return icon Vietnamnet.vn

Domestic market supports businesses amid COVID-19 pandemic

The domestic market can support local production and business in the context of the serious developments of the COVID-19 pandemic, said Deputy Minister of Industry and Trade Do Thang Hai at a meeting in Hanoi on August 12.

{keywords}
Big C is one of the foreign supermarkets selling a high volume of Vietnamese goods.

 

Speaking at the meeting on domestic market development, Hai said as the pandemic spreads globally, many businesses saw their export markets hit with postponed or cancelled orders, while the domestic market of nearly 100 million people is large enough for businesses to overcome difficulties and challenges.

Total retail sales of goods and services in the first seven months of this year decreased by 0.4 percent year-on-year, but revenue increased by 3.6 percent, ensuring the essential needs of people and the supply of raw materials, fuel, machinery, equipment and goods to maintain production and business for domestic market and exports as well.

“This result is thanks to the 2014-20 campaign ‘Vietnamese people use Vietnamese goods’, which has supported changing local consumers’ awareness and behaviour through dissemination programmes,” Hai said.

He said the campaign has also helped Vietnam’s distribution network develop sustainably and enhance competitive capacity for Vietnamese enterprises, showing the strong vitality of Vietnamese products as an important pillar in the domestic market, contributing to the completion of economic indicators, curbing inflation, stabilising the macro-economy and ensuring balance of supply and demand, especially essential goods.

Tran Duy Dong, director general of the Ministry of Planning and Investment’s Department for Local and Regional Economy, said the distribution sector is one of the driving forces for economic development.

He said most international organisations including the World Bank, IMF and ADB have praised the role of the domestic market in Vietnam in the context of the pandemic.

“Domestic goods are still produced and circulated regularly, not only enough to meet the domestic market's needs but also to export to countries around the world,” Dong said.

According to a report from the Domestic Market Department, Vietnamese goods in the retail supermarket system of Co.opmart account for 90-93 percent, Satra 90-95 percent, Vissan 95 percent, Vinmart 90 percent, BRG Retail 90 percent and Bách Khoa Xanh supermarket system 95 percent.

Meanwhile, the proportion of Vietnamese goods at foreign supermarkets in Việt Nam ranges between 60 percent and 96 percent. They make up 82 percent of revenue at Lotte, 96 percent of revenue at Big C, 80 percent of goods at AEON, and 95 percent of goods at MegaMarket.

As for traditional retail channels, Vietnamese goods at convenience stores and traditional markets account for more than 60 percent or more.

To promote the consumption of Vietnamese goods in the domestic market, Dong said there is a need to add mechanisms and policies to encourage domestic enterprises to increase the application of science and technology, develop supporting industries, and expand convenient and flexible distribution channels of Vietnamese goods.

“It is necessary to push up the connection of businesses from production to consumption, especially e-commerce both at home and abroad to expand the consumption market of Vietnamese goods,” he added./.VNA

HCM City: supermarkets slash food prices amid Covid-19

HCM City: supermarkets slash food prices amid Covid-19

Many supermarkets in HCM City have reduced prices of essential goods to share with customers during the pandemic.  

Businesses owe nearly $900 million in social insurance premiums because of COVID-19

Businesses owe nearly $900 million in social insurance premiums because of COVID-19

As of July, businesses nationwide owed social insurance premiums totalling over 20.6 trillion VND ($887.6 million) due to the coronavirus crisis, according to Vietnam Social Insurance (VSI).

MORE NEWS

VIETNAM NEWS HEADLINES AUGUST 11

NA Standing Committee adopts resolutions on establishment of administrative units

Retail oil and petrol prices fall for fifth consecutive time

Vietnam decided on Thursday to further lower retail prices of oil and petrol on Thursday, the fifth consecutive time since late June.

Vietnamese Gov’t issues national strategy to combat new cyber security challenges

Deputy Prime Minister Vu Duc Dam has ratified the national cyber security strategy in response to cyberspace challenges till 2025 with a vision towards 2030.

Vietnam to import vaccines and drugs to treat monkeypox

Drugs containing the active ingredients Tecovirimat, Brincidofvir, Cidofovir, and Probenecid are those recommended by WHO.

Finland third EU country to suspend recognition of Vietnam’s new passports

The embassy of Finland in Hanoi said the reason for the non-recognition is due to the lack of place of birth on the new passports.

Miss World 2021 Karolina Bielawska arrives in Vietnam

Reigning Miss World Karolina Bielawska arrived in Vietnam on August 10 as a special guest of the finale of Miss World Vietnam 2022 slated for August 12 evening.

VND207 trillion worth of property bonds to fall due in 2023-2024

Bad debt in the real estate sector is projected to surge as property bonds worth over VND207.8 trillion will fall due in 2023 and 2024.

More than 300 businesses attend ASEAN Online Sale Day 2022

ASEAN Online Sale Day 2022, part of activities marking the 55th founding anniversary of the Association of Southeast Asian Nations (ASEAN), kicked off on Monday, drawing more than 300 businesses from the region.

Vietnamese steel faces more trade remedy lawsuits

The Mexican Secretariat of Economy has announced an anti-dumping investigation into cold-rolled steel imported from Vietnam, according to the Ministry of Industry and Trade (MoIT).

VIETNAM BUSINESS NEWS AUGUST 11

High-quality human resources key to sustainable tourism industry

Five most beautiful villages nationwide

Leaving the busy streets of cities to go to towns with pristine beauty allows travelers the chance to experience peaceful moments once they visit the five following beautiful villages.

HCM City, Hanoi earn highest revenue from tourism

In the first seven months of 2022, localities across the country recorded a high increase in tourism revenue led by HCM City, Hanoi, Thanh Hoa, and Quang Ninh.

Message about peace from the war remembrance garden of former naval soldier

Veteran Tran Van Quan has spent a lot of effort and time collecting leftover bomb and ammo shells to create a garden of war objects offering meaningful messages.

Storm Mulan causes flight disruption in Vietnam

Several airlines were forced to either readjust or cancel their flight schedules on domestic routes on August 11 due to the impact caused by Storm Mulan which weakened into a tropical depression.

Korean singer shows love for Vietnamese destinations in new MV

Vietnam looks stunning in a music video “Waiting for You – 5,000 Years” newly released by Republic of Korean singer and composer Joseph Kwon to mark the 30th anniversary of the diplomatic relations between the two countries.
back_to_top