The Ministry of Industry and Trade (MoIT) emphasized the important role played by domestic trade and services in meeting the growing consumption demand and spurring economic growth over recent years at a workshop in Hanoi on May 18. Although there has been a slowdown in the growth rate of retail sales of goods and consumer services since 2011, the 2006-2016 average growth rate of this sector was kept at 1.5-2 times higher than that of GDP in the same period. Tran Thi Phuong Lan, Deputy Director of the Hanoi Department of Industry and Trade said domestic trade and services have seen an upswing in recent times. However, the current trading infrastructure is facing numerous difficulties in smaller areas as trade centers, supermarkets and traditional markets are mostly concentrated in major cities. Although the expansion of traditional markets has ground into a halt recently, they still hold an important role and maintain their competitiveness compared to modern distribution channels. Nguyen Van Hoi, Deputy Director of the MoIT’s Domestic Market Department said the policy of developing the domestic market to boost local consumption has been broadened throughout the nation, getting support from businesses and people and yielded outcomes. Notably, the numbers of… Read full this story
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