As Vietnam is working hard to attain its 2024 economic growth target of 7%, domestic consumption stimulus has emerged as a critical tool. Alongside measures like promoting credit growth and stabilizing interest rates, fiscal policies such as tax reductions and income increases are gaining prominence. Consumption stimulus, tax reduction and income increase “To stimulate domestic consumption, the Ministry of Industry and Trade has launched the National Trade Promotion Program 2024, which is set to run from December 2 to 31, 2024. Businesses are expected to offer promotions of up to 100%,” the ministry announced on December 2. This initiative is viewed as a crucial and timely policy to help achieve the economic growth target of 7% in 2024. On November 26, 2024, the Prime Minister issued Official Dispatch 121/CD-TTg, emphasizing the need to strengthen domestic market development and stimulate consumption. In addition to organizing trade promotion programs, the Prime Minister directed the Ministry of Industry and Trade to regulate supply and demand, stabilize markets, and formulate policies to ensure smooth domestic market operations. The ministry has also been tasked with implementing programs and events to support people and businesses in trade activities, promoting the consumption of domestic goods through digital […]
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