The Prime Minister requested the Ministry of Industry and Trade to implement market stabilization solutions and consumption incentive policies to stimulate the domestic market.
Prime Minister Pham Minh Chinh signed Official Dispatch No. 121/CD-TTg dated November 26, 2024 on continuing to promote domestic market development and stimulate consumption.
Telegrams sent to the Ministers of Industry and Trade, Planning and Investment, Finance, Agriculture and Rural Development, Construction, Culture, Sports and Tourism; Governor of the State Bank of Vietnam; Chairmen of People's Committees of provinces and centrally run cities; Chairmen of Industry Associations, Corporations; General Directors of Corporations.
The telegram stated: From the beginning of 2024, the domestic socio-economic situation continued to show positive trends, with clear recovery, stable macro-economy, promoted growth, controlled inflation, and ensured major balances. Industry and services maintained good growth.
From now until the end of the year, the world situation is forecast to continue to be extremely complicated, with political tensions and military conflicts at risk of escalating and spreading, risks of disruption of supply chains and production chains, oil prices at risk of strong fluctuations, weak domestic aggregate demand, problems with a number of energy and real estate projects... not yet completely resolved, and domestic production and business activities facing many difficulties, especially in the agricultural sector due to the impact of storm No. 3.
To promote domestic market development and stimulate consumption in the last months of the year, it is necessary to continue implementing appropriate solutions to increase aggregate demand, stimulate domestic consumption, promote trade and investment, promptly overcome the consequences of storm No. 3, quickly stabilize people's lives, restore production and business activities, promote disbursement of public investment capital... The Prime Minister requested:
1. Ministers of ministries, Prime Ministers of ministerial-level agencies, relevant agencies, Chairmen of People's Committees of provinces and centrally-run cities, industry and trade associations and enterprises must be more determined, more responsible, proactive in organizing and implementing drastically and effectively the tasks and solutions assigned by the Government and the Prime Minister in the Decisions, Directives and guiding documents of the Prime Minister on developing the domestic market; review and prioritize the implementation of solutions to remove difficulties in disbursing public investment capital, credit packages as well as policies to attract social resources to participate in implementing programs and tasks related to stimulating consumption.
2. Minister of Industry and Trade
a) Continue to direct the synchronous and effective implementation of solutions to regulate supply and demand, stabilize the market and policies to encourage consumption to open up the domestic market, linking production with distribution and consumption of goods; review, research and propose policies to support domestic enterprises to participate in the supply chain of domestic and global products; promote trade promotion, connect supply and demand to promote the consumption of domestically produced goods in traditional and modern distribution channels; actively support the provision of market information and legal advice to small and medium enterprises;
b) Actively organize promotional programs on a regional and national scale, coordinate with localities to strengthen connection activities, distribute OCOP products, bring goods to remote areas, industrial parks to stimulate domestic consumption; continue to direct commercial banks to save costs, promote the application of digital technology, reduce loan interest rates for businesses and people to boost production and business in the last months of 2024 and early 2025;
c) Promote the implementation of programs and events to support people and businesses in the purchase and sale of domestically produced products and goods on digital platforms and e-commerce; organize activities to promote regional linkages in e-commerce, cross-border e-commerce promotion activities with countries in the region and major import markets;
d) Promote the application of information technology and digital transformation; continue to reform, simplify and accelerate the progress of administrative procedure settlement; upgrade the level of online public service provision (if any);
d) Strengthen state management of domestic trade, effectively implement market inspection and control measures; support businesses in handling issues related to trade defense investigations, origin fraud, anti-smuggling, trade fraud and counterfeit goods;
e) Continue to monitor, direct and urge localities and enterprises to implement Programs and Projects on domestic market development approved by competent authorities; deploy specific and practical solutions and activities to stimulate consumption and promote domestic market trade development;
f) Research and develop a mechanism to strictly control imported goods via e-commerce, which is currently putting great pressure on domestically produced goods, affecting the consumption of domestic enterprises' products;
g) Coordinate with the Ministry of Finance to propose solutions on disbursing public investment funds to implement tasks of stimulating consumption and promoting the domestic market.
3. Minister of Finance
a) Operate a reasonable, focused, and flexible expansionary fiscal policy, in synchronous, harmonious, and flexible coordination with monetary policy and other macroeconomic policies to promote growth, stabilize the macro-economy, control inflation, and ensure major balances of the economy;
b) Directing the acceleration of procedures for disbursing funds to implement trade promotion and consumption stimulus programs of ministries, branches and localities to promote the consumption of domestically produced goods;
c) Coordinate with Ministry of Industry and Trade Research solutions to strictly control imported goods via e-commerce in accordance with Vietnam's international commitments.
4. Governor of the State Bank of Vietnam
a) Actively, flexibly, promptly, effectively, harmoniously and closely manage monetary policy with fiscal policy and other macroeconomic policies;
b) Continue to direct credit institutions to research and develop credit products and banking services for the consumer sector to serve life. Promote the implementation of lending through electronic and online forms; simplify loan procedures and consumer loans, creating favorable conditions for people and businesses to access loans to promote consumption of domestically produced goods;
c) Direct credit institutions to promote the implementation of credit programs and policies under the direction of the Government and the Prime Minister; regularly monitor and urge the implementation of credit institutions so that the State's policies reach the people and businesses in a timely and appropriate manner.
5. Minister of Agriculture and Rural Development
a) Continue to direct the promotion of green and clean production activities, ensuring quality and food hygiene and safety; direct localities to focus on production according to plan to ensure the supply of agricultural products and food for the last months of 2024 and the production plan for 2025 in accordance with market demand and developments, limiting impacts on prices in the domestic market;
b) Coordinate with the Ministry of Industry and Trade and People's Committees of provinces and cities to effectively implement trade promotion programs, build and develop brands, and connect to support the consumption of agricultural products in concentrated production areas;
c) Coordinate with the Ministry of Industry and Trade to promote OCOP products associated with the cultural and spiritual values of each region and locality across the country.
6. Minister of Construction
a) Directing research and development of mechanisms and policies to promote and encourage the consumption of domestically produced construction materials;
b) Take the lead and coordinate with ministries and branches to continue urging and guiding localities to have appropriate policies to remove difficulties and obstacles in implementing real estate and social housing projects and promote the safe and sustainable development of the real estate market to stimulate consumption of domestically produced construction materials.
7. Minister of Culture, Sports and Tourism
a) Directing the continued implementation of Directive No. 08/CT-TTg dated February 23, 2024 on comprehensive, rapid and sustainable tourism development in the coming time, including policies and solutions to stimulate tourism demand; guiding localities to develop attractive, quality and multi-experience destinations with creative, unique and inter-regional tourism products;
b) Proactively coordinate with relevant ministries, branches, agencies and organizations to propose policies and solutions to perfect the smart tourism ecosystem associated with digital transformation, green transformation and circular economy.
8. Minister of Planning and Investment: Continue to direct the implementation of solutions to improve the investment and business environment, simplify investment processes and administrative procedures to facilitate investment and business activities of people and enterprises.
9. Chairman of People's Committees of provinces and centrally-run cities
a) Continue to direct competent authorities to deploy solutions to well organize the domestic market, traditional and modern distribution channels, facilitate the consumption of goods; strengthen regional and area connections to exchange potentials and strengths, focusing on logistics connections, facilitating the transportation of goods;
b) Coordinate with relevant ministries, branches and agencies to implement trade promotion programs, stimulate consumption, support the consumption of locally produced goods, especially at the end of the year to maximize the domestic market. Direct the local distribution system to ensure the supply of essential goods;
c) Continue to direct agencies to closely monitor market developments in the assigned management areas, direct production according to plan to ensure goods meet consumer demand in the domestic market; regulate supply and demand of goods and stabilize the market, especially during holidays and Tet; promptly have solutions to remove difficulties, create favorable conditions for businesses and entities participating in business in the market according to their authority.
10. Chairmen of Industry Associations, Corporations, General Directors of Corporations
a) Chairmen of industry associations proactively grasp information, market demand, difficulties and problems of member enterprises in production and consumption of goods to promptly propose to competent authorities measures to remove them;
b) Chairmen of Corporations and General Directors of Corporations focus on innovating management, enhancing research and development, improving competitiveness, reducing costs, reducing product prices, improving operational efficiency; increasing the use of raw materials and products of domestic manufacturing enterprises; coordinating with ministries, branches, localities, and industry associations in implementing promotional programs to stimulate consumption of products and goods.
11. Assign Deputy Prime Minister Bui Thanh Son to directly direct the implementation, urge and handle difficulties in the implementation of this Official Dispatch./.
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