The retail market of goods in Da Nang is predicted to recover in 2023 after two consecutive years of being affected by COVID-19, thereby creating momentum to promote production and business activities in the city.

The flourish retail market brings a positive signal for the city's economic development. IN THE PHOTO: Customers are seen at the Lotte Mart. Photo: Q.T

Lots of positive signals

According to a report from the municipal Department of Industry and Trade, the total retail sales of goods was estimated at more than VND5,900 billion, up 0.35% compared to the previous month and up nearly 22% over the same period in 2022.

The purchasing power at supermarkets, trade centers, shops and chain stores on the occasion of Tet 2023 rose by about 20-30% compared to the same period last year.

In particular, the total amount of essential goods of wholesale businesses, trade centers, supermarkets, wet markets and grocery stores in the city in service of the Lunar New Year of the Cat 2023 was estimated to increase by 20-30% . About VND2,300 billion was spent on stockpiling food and essentials for Tet.

Deputy Director of the municipal Department of Industry and Trade Nguyen Van Tru said that the number of shoppers and the purchasing power at supermarkets, commercial centers, shops and chain stores in these days leading up to Tet 2023 (from January 16 - 21) went up by about 20-30% against 2022. Trading activities were vibrant because of diverse source of goods in eye-catching designs, and many attractive promotion and discount programmes.

Similarly, goods at markets were abundant, and their prices were stable. Notably, domestic goods accounted for a high proportion.

Before Tet, the Department of Industry and Trade-hosted Spring Fair 2023, which took place from January 11 - 16 at the Da Nang International Exhibition Fair Centre at 9 Cach Mang Thang Tam Street, attracted nearly 35,000 visitors in total.

According to the fair’s organisers, the businesses participating took an estimate of over VND7.5 billion from sales, nearly 4 times higher than the previous event. All products on sale at the event met the diversified demands of local customers over the Tet holiday.

Furthermore, district-level authorities organised a lot of trade promotion and e-commerce programmes, aiming to stimulate shopping demand in the last months of the lunar year 2022. Included were the ‘Honoring Vietnamese goods - Thanh Khe’ Festival from December 26 - 31, 2022), an exhibition connecting trade and e-commerce application in Lien Chieu District from December 16 - 18, 2022), the Trade Union Tet Market 2023 from January 6 - 8, 2023, the Humanitarian Fair of the Lunar New Year 2023 on January 10, 2023, and the Vietnamese Lunar New Year Festival 2023 from January 13 - 15.

These aforementioned activities made the total retail sales of goods in January 2023 hit VND 5,910 billion, an increase of 0.35% over the previous month and 21.8% over the same period in 2022.

Visitors to the Con Market. Photo: Q.TRANG

Flourish expectations

Although 2023 is forecast to see many difficulties, experts expect it will be a strong recovery year for the retail sector after the COVID-19 pandemic.

The Ministry of Industry and Trade says optimistically that Viet Nam's retail market size will increase to US$350 billion by 2025 from US$142 billion in 2022, contributing 59% of the total domestic budget.

The survey results of 15,000 retailers on the sales and management platform Sapo showed that 74.5% of them expect the market to continue to recover and grow in 2023, more than 36% plan to scale up their business, and over 29% plan to diversify business products.

Director of the municipal Department of Industry and Trade Le Thi Kim Phuong said that in 2023, the local industry and trade sector will continue to effectively implement solutions for economic recovery and growth under the theme for 2023 as ‘The year focuses on unleashing resources, attracting investment, maintaining economic growth and ensuring social welfare’.

Special attention will be paid to supporting enterprises, promoting domestic market demand stimulation, maintaining exports to traditional markets, and seeking new export markets, she added. The local industry and trade sector sets a target that the total retail sales of goods is expected to increase by 8-9% compared to 2022.

“In order to promote the development of domestic trade, in 2023, the industry and trade sector will implement a number of key programmes such as the trade promotion programme, the plan to develop e-commerce in Da Nang during the 2021 -2025 period, and a programme to promote the brand name of Da Nang products in association with the ‘Vietnamese people give priority to using Vietnamese goods’ campaign”, Mrs. Phuong informed.

Heed will be on boosting technology application and digital transformation in trade promotion and connection activities, and the introduction of OCOP, typical rural industrial and featured products, into distribution channels and sale points of Da Nang products.

Mr. Le Nguyen Thien An, Director of the Lotte Mart, said that the business' sales before and during the Lunar New Year increased by 30% over the same period, so he hoped for a strong recovery of the retail market in the year.

Meanwhile, Head of the Han Market Management Board Nguyen Trung Thanh informed that the days before and during Tet, the number of visitors to the market increased dramatically. Specifically, from the 1^st to the 4^th days of January, the market welcomed more than 5,000 visitors.

"This is a positive signal about the recovery of the tourist market as well as the number of visitors to the Han Market in 2023" he emphasised.

Reporting by Q.TRANG - Translating by M.DUNG