Minister of Industry and Trade Nguyen Hong Dien signed a Directive to ensure supply-demand balance and stabilize the commodity market at the end of 2024 and the Lunar New Year 2025.
Minister of Industry and Trade Nguyen Hong Dien signed and issued Directive No. 12/CT-BCT dated November 20, 2024 on implementing solutions to ensure supply-demand balance and market stabilization at the end of 2024 and the Lunar New Year 2025.
Localities must ensure supply of Tet goods; actively implement solutions to promote trade of Vietnamese goods.
The Directive clearly states that in 2024, the country's economy will continue to recover and grow in the context of the unstable political situation in the world, with inflation at risk of rising again when some major countries begin to loosen monetary policies. In the country, storm No. 3 caused great damage to people and property, however, with the attention and close support from the Government, ministries and people, post-storm recovery work has been actively implemented, and production and business activities have quickly returned to normal.
GDP growth in the first 9 months of the year increased by 6.82%, reaching a high level according to the growth scenario in 2024. Total retail sales of goods and consumer services in the first 9 months of the year at current prices are estimated at VND 4,703 trillion, up 8.8% over the same period last year (excluding the price factor, which increased by 5.8% over the same period in 2023). The average CPI in the first 9 months of 2024 increased by 3.88% over the same period last year, currently within the target set by the National Assembly on inflation control.
Although the economy has achieved some positive results, however, in the face of escalating political conflicts in many regions, the market for essential goods has many fluctuations that may negatively affect the domestic commodity market in the coming time.
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| Ensuring stable supply and demand and stabilizing prices of goods for Tet At Ty (Photo: MM Mega Market) |
To ensure the balance of supply and demand of essential goods, stabilize the commodity market at the end of 2024 and the Lunar New Year 2025, and at the same time create a premise for implementing the Government's macroeconomic targets for 2025, the Ministry of Industry and Trade requests the Departments of Industry and Trade of provinces and centrally run cities, units under the Ministry, corporations, general companies, companies, and industry associations to soon have production and business plans, plans for supplying goods and handling unusual fluctuations in the market, and at the same time seriously carry out the following tasks:
Closely monitor market developments, supply and demand of essential goods, especially those with high demand or high price fluctuations in the area in recent times to proactively develop plans or propose to competent authorities measures to ensure balance of supply and demand, stabilize the market, and avoid shortages or disruptions in supply that cause sudden price increases during the end of the year and Lunar New Year.
Proactively advise the Provincial People's Committee on plans to prepare goods sources and reserve essential goods for Tet; implement market stabilization measures according to the provisions of law; coordinate with the banking sector to support and connect businesses producing and distributing essential goods for Tet, with credit institutions in the area to access loans with preferential interest rates, reserve goods to stabilize the market before, during and after Tet.
Coordinate with the Department of Agriculture and Rural Development and relevant units to closely monitor the production situation, weather developments, epidemics, damage after storms and floods, assess production capacity, and the ability to restore production after natural disasters to supply essential agricultural and food products to the market at the end of the year and during the Lunar New Year; proactively develop plans or propose plans to ensure supply and stabilize the market for essential agricultural and food products at the end of the year and during the Lunar New Year 2025...
Take the lead in coordinating with relevant Departments, Boards and sectors to organize activities to connect distribution businesses and suppliers of essential goods, creating a source of goods to stabilize the market for Tet; coordinate with localities to implement trade promotion activities, connecting supply and demand to support the consumption of safe agricultural products, regional specialties and create a source of goods for Tet.
Promote the implementation of activities to carry out the Campaign "Vietnamese people prioritize using Vietnamese goods", the Program to bring Vietnamese goods to rural areas, industrial zones and clusters combined with fairs, promotions, discounts, and consumer stimulus programs.
Improve production capacity to meet the demand for Tet goods
According to Directive 12, Minister Nguyen Hong Dien also requested corporations, general companies, and companies to produce and trade essential goods and services and goods for Tet.
Specifically, for production units (Vietnam Oil and Gas Group, Hanoi Beer Alcohol - Beverage Corporation, Saigon Beer Alcohol - Beverage Corporation, Vietnam Tobacco Corporation, Vietnam Textile and Garment Group...) proactively have plans to produce and supply goods for Tet; reserve materials, raw materials, fuels in a reasonable manner, reduce costs, prioritize the use of domestically produced raw materials, in order to maintain stable production to ensure the supply of goods to the market at reasonable prices, good quality, beautiful designs, able to compete with imported goods; strictly implement regulations on circulation reserves, national reserves to provide sufficient and timely sources of goods to the market when necessary.
Units producing goods for Tet consumption have appropriate plans to minimize production stoppages near Tet, causing market instability; closely monitor sales in the distribution system to prevent shortages and artificial price increases due to distributors and agents speculating on goods and raising prices.
Vietnam Electricity Group proactively established a direct method of operating electricity supply and coordinated with the National Electricity System and Market Operation Company Limited to mobilize power sources in the national electricity system to ensure sufficient electricity supply for production and consumption during Tet.
The National Electricity System and Market Operation Company Limited (NSMO) has developed a plan to mobilize power sources and operate the national electricity system to ensure adequate power supply during Tet.
For units with commercial business activities (Saigon Trading Corporation, Hanoi Trading Corporation, Ho Chi Minh City Union of Commercial Cooperatives...) actively participate in local market stabilization programs, activities in the consumer stimulus program according to Directive No. 29/CT-TTg of the Prime Minister, programs connecting supply and demand, supporting the consumption of safe agricultural and food products; promote the expansion of the distribution network of goods, especially in rural and island areas to provide good supply of stabilized goods in general and Vietnamese goods in particular to the people; actively participate in support programs for people under policies, people in areas affected by natural disasters.
Vietnam National Petroleum Group, Vietnam Oil and Gas Group and key petroleum trading enterprises shall reserve for circulation according to regulations, strictly implement the total minimum petroleum source that has been allocated, have a plan to ensure a stable petroleum supply to serve production and consumption of people and businesses at the end of the year and before, during and after the Lunar New Year, and not to interrupt the petroleum supply in the business system.
At the same time, strengthen quality control, selling price, measurement in the distribution system, avoid fraud in the petroleum business; strictly implement regulations on sales time at petroleum retail points and ensure fire and explosion prevention and safety. Domestic petroleum production enterprises ensure to maintain stable production, supply petroleum to the market according to the plan and contracts signed with petroleum traders.
View the full Directive here.
Source: https://congthuong.vn/chi-thi-cua-bo-truong-nguyen-hong-dien-ve-dam-bao-bao-cung-cau-binh-on-gia-dip-tet-at-ty-360133.html
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