Domestic trade is expected to contribute 15-15.5 per cent of the national GDP by 2030 according to a strategy approved by the Prime Minister Pham Minh Chinh this week.

Under the strategy, Viet Nam expects to set up sustainable supply chains in the country that will ensure the effective implementation of regulations on food safety and quality, origin tracing, and environmental protection.

It aims to ensure the fast and stable development of domestic trade, build the Viet Nam-made brand, protect the interests of both enterprises and customers while also meeting demands for socio-economic development.

Total revenue from retail trade and services would average 13-13.5 per cent annually in the 2021-30 period and 12-12.5 per cent annually in the 2031-45 period, the strategy predicted.

By 2030, revenue from e-commerce is set to account for 10.5-11 per cent of national retail sales with a growth rate of 20-21 per cent.

It also said 40-45 per cent of small and medium enterprises operating in trade will take part in major domestic and foreign e-commerce platforms by then as well.

To this end, the strategy emphasised the importance of improving local investment and the business environment. It said transforming domestic trade promotion and improving infrastructure for trade, especially in rural and remote areas, was key.

Priority would be also given to improving infrastructure for trade especially in rural and remote areas and forming sustainable distribution channels for Made-in-Viet Nam products.

Training a high-quality workforce to meet the growing demand of global trade integration would be also included.

State governance in domestic trade would focus on ensuring market stabilisation, combating trade fraud and mitigating violations of consumer rights while respecting market principles.

Meanwhile, the government aims to protect the domestic market via instruments and intervention measures that are in line with its international commitment.

The latest report from the General Statistic Office (GSO) showed that revenue from retail trades and services increased 4.9 per cent to over VND2.46 quadrillion (US$107 billion) in the first half of this year.

Retail sales surpassed VND1.98 quadrillion, accounting for 80 per cent of the total retail sales of consumer goods and services, up 6.2 per cent year-on-year, the GSO said.

These encouraging figures were mainly attributed to businesses and firms that quickly adapted to the “new normal” that resulted from COVID pandemic.

On the other hand, sales of accommodation and catering services reached VND224 trillion from January to June, down 3 per cent year-on-year. They made up 9.1 per cent of the total revenue.

Tourism revenue also experienced a decline of 52 per cent to VND4.5 trillion.

Meanwhile, revenue from other services reached VND2.49 trillion, marking a jump of 4.4 per cent. — VNS