Vietnam's domestic market still holds significant untapped potential, and stimulating domestic consumption is a vital strategy to drive economic growth in the near future, according to economic experts.

Prime Minister Pham Minh Chinh on November 26 ordered the continuation of developing the domestic market and boosting consumption in the remainder of the year.

VOV.VN - The Ministry of Finance and the Ministry of Industry and Trade decided to hike retail petrol and oil prices as of 3p.m. on September 26.

The Ministry of Finance (MoF) said on June 5 that in the first five months of 2024, domestic market prices were basically stable, with market developments in line with the price management scenario set by the Prime Minister’s Steering Committee for Price Management.

VOV.VN - As part of efforts to promote economic growth during the remaining quarters of the year, localities and businesses must maintain many solutions in a bid to stimulate consumption demand in order to connect and expand domestic consumption.

VOV.VN - A drastic upswing in goods consumption without any shortage or price hikes during the Lunar New Year, known locally as Tet, can be considered as added leverage to the growth of the domestic market this year.

The forecast for 2024 indicates that consumer demand will continue to be a primary contributor to Vietnam's economic growth, in addition to the ripple effects of public investment and exports.

VOV.VN -With a population of more than 100 million people, of which the middle class is considered to stand at a high level of 20%, Vietnam truly boasts potential and strengths for goods consumption and service development.

Measures have been taken to effectively exploit the domestic market with a population of nearly 100 million to fulfil the goal of an increase of 8-9% in retail sales of goods and services, according to the Ministry of Industry and Trade (MoIT).

The Ministry of Industry and Trade (MoIT) will coordinate with the State Bank of Vietnam to remove difficulties for petroleum enterprises in accessing credit guarantee funds in a bid to prevent disruption in the domestic market.