Awakening the purchasing power of 100 million people: Domestic market at peak of demand stimulation

VTV.vn - Amidst fluctuations in the global economy, the domestic market of nearly 100 million people is becoming the "golden key" to help Vietnam increase its resistance to external shocks.

The target of double-digit growth in total retail sales of goods and consumer services revenue is not only a lever for GDP in 2025 but also a measure of the resilience of a self-reliant economy .

Purchasing power recovers, retail targets double-digit growth

According to the General Statistics Office, in the first 8 months of 2025, total retail sales of goods and consumer services revenue are estimated at VND4,579 trillion, up 9.4% over the same period last year; excluding price factors, the actual increase is about 7.2%. In August 2025 alone, total market revenue reached VND588.2 trillion, up 10.6% over the same period in 2024, reflecting a clear recovery in purchasing power. This result shows the increasingly important role of the domestic market in maintaining economic growth momentum and reducing dependence on exports.

However, to achieve the annual growth target of nearly 12%, the Ministry of Industry and Trade believes that localities and businesses need to speed up stimulus programs, especially in the fourth quarter - the peak shopping period for Tet.

The leader of the Department of Domestic Market Management and Development ( Ministry of Industry and Trade ) said that this result was achieved thanks to many effective consumer stimulus policies, especially concentrated promotional programs, Vietnamese goods fairs and supply-demand connection activities between localities.

However, according to the Ministry of Industry and Trade, although the results for the first 9 months of 2025 are positive, the target of total retail sales and consumer service revenue growth approaching 12% for the whole year is still a big challenge. There is not much room for further growth, requiring the market to maintain strong purchasing power in the last quarter of the year, especially during the peak shopping period of Lunar New Year 2026. The representative of the Department of Domestic Market Management and Development emphasized that to achieve the target, it is necessary to continue to stimulate domestic consumption, expand focused promotional programs and ensure the supply of essential goods with stable prices.

According to economic experts, year-end inflationary pressures, fluctuations in oil prices and logistics costs may affect purchasing power. In addition, competition from imported goods and increased cross-border trade also require improving the quality, design and positioning of Vietnamese brands.

Exploiting the domestic market: The “golden key” to opening up double-digit growth momentum for Vietnam's economy

"Vietnam's domestic market is still a 'fertile land' thanks to its large population, young structure and rapidly expanding middle class. The fact that total retail sales and consumer service revenue increased by 9.4% in the first 8 months of the year is a remarkable signal. However, to move towards sustainable double-digit growth, businesses need to change their thinking, focusing on quality, brands and environmentally friendly products. The domestic market should be seen as a "test bed" for Vietnamese products to perfect before going global", said Dr. Nguyen Minh Phong - Economic expert. He further emphasized that this is a significant growth potential, but the increasingly high requirements for quality and consumer experience force businesses to transform quickly.

From a business perspective, Ms. Nguyen Ngoc Linh - Director of Nam Phong Company Limited said that retail businesses are currently accelerating their preparation of Tet goods earlier, focusing on essential food groups and domestic products with good prices. "Shopping demand is gradually warming up, if prices and supply are kept stable, purchasing power can absolutely break out strongly in the fourth quarter," Ms. Linh commented.

Ministry of Industry and Trade "pumps force", businesses restructure

Recognizing that the domestic market is an important "support" against external fluctuations, the Ministry of Industry and Trade has continuously issued solutions to stimulate consumption. Specifically, Official Dispatch 5061/BCT-TTTN dated July 8 was sent to localities, requesting to "accelerate" market development in slow-moving consumer goods such as apparel, household appliances, means of transport, and food services; at the same time, assigning retail growth targets and service revenue to each province and city. Then, on August 8, Decision 2269/QD-BCT approved the Domestic Market Development Program for the period 2025-2027, setting a target of 10.5% growth in total retail sales this year and striving to reach 12%. The program focuses on national promotions, shopping festivals, connecting supply and demand, and bringing Vietnamese goods to remote areas. These steps aim to strengthen domestic purchasing power, contributing to supporting production and economic growth.

The leader of the Department of Domestic Market Management and Development emphasized: "The domestic market is not only a place for consumption but also a launching pad for production and innovation." To ensure the target of double-digit growth in total retail sales of goods and consumer service revenue, in the coming time, the Ministry of Industry and Trade will continue to strongly implement stimulus programs, promote e-commerce, expand the price stabilization sales network, and strengthen the connection between production - distribution - consumption.

Since the third quarter of 2025, the Ministry of Industry and Trade and localities have accelerated many solutions such as promoting supply-demand connections, organizing Vietnamese goods weeks and a series of fairs to stimulate demand in major cities; supporting businesses, especially small and medium-sized enterprises, digital transformation to bring products to e-commerce platforms and expand online sales channels. In parallel, preferential credit packages and procedural reforms help increase production capacity and stabilize prices. Programs such as "National Promotion Month", "Vietnamese Shopping Day", "Vietnamese Goods Golden Week" ... are creating a strong consumer effect towards the year-end shopping season. A representative of the Ministry of Industry and Trade affirmed: "Domestic purchasing power is the 'accelerator' for the economy".

Many manufacturing enterprises have proactively considered the domestic market as a vital pillar.

In fact, many retail and manufacturing businesses have proactively considered the domestic market as a vital pillar of survival, shifting strongly to take advantage of the purchasing power of nearly 100 million people. The Director of Nam Phong Co., Ltd. shared about restructuring the supply chain, prioritizing up to 90% of goods sources to be high-quality Vietnamese goods to proactively supply. Along with that, promoting e-commerce and the 'Golden Shopping Month' program, thereby significantly increasing purchasing power. The new generation of consumers - especially young urban people - increasingly prefer green, convenient products and are willing to pay for a better experience.

According to Dr. Nguyen Minh Phong, businesses themselves need to accelerate digital transformation in retail, expand online distribution channels in parallel with traditional stores, and at the same time improve the competitiveness of Vietnamese goods in terms of price and after-sales service. He analyzed that the domestic market is entering a new growth phase with many clear trends: supermarket and convenience store systems are expanding to rural areas, investing heavily in multi-channel sales models (seamlessly connecting online platforms and traditional stores), and focusing on building green, sustainable brands to meet the trend of responsible consumption. The ability of the domestic market to break through in the last quarter of the year depends largely on the flexible adaptation of businesses.

Effective exploitation of the domestic market not only helps Vietnam diversify growth drivers and reduce dependence on exports, but also creates a "safety cushion" against external fluctuations. If the 9.4% growth momentum of the first eight months of the year is maintained well, combined with the year-end shopping peak and strong stimulus policies, the target of approaching 12% of total retail sales of goods and consumer service revenue in 2025 is feasible, creating an important foundation for Vietnam to achieve higher-than-expected GDP growth and strengthen the confidence of the business community./.

Source: https://vtv.vn/danh-thuc-suc-mua-100-trieu-dan-thi-truong-noi-dia-vao-cao-diem-kich-cau-10025100213443921.htm