The briefing of the national promotion month ‘Viet Nam Grand Sale 2020’ in Ha Noi on Thursday. — Photo kinhtedothi.vn

A national promotion month entitled ‘Viet Nam Grand Sale 2020’ will be held from July 1 to 31 by the Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade to stimulate domestic consumption.

The promotion month will be held at the same time on a national scale, combining traditional trade and e-commerce, Vietrade director Vu Ba Phu said in a briefing in Ha Noi on Thursday.

The event is expected to draw a large number of enterprises, he said.

During the month, participating enterprises can offer promotions of up to 100 per cent instead of 50 per cent as prescribed, Phu added.

For her part, deputy director of the ministry's Domestic Market Department Le Viet Nga said she hoped the promotional month would attract a large number of consumers, stimulate domestic consumption and promote retail sales.

The nations' total revenue of retail trade and services exceeded VND1.91 quadrillion (US$82.36 billion) in the first five months of this year, down 4 per cent year-on-year, a report from the General Statistics Office (GSO) showed.

Retail sales of goods during the period were estimated at VND1.54 quadrillion, representing a modest rise of 1.2 per cent year-on-year or accounting for 80.6 per cent of total revenue. — VNS