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

Aviation industry forecast to fully recover in 2025

It is not until 2025 that the local aviation sector can fully recover due to rising fuel prices and the slower-than-expected reopening of international markets, according to domestic airlines.

VIETNAM NEWS HEADLINES JUNE 28

Hanoi airport faces serious congestion during summer peak

Hanoi and Hoi An among Top 25 Overall Experiences in Asia

Motorbike tours around Hanoi and cooking classes in Hoi An have made it into the Top 25 Overall Experiences in Asia, as voted on by readers of TripAdvisor.

Vietnam, Hungary seal judicial cooperation deal for 2022-2023

Vietnamese Minister of Justice Le Thanh Long and his Hungarian counterpart Judit Varga on June 27 signed a cooperation programme between the two ministries for the 2022-2023 period.

India conglomerate pledges to invest 10 billion USD in Vietnam

A joint venture between India’s Adani Group and Vietnam’s Anh Phat Investment Construction & Trading JSC has been approved by authorities of Da Nang to start studying the development of a major seaport in the central city.

VIETNAM BUSINESS NEWS JUNE 28

Govt approves appointment of contractors for North-South expy project

HCM City hi-tech park to speed up investment procedures

HCM City will focus on helping businesses invest in the Saigon Hi-tech Park in Thu Duc City by addressing slow administrative procedures, a conference on facilitating investment heard on June 27.

Korea, Vietnam to mark 30th anniversary of relations with cultural events

The Korea Content Creation Agency in Vietnam will organise a series of cultural-entertainment events this year to commemorate the 30th anniversary of the establishment of diplomatic relations between the two countries.

HCM City to promote AI in education sector

HCM City will need to promote the application of Artificial Intelligence (AI) in the education sector as part of its effort to become a smart city by 2030, experts said.

Additionally-registered and share-purchased FDI soars sharply in first half of 2022

Despite newly-registered FDI dropping in the first half of the year, additionally-registered and share-purchased investments increased significantly on-year.

Vietnam joins hands with France to renovate Hanoi’s Long Bien bridge

Vietnamese and French experts will join hands to renovate Hanoi City’s deteriorating Long Bien Bridge in the coming months.

Lessons learned from urban railway projects

The urban railway projects that have been and are under construction are all behind schedule, so the total investment must be adjusted.

Prices hit record high, Vietnam earns big money from catfish

Export prices have been escalating in all markets and hitting new records in the US. Vietnam’s catfish export turnover is expected to reach $2.6 billion this year, the highest in history.

Phu Dien Cham Tower in Vietnam sets world record

The central province of Thua Thien – Hue on June 27 held a ceremony to mark WorldKings’ recognition of Phu Dien Tower built by the Cham people as a world record.

Explosive e-commerce growth drives demand for logistics

The rapid growth in e-commerce is driving an unprecedented increase in demand for logistics services, including express delivery services, according to industry insiders.
back_to_top