The Ministry of Industry and Trade (MoIT) said total retail sales of goods and consumer service revenue of agencies and enterprises during January - June rose 8.6 per cent to over 3 quadrillion VND (118 billion USD). Localities with strong revenue increases included Quang Ninh (9.5 per cent), Hai Phong (9 per cent), Da Nang (7.8 per cent), Can Tho (7.6 per cent), Hanoi (6.6 per cent) and Ho Chi Minh City (6.3 per cent).

Saigon Co. has worked to ensure stabilised prices for its goods. (Source: VNA)

Despite a positive recovery forecast for the market, fast-moving consumer goods producers have faced challenges in stimulating consumer demand, Deputy Director of the VISSAN Joint Stock Company Phan Van Dung said, adding enterprises have strived to stabilize prices for essential goods from the outset of the year amidst rising input costs and weak spending.

According to Dung, in response to the minimum wage hike from July 1, VISSAN, a leading food processor in the country, worked with its suppliers to pen price stabilization measures and shared profits to stabilize the market. At the same time, it has joined hands with distributors and retailers to roll out consumption stimulus programs and pledged to provide consumers with high-quality and safe products. Dung said the National Assembly’s VAT cut to 8 per from 10 per cent is among the measures to support businesses’ price stabilization programs.

Meanwhile, the Director of the operation position of the Co.opmart supermarket chain Nguyen Ngoc Thang held that distributors and retailers should enhance the supply of goods to respond to market developments.

Saigon Co.op has signed long-term contracts with its partners to ensure stabilized prices for its goods, he said.

The Ministry of Finance’s Price Management Department said as unpredictable energy prices, rising rice prices, and spiking transport costs, among others will exert pressure on the price level, the ministry will continue working with competent ministries and sectors to propose the Government measures to control the inflation rate and stabilize the macroeconomy.

The MoIT will step up the review, amendment, and completion of several legal documents to serve state management in the domestic market, assuring that the work keeps pace with market developments. Besides, it will continue working with ministries and localities to keep close tabs on the market to ensure a sufficient supply of essential goods for residents.