Domestic market fully tapped to rescue domestic businesses

(VOVWORLD) - Vietnam has contained the COVID-19 epidemic and is rebooting its economy. Economists say it is an opportunity for Vietnamese businesses to promote production and trade. As exports are facing difficulties due to the pandemic, the domestic market of nearly 100 million people is seen as huge potential to rescue local businesses.
Domestic market fully tapped to rescue domestic businesses - ảnh 1

Garments and textiles companies have increased sales in the domestic market, considering it a new direction. 

The garments and textiles industry is among the hardest hit sectors from COVID-19.

The sector’s export revenue declined 20% in April compared to the previous month. It earned about 10 billion USD from exports in the first 4 months, a reduction of 6.6% from last year.

To address the situation, many businesses have focused more on the domestic market.

Bui Duc Thang, Marketing Chief of the Garments 10 Company, said: “We notice a good sign that customers prefer our products. We have introduced office fashion lines. Revenue has gradually increased and our business has fairly returned to normal.”

To reboot production and trade, garments and textiles businesses have redefined their product lines and markets and set up links among manufacturers and distributors.

Domestic market fully tapped to rescue domestic businesses - ảnh 2One of Hapro Mart outlets (Photo: 

They have upgraded and expanded production infrastructure and service facilities to meet consumer needs.

Nguyen Tien Vuong, Deputy General Director of Hanoi Hapro Group, said:  “During the pandemic, we refurbished our convenient stores and food shops in the inner city to better serve customers. We’ll continue to repair our stores and build 100 more from now to the end of this year.”

The total retail sales of consumer goods and revenue of consumer services in the first 4 months declined 4.3% from last year. But retail sales of consumer goods increased slightly from last year.

Bach Kim Ngan, Director of Ngan Giang Company, said the domestic market is a firm mainstay for Vietnamese businesses, adding: “Since the Government eased social distancing and businesses resumed normal operation, we have prepared a plan to reintegrate into the market, produce qualified products and work with distribution systems, supermarkets and retail shops to popularize the products nationwide.”

“At the same time, promotion programs will be increased to stimulate consumers. We focus on the domestic market because it is very potential,” said Ngan.