HÀ NỘI — Experts suggest that domestic trade plays a vital role in supporting economic growth, emphasizing the importance of strengthening this sector to help achieve the government’s target of at least 8 percent GDP growth in 2025.
In the first two months of 2025, total domestic retail sales of goods and services were estimated at VNĐ1.1375 quadrillion, reflecting a 9.4 percent year-on-year increase, compared to 8.4 percent in 2024. Retail sales alone accounted for VNĐ878.4 trillion, representing 77.2 percent of total revenue and marking an 8.7 percent increase from the previous year.
Industry leaders highlight the connection between national GDP growth and retail performance, with a focus on long-term strategies that support manufacturers and distributors. Experts agree that to boost domestic consumption, industry-wide collaboration is crucial, particularly between sectors such as tourism and trade, to foster broader economic expansion.
In order to meet the government’s target of 12 percent growth in retail and consumer services by 2025, the efficiency of the supply chain must be prioritized. E-commerce is identified as a significant driver, with Việt Nam’s online retail market surpassing US$25 billion in 2024, a 20 percent annual increase, accounting for 9 percent of total consumer goods sales. Maintaining this growth trajectory over the next five years is seen as key to sustaining double-digit GDP expansion.
Policy experts also stress the importance of demand stimulation, tourism development, and increasing household incomes through investment and export-driven growth. Financial assistance for unemployed workers, through vocational training and business start-up support, is also considered critical to improving economic resilience. Additionally, enhancing the investment climate for small and medium-sized enterprises is seen as a key factor.
Efforts by local authorities include developing a modern, efficient service sector and improving business conditions by easing constraints, advancing commercial infrastructure projects, and integrating traditional and digital commerce.
Industry leaders further emphasize the need for digital transformation to strengthen supply chain connectivity, improve customer experience, and expand multi-channel retail models. Government initiatives aim to modernize commercial infrastructure and encourage digital adoption among small businesses to increase market accessibility. Shopping malls, supermarkets, and convenience store chains are expected to play an expanded role in the retail landscape.
Moreover, aligning production, distribution, and consumer behavior with sustainable practices is seen as essential for long-term growth. Strengthening consumer trust in local products is also highlighted as a critical factor in boosting spending and achieving the 12 percent growth target for 2025.
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