also boldly add and contribute ideas to stimulate consumption more practically, effectively, and regularly in the Vietnamese market:

On the government side: Continue to promote public investment in all areas to create jobs and income for workers. Implement policies to defer taxes, postpone taxes, reduce VAT and other taxes with a wider range, longer time and possibly until the end of 2024. Continue administrative reform, minimize costs for businesses, create favorable conditions for production, business and service development.

Continue to inspect and control the market, fight against smuggling and trade fraud, protect legitimate businesses and individuals, support joint ventures, promote trade, and build brands for businesses and products. Organize and consolidate the distribution system, especially traditional trade channels that have received little investment. Organize trading floors for agricultural products and foodstuffs at regional wholesale markets, ensuring transparent and public trading, without forcing prices, contributing to bringing the retail prices of some products back to reasonable and acceptable levels.

Expanding short supply chains, reducing intermediaries, goods mainly go straight from production to retail, preventing monopolies that cause damage to society, producers and consumers. In particular, for current promotions to be practical, effective and create long-term trust for consumers, retail units need to have a thoughtful and polite service plan. Promotion licensing agencies need to regularly inspect, urge, summarize and draw lessons in a substantial and serious manner for the next promotions.

After each promotion, it is necessary to quantify how much value and material benefits the units have brought to consumers, reward the units that have done well, and at the same time criticize and remind the units that are still weak. If the above basic and practical issues in the stimulus work are addressed, surely from now until the end of 2023, the consumer stimulus campaigns will be more effective, more practical and more sustainable, contributing to promoting production development again, and consumption to be more vibrant in order to contribute to the completion of the country's socio-economic plan for 2023, laying the foundation for stronger development in the following years.

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