Hanoi Promotion Month 2023 boosts consumer demand for Vietnamese goods

Monday, 13/11/2023 10:14
(CPV) - With a series of incentive programs, promotions and discounts, Hanoi Promotion Month 2023 continues to contribute to stimulating consumer demand, connecting and promoting Vietnamese goods, and supporting businesses to stabilize and develop production and business.
Consumers were choosing discounted Vietnamese confectionery products at Savico Megamall Shopping Center in Long Bien district. (Photo: hanoimoi.com.vn)

A series of attractive promotions

The Hanoi Promotion Month 2023 is an annual event directed by the Hanoi People's Committee and assigned to the Hanoi Tourism, Trade and Investment Promotion Center to organize. Over the past years, the program has continuously innovated and improved in quality and scale, becoming a prestigious trade promotion event with thousands of visitors per day.

Continuing the series of attractive promotional programs of the Hanoi Promotion Month 2023, on November 11 to 12, the “Golden Day of Shocking Prices” event officially took place at big supermarkets and shopping centers in the capital. Accordingly, special promotion was applied with maximum discount of up to 100%.

From November 24 to 30, the “Hanoi Online Festival” 2023 will take place at the https://thangkhuyenmaihanoi.vn/ portal and on e-commerce websites of businesses. Businesses register to participate in implementing promotional activities on their websites according to regulations.

According to the organizers, from October 27 to 29, Hanoi Shopping Festival 2023 attracted more than 10,000 visitors, earning a total revenue of over 50 billion VND. The value of promotional products and gifts for consumers also reached more than 20 billion VND.

Nguyen Le Minh Hoa from Hoan Kiem district shared: “In fact, many Vietnamese businesses are good at producing high-quality goods that meet the needs of all levels of consumption. Vietnamese goods are increasingly improved in quality and design. Therefore, the 2023 Hanoi Promotion Month is an opportunity for consumers to shop with peace of mind.”

Supporting businesses to consume Vietnamese goods

Assessing the benefits that Hanoi Promotion Month brings to businesses, economic experts share the same opinion that this activity is a solution to support businesses to consume Vietnamese goods through creating a forum to connect manufacturers with direct and online distribution systems.

Deputy Director of the Hanoi Tourism, Trade and Investment Promotion Center Bui Duy Quang, said that in the context of slowing export growth, shrinking consumption market, and increasing inventory; businesses still face a shortage of orders, so stimulating domestic consumption is considered an important solution to offset growth until the end of the year. The Hanoi Promotion Month 2023 is an effective solution to open up the market for year-end shopping.

Aiming to promote consumer demand, from the beginning of July, value added tax (VAT) was reduced from 10% to 8% according to Resolution 101/2023/QH15 of the National Assembly for many products. Economic expert Vu Vinh Phu said that this is a good move to help stimulate spending, contributing to promoting GDP growth, because the VAT cut will help reduce direct costs for shoppers.

The 2% VAT cut on raw materials, spare parts and equipment also helps reduce production input costs, giving businesses room to reduce product prices and share difficulties with consumers. Obviously, this policy also helps businesses restore production and business and promote consumption of Vietnamese goods.

From the perspective of a management agency, Quang said that the Hanoi Promotion Month 2023 is one of the effective solutions helping businesses overcome difficulties and stimulate consumer demand. Thanks to that, businesses are empowered, contributing to the recovery of production and business, promoting total retail growth and balancing supply and demand in Hanoi./.