Vietnam has called for investment in developing commercial platforms, especially digital sales channels, in a bid to boost domestic trade, according to the country’s ministry of industry and trade. The country has implemented measures to boost domestic trade and maintain an 8-9 per cent growth rate per year.

There is still untapped potential in the domestic market, as Vietnam’s population reaches the 100 million mark, as per the ministry.

The Vietnamese government has been reviewing regulations to streamline trade activities and improve connectivity and collaboration between production centres. The ministry of industry and trade has also called for greater trade support for domestic businesses, particularly small-to-medium-sized businesses and cooperatives, who are in need for financial capital and guidance in setting up digital and sales channels.

The government encourages the private sector to participate in developing trade infrastructures such as markets, mini-markets, and convenience stores, the ministry added.

Digital sales channels will play a vital role in developing a circular economy, and more efficient production, distribution, and consumption.

The ministry has collaborated with other governmental agencies to hold numerous trade promotion events for Vietnamese products.

"Traditionally, there are more of such events held toward the end of the year, but this year we wanted to start earlier to help producers with sales, which would make it easier for them to maintain their operation," Vietnamese media reports said quoting an official from the ministry.

Vietnam’s total retail value for January was estimated at approximately 500 trillion Vietnamese dong (VND) (approximately $0.021 trillion), a 6 per cent decline from the same period last year, but the economy is expected to bring its retail value back to the pre-pandemic level in the first quarter of 2023, according to the General Statistics Office of Vietnam.

Fibre2Fashion News Desk (DP)

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