Domestic Market Management Team meets to discuss solutions to promote domestic market growth

The domestic market plays an important role

Speaking at the meeting, Mr. Tran Huu Linh - Deputy Head of the Domestic Market Management Team, Director of the Department of Domestic Market Management and Development - Ministry of Industry and Trade emphasized that with the difficulties in the market in recent times, especially the US decision to impose reciprocal tariffs, domestic market growth has become more important than ever. Recently, the Government has requested to promote domestic market growth to achieve growth targets.

Mr. Tran Huu Linh spoke at the meeting

“After the meeting, we will submit to the Government a plan to develop the domestic market, focusing on solutions, not just macro-level policy mechanisms but also actions that can be done immediately to develop the domestic market in 2025 and 2026,” Mr. Tran Huu Linh shared.

Reporting at the meeting, Ms. Le Thi Hong - Standing member of the Domestic Market Management Team - Ministry of Industry and Trade informed that in the first quarter of 2025, the domestic goods market is relatively stable, the supply of essential goods is always guaranteed, prices of goods do not fluctuate much, the market mainly focuses on serving the holidays and Tet.

During the Lunar New Year period, the preparation of goods for Tet was well prepared by localities and enterprises, along with favorable weather, supporting agricultural production, so the supply of food products, especially vegetables, tubers, and fruits (groups of goods consumed a lot during Tet) was abundant and diverse, the prices of this group of goods during Tet were relatively stable compared to the previous year.

"In particular, in the first quarter, pork prices increased quite high compared to the same period last year (compared to the first quarter of 2024, pork prices increased by about 10 - 15%)" - Ms. Hong said. At the same time, she explained that the increase in pork prices was due to a number of main reasons affecting supply such as: pig diseases are in the stage of easy outbreak and spread; livestock units focus on selling in the period before Tet to get good prices, so after Tet is the off-season period, the supply decreases locally. In addition, there is the impact of many farms having to stop raising livestock to move locations to ensure compliance with regulations on livestock conditions as prescribed in the Law on Livestock (the deadline for mandatory implementation of livestock conditions is from January 1, 2025).

Regular meeting of the Domestic Market Management Team in the first quarter of 2025

According to the General Statistics Office - Ministry of Finance, the estimated total retail sales of goods in March 2025 reached VND 570,913 billion, up 1.68% over the previous month. The estimated total retail sales of goods in the first quarter of 2025 reached VND 1,708,252 billion, up 9.9% over the same period in 2024.

Regarding CPI, according to the General Statistics Office - Ministry of Finance, CPI in March decreased by 0.03% compared to the previous month. The average CPI in the first quarter of 2025 increased by 3.22% compared to the same period in 2024. This is a reasonable increase, within the target set by the National Assembly on inflation control.

Due to the impact of US tariff policies, prices, supply and demand of some essential goods in the world market will fluctuate; the export market of some domestically produced goods may be affected, thereby affecting the domestic commodity market. However, with the close direction of the Government and ministries, branches and localities, the domestic commodity market will not have unusual fluctuations, stimulus policies will help support the consumption of domestically produced consumer goods, the supply of essential goods is guaranteed to help stabilize prices, inflation continues to be under control.

Propose multiple solutions

With the developments in the market, the Domestic Market Management Team recommends that ministries, branches and localities continue to synchronously, drastically and effectively implement the tasks and solutions set by the Government on key and breakthrough tasks and solutions to promote economic growth and accelerate disbursement of public investment capital, ensuring the national growth target of 8% or more in 2025.

In addition, continue to closely coordinate and closely monitor developments in supply and demand of goods, prices and markets; proactively and flexibly implement measures to regulate supply and demand and stabilize the market, promote consumption of domestically produced goods to strive to achieve the economic growth target while still ensuring the implementation of the tasks of curbing inflation and social security.

The Department of Industry and Trade of localities, industry associations, and enterprises producing and trading goods must seriously implement the contents assigned in Directive No. 08/CT-BCT dated April 4, 2025 of the Ministry of Industry and Trade on implementing solutions to continue promoting domestic market development and stimulating consumption in 2025.

On the part of the Ministry of Industry and Trade, preside over/coordinate with relevant ministries, branches, localities and units to implement Directive No. 08/CT-BCT dated April 4, 2025 of the Ministry of Industry and Trade on implementing solutions to continue promoting domestic market development, stimulating consumption in 2025; promote activities connecting supply and demand, trade promotion to support the consumption of domestically produced goods; combine to promote the implementation of measures to encourage exports, seek and expand export markets, limit trade deficit, support domestic production of goods to replace imports; synchronously and effectively implement the Campaign "Vietnamese people prioritize using Vietnamese goods".

In addition, closely monitor developments in the world oil market, proactively implement/propose measures to ensure oil supply for the domestic market, and closely coordinate with the Ministry of Finance in managing oil prices according to regulations.

The Steering Committee also requested the Ministry of Agriculture and Environment to officially assess the disease situation and pork supply in the coming months to increase supply for the domestic market and stabilize the market. At the same time, coordinate with localities to effectively implement measures to support farmers to stabilize production on livestock land in accordance with regulations. In addition, relevant localities, ministries, departments and branches should strengthen market control and inspection to avoid hoarding and price increases; closely monitor and minimize cross-border trade (due to the price difference between the country and neighboring countries) to avoid the spread of disease in the country.

On the business side, Mr. Trinh Quang Khanh - Permanent Vice President and General Secretary of the Vietnam Petroleum Association said it is necessary to promote the use of biofuels and use fuels that meet emission requirements.

Regarding the issue of pork, Mr. Le Thanh Hoa - Deputy Director of the Department of Processing and Development of Agricultural Products Market - Ministry of Agriculture and Rural Development said that the ministry had a meeting on the issue of pork, in which it proposed solutions to increase supply from herd restoration and increase imports to cool down domestic pork prices.

For localities, according to the sharing at the meeting, localities have been strongly implementing solutions on trade promotion and stimulating consumption to achieve the target of total retail sales of goods and consumer service revenue as assigned by the Ministry of Industry and Trade in Directive 08 dated April 4, 2025.

Lan Phuong

Source: https://congthuong.vn/to-dieu-hanh-thi-truong-trong-nuoc-hop-ban-giai-phap-thuc-tang-truong-thi-truong-noi-dia-382329.html