Minimize the impact of rising commodity prices from increasing basic wages

In order to ensure the supply of essential goods and develop the domestic market from now until the end of the year, the General Statistics Office proposed that the Government implement policies to minimize the impact of rising commodity prices from the increase in basic salary applied from July 1, 2024.

The General Statistics Office also recommends that competent authorities should strengthen the implementation and supervision of price declaration, price posting, and price information disclosure measures. At the same time, they should organize inspections and checks on compliance with price laws and strictly handle violations.

At the same time, businesses are called upon to participate in the market stabilization program, especially large-scale businesses with reputable brands, high market shares and being the focal points of supply chains. At the same time, shopping malls and supermarkets are encouraged to organize product promotions to stimulate consumption at the same time as wages increase.

In particular, avoid adjusting prices of state-managed services such as healthcare services, education services, and household electricity at the same time as the salary increase on July 1, 2024, which can easily cause inflationary expectations and cause prices of other goods and services to increase accordingly...

In addition, the State Bank needs to reduce lending interest rates; adjust tax, fee and state budget payment policies appropriately; stabilize prices of raw materials and fuels for production and trading of products and services; at the same time, stabilize the supply of goods to serve the essential needs of people, combined with promoting the implementation of activities to stimulate domestic consumption, especially programs connecting supply and demand on digital platforms and e-commerce.

Along with that, promote tourism activities by promoting tourism diplomacy activities, attracting international visitors to Vietnam in the last 6 months of 2024; at the same time, implement activities to stimulate domestic tourism in localities with advantages.

The Ministry of Industry and Trade continues to accelerate the review, revision, development and completion of a number of legal documents serving state management in the domestic market sector to ensure consistency with practical situations, effectively serving macroeconomic management and the purchase, sale and exchange of goods by people and businesses.

In addition, localities need to continue to coordinate with ministries and branches to closely monitor market developments, ensure adequate supply of essential goods to meet people's needs, and prevent shortages and price hikes; coordinate with ministries and branches in advising on price management of state-managed goods...

According to the General Statistics Office, June is the peak of the summer tourist season, so commercial activities are bustling, with total retail sales of goods and consumer service revenue in June 2024 estimated to increase by 1.1% over the previous month and by 9.1% over the same period last year.

However, in the first 6 months of 2024, total retail sales of goods and consumer service revenue increased by 8.6% over the same period last year, an increase of 2.7 percentage points lower than the same period in 2023, reflecting that domestic consumer demand in the first 6 months of this year recovered but remained low.

According to the General Statistics Office, in the total retail sales of goods and consumer service revenue in the first 6 months of 2024, revenue from accommodation and food services increased by 15.2% and revenue from tourism and travel increased by 37.1%.

Total retail sales of goods and consumer service revenue at current prices in June 2024 are estimated at VND 522.5 trillion, up 9.1% over the same period last year due to increased revenue from food, foodstuffs and accommodation and catering services.

In the first 6 months of 2024, the total retail sales of goods and consumer service revenue at current prices is estimated at VND 3,098.7 trillion, up 8.6% over the same period last year (the same period in 2023 increased by 11.3%), if excluding price factors, it increased by 5.7% (the same period in 2023 increased by 8.8%).

Retail sales of goods in the first 6 months of 2024 are estimated at VND 2,398.3 trillion, up 7.4% over the same period last year (excluding the price increase of 4.9%); of which, food and foodstuffs increased by 10.4%; household appliances, tools and equipment increased by 11.6%; clothing increased by 9.6%; means of transport (excluding cars) increased by 2.4%; cultural and educational items increased by 12.9%.

Revenue from accommodation and catering services in the first 6 months of 2024 is estimated at 356.4 trillion VND, up 15.2% over the same period last year.

Tourism revenue in the first 6 months of 2024 is estimated at VND 29.4 trillion, up 37.1% over the same period last year as localities have actively promoted tourism promotion activities since the beginning of the year, attracting domestic and international visitors. Other service revenue in the first half of 2024 is estimated at VND 314.6 trillion, up 8.9% over the same period last year.