Stimulating consumption, the "push" to achieve growth targets

Domestic consumption is considered an important "push" for Lam Dong to achieve its GRDP growth target of over 8% in 2025. The extension of the 2% VAT reduction policy until the end of 2026, along with promotional programs, stimulus programs and the excitement of tourism, is contributing to increasing purchasing power, promoting the development of the goods and services market.

Tourism service activities in Mui Ne

“Double benefit” from 2% VAT reduction

Since the beginning of this year, the Government has reduced the value-added tax (VAT) rate by 2% for a number of groups of goods and services until June 30. On June 17, the National Assembly officially passed a resolution on reducing the VAT rate by 2%, applicable from July 1, 2025 to December 31, 2026.

The new resolution will be applied for 18 months, instead of just 6 months as in previous years; at the same time, the groups of goods and services subject to the 10% tax rate will be reduced to 8% to support increased purchasing power, stimulate consumption and domestic tourism. From here, the reduction of VAT will help make the prices of goods more reasonable, and customers will tend to spend more.

Ms. Nguyen Thi Dao (Ham Thang ward) shared: “Many people think that a 2% reduction is not significant, but if calculated on total monthly expenses, the amount of money saved is quite clear. A bill of 1 million VND is immediately reduced by 20,000 VND. Accumulating many purchases, my family has saved a significant amount, especially in the context of increasing living costs”. From a business perspective, a representative of a mini supermarket chain in Phu Thuy ward commented that the VAT reduction policy not only reduces pressure on consumers but also helps businesses maintain competitiveness: “With reduced VAT, we have the conditions to keep prices lower, stimulating shopping. This is very important in a time of economic difficulties”.

Not only relying on tax policies, retail systems have also proactively launched many stimulus programs. In the Southeast region of the province, stores and supermarkets have implemented year-round promotions: direct discounts, point accumulation, gifts, flat-price sales, expanding online shopping channels, etc. At the same time, retailers have increased their stock of essential goods, prioritizing high-quality Vietnamese goods, ensuring stable supply and stable prices.

Ms. Nguyen Thi Hong Loan - Director of Co.opmart Phan Thiet said that from now until the end of the year, the supermarket will continue to implement many big promotion programs: "Pride of Vietnamese goods" (August - September) with thousands of products discounted up to 50%; a series of culinary festivals, events promoting regional products; livestream selling selected agricultural - aquatic - seafood products on weekends; "Customer gratitude" program (November) with many deep discounts and attractive gifts. Positive signals, on the occasion of the recent September 2nd holiday, purchasing power at the supermarket increased by 20% compared to the same period last year.

It can be seen that the extension of the VAT reduction policy combined with businesses' efforts to stimulate demand is creating a double impact: people share the spending burden, businesses improve sales and the economy has more growth momentum.

Shopping at Co.opmart Phan Thiet Supermarket

Striving to achieve growth targets

Lam Dong province has set a target of GRDP growth rate of 8% or more in 2025, with many key solutions being vigorously implemented. In particular, promoting domestic consumption is considered an important driving force to maintain sustainable growth momentum. According to the Provincial Statistics Office, in the first 8 months of 2025, Lam Dong's total retail sales of goods and service revenue is estimated at 165,666.8 billion VND, up 13.23% over the same period last year. Of which, retail sales of goods reached 110,522.2 billion VND (up 13.32%); revenue from accommodation, food and beverage and travel reached 36,268.7 billion VND (up 14.43%); other service industries reached 18,875.9 billion VND (up 10.53%).

Trade and service activities in the province are vibrant, the supply of goods is abundant, prices are generally stable. Promotional and discount programs are organized regularly, creating motivation for shopping. Businesses serve the needs of both local people and tourists, focusing mainly on essential goods such as fresh food and seafood. In addition, when entering the new school year, the demand for books, clothes, bags and backpacks also increases sharply. Bustling trading activities at markets, supermarkets, shopping centers and on e-commerce platforms contribute to promoting the circulation of goods and stimulating domestic consumption.

Tourism continues to be a bright spot in service growth. In the past 8 months, the whole province is estimated to have welcomed about 13.5 million visitors, an increase of 16.32% over the same period; the number of guest days served reached 24.5 million, an increase of 19.64%. Notably, international visitors reached 840,000, an increase of 33.2% over the same period, with more than 2.2 million guest days. Types of tourism services are increasingly diverse, from accommodation, travel to entertainment. Along with that, many cultural - sports - tourism events have created more attraction for the market. At Nova World Phan Thiet (Tien Thanh ward), "Sports Festival 2025" and the Summer Beer Festival "Dzo! Fest 2025" attracted a large number of people and tourists. The 1st Vietnam Talent Chef Competition - 2025 with the theme "Flavors of the Highlands & Sea" took place at TTC Valley of Love Tourist Area (Lam Vien Ward - Da Lat), contributing to promoting local cuisine and products...

According to the provincial Department of Culture, Sports and Tourism, on the occasion of National Day September 2 with 4 consecutive days off, Lam Dong is estimated to welcome about 590,000 visitors, an increase of 6.8% over the same period in 2024; of which, international visitors are estimated to reach 10,500. Tourism revenue is about 715 billion VND. Many service businesses and tourist destinations have launched promotional programs, discounts, and free services to attract tourists. In parallel with stimulating demand, price control and stabilization measures continue to be implemented, contributing to stabilizing the market.

With the results achieved in the first 8 months of 2025, along with the synchronous solutions being implemented, it is believed that the province's production, business, trade and service activities will continue to develop, contributing to stimulating consumption, promoting domestic market growth, and realizing the target of GRDP increasing by 8% or more in 2025.

Lam Dong province has set a target of GRDP growth rate of 8% or more in 2025, with many key solutions being vigorously implemented by the province. In particular, promoting domestic consumption is considered an important driving force to maintain sustainable growth momentum.

Source: https://baolamdong.vn/kich-cau-tieu-dung-cu-huych-dat-muc-tieu-tang-truong-390419.html