Yen Bai implements synchronized measures to boost year-end consumer demand

Economy

Yen Bai implements synchronized measures to boost year-end consumer demand

Thursday, November 7, 2024

Despite ongoing challenges from natural disasters and economic downturns, consumer demand in Yen Bai Province has shown a steady increase over the past ten months compared to the same period last year. To stimulate domestic consumption and revive production and business activities, various levels of government, sectors, and enterprises in Yen Bai are implementing several measures to boost year-end consumer demand.

A WinMart+ store in Yen Bai City prepares goods to meet residents' year-end consumer demand.

Over the past ten months, the prices of essential food and agricultural products in the province have risen slightly. This has contributed to the province’s Consumer Price Index (CPI) increasing by 4.11% compared to the previous year. The total retail sales of goods and consumer service revenue reached 24,438 billion VND, reflecting a 13.5% increase from the same period last year. Compared to other provinces in the region, Yen Bai has managed to sustain growth in consumer demand and service revenue despite the economic slowdown and the impact of storms and floods. This achievement is attributed to the coordinated efforts by local authorities, sectors, and businesses in the province, which have implemented numerous strategies to stimulate local consumer spending.

"To boost consumer demand in the final months of the year, the Department of Industry and Trade has directed its subordinate units to enhance promotion and introduce provincial products to consumers, as well as to advertise them on e-commerce platforms,” shared Mr. Nguyen Dinh Chien, Deputy Director of the Yen Bai Department of Industry and Trade. "Additionally, we are steadily implementing Government resolutions aimed at stimulating domestic consumption, promoting production, and facilitating goods circulation.

The Department has also instructed relevant agencies to strictly address cases where businesses exploit promotional events to sell low-quality or untraceable products, violating the law. Functional sectors are urged to focus on advocacy, encouraging enterprises to increase inventory reserves and participate in market stabilization programs for the year-end period. We are conducting reviews and monitoring to ensure that businesses, supermarkets, and commercial centers across the province carry out promotional programs and discounts, particularly on essential consumer goods, to attract more shoppers.

Efforts are also being made to organize and maintain an orderly, safe, and professional market environment that stimulates buying and selling activities in marketplaces. Furthermore, we are implementing initiatives to connect supply and demand with nearby provinces and enterprises across the country, facilitating meetings to explore partnership opportunities and intensify the distribution of local products,” Mr. Chien added.

According to projections by relevant sectors, the circulation of goods is expected to surge significantly from now until the end of the year. Alongside this, complex issues such as commercial fraud, the sale of smuggled or counterfeit goods, and low-quality products are likely to rise. Hoarding, speculative practices, and arbitrary price hikes may also emerge, potentially impacting production, business activities, and consumer rights.

In response, the Yen Bai Department of Industry and Trade will actively monitor the supply-demand dynamics and prices of various goods. The department will prioritize inspections on essential goods with high year-end demand, such as clothing, footwear, sweets, beverages, alcohol, foodstuffs, and fruits. Measures are also being implemented to prevent the transport, sale, and storage of fireworks and dangerous children’s toys.

By implementing these coordinated measures, Yen Bai aims to encourage residents to increase their shopping activities, boost local consumption, and provide practical support for the ongoing development of production and business activities in the province.

Quang Thieu

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