Domestic trade to grow at 8-9% a year: MoIT

Agricultural products on display at a trade promotional event held last year in the central province of Khanh Hoa. (Photo: VNA)

Measures have been taken to boost domestic trade to maintain an 8-9% growth rate per year, according to the Ministry of Industry and Trade (MoIT).

The ministry said there is still untapped potential in the domestic market as the country's population reaches the 100 million mark.

To realise this potential, the MoIT said businesses must invest in developing commercial platforms, especially digital sales channels.

The government has been reviewing current regulations to help streamline trade activities across the country's many regions. According to the ministry, a top priority is improving connectivity and collaboration between Vietnam's major production centres.

The ministry called for greater trade support for domestic businesses, especially small-to-medium-sized businesses, household businesses and cooperatives, saying they are in dire need of guidance and financial capital in setting up their sales and distribution channels.

The MoIT said the government encourages the private sector to participate in developing trade infrastructures such as markets, mini markets and convenience stores, especially in remote and poor regions.

A key solution to helping undeveloped regions to gain access to consumers nationwide, said the ministry, is to support them in building their own or granting them access to digital commerce platforms.

According to the ministry, digital sales channels are to play a vital role in developing organic agricultural production, a circular economy and more efficient production, distribution and consumption.

Since the beginning of the year, the MoIT, in collaboration with several ministries and governmental agencies, has held numerous trade promotion events for Vietnamese products.

"Traditionally, there are more of such events held toward the end of the year, but this year we wanted to start earlier to help producers with sales, which would make it easier for them to maintain their operation," said an official from the ministry.

For example, with the MoIT's support, farmers could put their oranges on the shelves of major retailers with stores all across the country, such as Co-opmart.

In addition, several large digital commerce platforms, including Lazada, have been working alongside farmers to help push sales of Vietnamese agricultural products.

According to the General Statistics Office of Vietnam, the country's total retail value for January was estimated at nearly 500 trillion VND, a 6% decrease from the same period last year.

The office said the economy is poised to bring its retail value back to the pre-pandemic level in the first quarter of 2023./.