On January 8, Director of the MoIT’s Domestic Market Department Tran Duy Dong said 2018 was the first year when total revenue of retail goods and services reached nearly VND 4,395.7 trillion (USD 189.44 billion), up 11.7 percent year on year.

The domestic market was stable last year with no sudden changes in prices thanks to drastic efforts in controlling inflation and market management measures. 

Consumers pick up products at Co.opmart in Ho Chi Minh City.

The ministry also worked hard in handling unhealthy competition, managing multi-level marketing and utilized trade remedies to assist with the development of the domestic market.

However, the official admitted that the demand-supply balance was not sustainable due to the absence of connections among different links in supply chains (producers, distributors, transporters and consumers), resulting in the market’s vulnerability to fluctuations. 

Moreover, competent agencies had difficulties in using tools to stabilize the market in case of sudden changes in supply or demand.

The domestic market was also affected greatly by abnormal changes in the world market last year.

To fulfil the goal of an increase of 10.5 – 11 percent in retail growth, Dong said the ministry will soon finalize a strategy on developing the domestic market to 2025 with a vision to 2030, while continuing to review and refine policies and the legal system on commercial infrastructure.

The ministry plans to boost international cooperation and attract investment from all economic sectors in the development of wholesale markets, and seek ways to bolster trade in rural areas.

The ministry will coordinate with relevant ministries and agencies in managing the prices of commodities subject to State control and effectively implementing market stabilization programs, contributing to keeping inflation under 4 percent.

Special attention will be paid to enhancing linkages between production and distribution as well as within value chains.

Dong added that the ministry will push ahead with the plan of actions to carry out the campaign “Vietnamese use Vietnamese goods” in 2019.

Source: VNA