Consumption surge in Tết gives a boost to domestic market growth: Experts

March 02, 2024

HÀ NỘI – A strong rise in goods consumption without any shortage or price hikes during the Lunar New Year (Tet) festival is considered a push for the growth of the domestic market in the whole year. Experts held that the peak shopping season during Tết is always a push for production and business activities, promoting the growth of the domestic market. In the context that the Government is focusing on the domestic market towards an economic growth of 6.5% and inflation of 4-4.5% in 2024, the supply-demand connection and stimulation of domestic product consumption is key to the stable and sustainable development of the national economy in following years, they asserted. Economist Ngô Trí Long said that along with speeding up public investment and removing difficulties facing businesses, it is necessary to boost the growth of the domestic market by reducing value added tax and adjust personal and corporate income taxes to suit the new situation. Meanwhile, businesses underlined the need for long-term and stable consumption stimulating policies as well as direct support to enterprises such as cutting down land rent.

The source of this news is from Vietnam News