A strong rise in goods consumption without any shortage or price hikes during the Lunar New Year (Tet) festival is considered a push for the growth of the domestic market in the whole year.

As early as the end of October, 2023, the Ministry of Industry and Trade (MoIT) urged localities and businesses to prepare plans to stockpile goods for Tet, the biggest festival in a year for Vietnamese, while launching a market stabilisation programme and strengthening market management and food safety protection.

In Hanoi, the Department of Industry and Trade reported that the total value of consumed goods during Tet rose about 10% year on year to 40 trillion VND (1.63 billion USD).

Experts held that the peak shopping season during Tet is always a push for production and business activities, promoting the growth of the domestic market.

In the context that the Government is focusing on the domestic market towards an economic growth of 6.5% and inflation of 4-4.5% in 2024, the supply-demand connection and stimulation of domestic product consumption is key to the stable and sustainable development of the national economy in following years, they asserted.

Economist Ngo Tri Long said that along with speeding up public investment and removing difficulties facing businesses, it is necessary to boost the growth of the domestic market by reducing value added tax and adjust personal and corporate income taxes to suit the new situation.

Long advised businesses to adjust their production and business methods to provide high quality products to consumers in a fast manner at reasonable prices, while applying promotion policies and build reputations for their brands.

Meanwhile, businesses underlined the need for long-term and stable consumption stimulating policies as well as direct support to enterprises such as cutting down land rent.

The MoIT said that in order to continue ensuring goods supply and market stability, the ministry will keep a close eye on the development of the market and prices to make timely response, while coordinating with other ministries and sectors in regulating prices of State-managed goods, including petrol, contributing to boosting the domestic market and motivating the country’s economic growth in 2024./.