The data was given during a recent conference held by the MoIT aimed at reviewing plans to develop the domestic market in association with the "Vietnamese people give priority to using Vietnamese goods" campaign for the 2014 to 2020 period. In terms of traditional retail channels, the proportion of locals products at markets and in convenience stores makes up 60% or more, with key products reaching over 80% of the target set out in the plan.
Most notably, beginning early this year amid the spread of the novel coronavirus globally, many businesses have witnessed their export markets become disrupted, resulting in installed raw materials sources and orders. Indeed, the domestic market is viewed as a significant enough playground for local businesses to exploit whilst overcoming the various difficulties and challenges they face.
Statistically, despite the total retail sales of goods and services during the first seven months of the year falling by 0.4% in comparison with the same period in 2019, the total retail sales of goods during the reviewed period still accounts for 79.2%, an annual increase of 3.6%.
Therefore they are able to meet the essential needs of people whilst ensuring a consistent supply of raw materials, fuel, machinery, equipment, and goods to maintain production and business activities with regard to domestic and export markets.
Tran Duy Dong, head of the Domestic Market Department under the MoIT, says that in the context of the Vietnamese economy joining several new generation FTAs, especially the EU-Vietnam Free Trade Agreement (EVFTA) which came into effect at the beginning of August, efforts must be made to improve the competitiveness of Vietnamese products. These moves should be co-ordinated in an efficient manner in the retail system in order to prevent Vietnamese products from being dislodged.