(VOVWORLD) - Over the past 8 months, Vietnam's total retail sales and consumer service revenues were up 10% from last year, thanks to measures to stimulate consumer, demand including a 2% reduction in VAT.
 Domestic consumption stimulation programs have created conditions for production and business activities to bounce back.
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The recovery of consumer purchasing power plus the implementation of stimulation policies is expected to leverage economic growth.
In Hanoi and Ho Chi Minh City, shopping malls, supermarkets, convenience store chains, and producers and traders of garments, fashion accessories, and electronics have rolled out promotions and discount programs.
In Hanoi, this year's promotion program will last longer and focus each month on one type of goods, said Tran Thi Lan Phuong, acting Director of Hanoi’s Department of Industry and Trade.
“Hanoi has implemented multiple solutions, including measures to boost sales. More than 100 events have been being implemented throughout this year to address difficulties for businesses,” said Phuong, adding, “We’ve launched promotional programs and consumer rights protection programs, and continue to implement the campaign ‘Vietnamese people prioritize Vietnamese products’.”
According to Le Viet Nga, Deputy Director of the Domestic Market Department of the Ministry of Industry and Trade, consumers are very excited about buying domestically-produced goods and prioritizing regional specialties and products under the market stabilization program to ensure social security.
“Localities have been responding strongly to the stimulation of domestic sales,” said Nga.
From now until the end of the year, the Ministry of Industry and Trade will promote a stimulation program to boost Lunar New Year sales, as well as culture and tourism programs to attract more tourists.