Hanoi boosts domestic consumption, economic growth

06:00 | 06/07/2020 Society

(VEN) - In 2020, Hanoi strives to achieve gross regional domestic product (GRDP) of 1.3 times higher than the national average. In an effort to minimize the impact of global supply chain disruptions, the implementation of measures to promote socioeconomic development associated with the Buy Vietnamese Goods campaign to boost domestic consumption have been strongly deployed by Hanoi.

hanoi boosts domestic consumption economic growth
Hanoi leaders visited booths at the goods supply-demand connection conference held on May 28

Providing support for businesses

Hanoi has nearly 300,000 businesses and numerous distribution networks. With a population of 10.3 million people living and studying in the area, Hanoi is a large consumer market, capable of bringing goods to other regions throughout the country and promoting exports.

However, the Covid-19 pandemic has posed difficulties to trade in goods in the world in general and in Vietnam and Hanoi in particular. Mac Quoc Anh, deputy chairman and secretary-general of the Hanoi Small and Medium Enterprises Association, said most businesses, especially small- and medium-sized enterprises, have faced difficulties in trade and production activities and exports.

Thanks to better control of the pandemic, trade and production activities have become normal. In order to promote trade and promotion activities and call for new investment in Vietnam, it is necessary to strengthen trade connections and resolve inventories for businesses.

Vu Ba Phu , director-general of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, said the agency has coordinated with localities to carry out trade promotion activities and provided support for businesses to promote domestic consumption.

In the long term, the agency will develop programs and plans to help domestic businesses improve their competitiveness and promote direct exports to foreign distribution networks.

Strengthening trade promotion activities

In order to promote economic growth in the new situation, overcome difficulties caused by the Covid-19 pandemic and support businesses to develop trade and production activities, the Hanoi People’s Committee issued Plan 120/KH-UBND on stimulating domestic demand and increasing total retail sales of goods and services in 2020.

Accordingly, the Hanoi People’s Committee will introduce events for the benefits of consumers, organize promotion months and strengthen trade promotion activities to support businesses.

The committee will also improve the effectiveness of the Buy Vietnamese Goods campaign through organizing a series of fairs and exhibitions, the Vietnamese Goods Week, goods supply-demand connection conferences, and programs to bring Vietnamese goods to rural areas and industrial zones. In addition, Hanoi will strengthen trade promotion activities and boost trade connections with provinces and cities throughout the country.

The capital city will launch domestic tourism stimulus programs, with a focus on Hanoi’s strengths, such as agri-tourism, cultural heritage tourism, and ecotourism.

Hanoi will also promote the implementation of the market stabilization program and strengthen inspection and supervision to prevent smuggling, trade frauds, counterfeit goods and those infringing intellectual property rights in order to protect the legal rights of consumers and businesses, contributing to ensuring fair competition and the quality of goods and services.

Mac Quoc Anh emphasized that in addition to support from the authorities, domestic businesses must have quality products with affordable prices and better post-sales services in order to overcome difficulties in the current context.

Hanoi People’s Committee Deputy Chairman Nguyen Van Suu said that in the coming time, the committee will direct departments, agencies and districts to organize conferences to promote distribution and consumption of goods and stimulate domestic tourism demand.

Nguyen Hanh