Hanoi promotes domestic consumption to beef up economic growth

Hanoi’s Department of Industry and Trade is launching promotional programs to boost domestic consumption and aid the city’s economic recovery process.

Promotional activities at Big C super market. Photo: Le Nam.

Vice Director of the Department Tran Thi Phuong Lan said since June, the agency has received requests from 4,963 enterprises looking to participate in its promotional activities with the combined discount amount of over VND20 trillion (US$861 million).

From now on until the end of this year, the department is set to hold a series of events to boost consumption, including Hanoi’s Promotional Month 2020 in November with major activities of “Consumption Day 4.0; “Connecting Supply – Demand in E-commerce”; “Tourism Promotion Day”; “Promotion Golden Day”, Ms. Lan said, adding these activities are expected to revitalize sectors severely affected by the Covid-19 pandemic.

In fact, these promotional activities have contributed a big part in boosting the retail sales revenue in Hanoi, standing at VND243.9 trillion (US$10.5 billion) in the January – August period, up 9.8% year-on-year.

As many enterprises are struggling with searching for market opportunities amid the Covid-19 pandemic, the municipal Department of Industry and Trade has been organizing supply – demand connection programs to address this issue.

Since the beginning of the year, Hanoi has held six editions of Agricultural Goods Week with the participation of companies from other provinces like Son La, Hai Duong, Nam Dinh, Quang Ninh, Dien Bien, or Hung Yen, among others.

While the events helped bring quality fruits and agricultural products from all over the country to customers in Hanoi, enterprises have had opportunities to cooperate with major retailers such as Big C and Vinmart.

Vice General Director of Central Retail Nguyen Thi Phuong said such programs lay the foundation for Vietnamese goods and products to penetrate international markets once the Covid-19 pandemic is contained.

More importantly, local enterprises would have a better understanding of market demand and adjust their productions accordingly, Ms. Phuong said.

The Hanoi People’s Committee previously announced plan No.84/KH-UBND detailing measures to boost provincial linkage and support goods supply – demand linkage between Hanoi and other provinces and cities in 2020.

This include the hosting of three to five fruits weeks, five programs of goods supply – demand connection, and supporting other localities in organizing 15 – 20 fruit/agricultural weeks.