Directive on stabilizing the market in Vietnam at the end of 2024 and during the Lunar New Year in 2025

Directive on stabilizing the market in Vietnam at the end of 2024 and during the Lunar New Year in 2025​ (Image from internet)

On November 20, 2024, the Ministry of Industry and Trade of Vietnam issued Directive 12/CT-BCT to implement measures to ensure the balance of supply and demand, stabilize the market at the end of 2024 and during the Lunar New Year in 2025​.

Directive on stabilizing the market in Vietnam at the end of 2024 and during the Lunar New Year in 2025​

To ensure the balance of supply and demand for essential goods, stabilize the goods market during the end of 2024 and the Lunar New Year in 2025​, and create a foundation to achieve the macroeconomic goals for 2025 of the Government of Vietnam, the Ministry of Industry and Trade of Vietnam requests the Departments of Industry and Trade of provinces and centrally-run cities to prepare production, business plans, supply arrangements, and address unusual market fluctuations, and strictly carry out the following actions:

- Closely monitor market trends, supply and demand for essential goods, especially those with high demand or significant price fluctuations, to proactively have plans or propose to competent authorities measures to ensure the balance of supply and demand, stabilize the market, and prevent shortages, supply disruptions leading to sudden price increases during the end of year and Lunar New Year.

- Proactively advise the provincial People's Committees on plans to prepare goods, store essential goods for the New Year; implement market stabilization measures as per legal regulations; cooperate with the banking sector to support and connect essential goods production and distribution enterprises with credit institutions in the area to access loan sources at preferential rates, stabilize goods reserves before, during, and after the Lunar New Year.

- Coordinate with the Department of Agriculture and Rural Development and relevant units to closely monitor production conditions, weather changes, diseases, post-disaster damage, assessing production capacity, and the ability to recover production post-natural disasters to supply essential agricultural products and food to the market during the end of the year and Lunar New Year; proactively plan or propose plans to ensure supply, stabilize the market of essential agricultural and food items for the end of the year and Lunar New Year in 2025​.

- Lead cooperation with relevant Departments, Committees, and sectors, organize activities connecting distribution enterprises and essential goods suppliers, create stable market sources to serve the New Year; cooperate with localities to implement trade promotion activities, supply-demand connection to support the consumption of safe agricultural products, regional specialties while creating goods sources to serve the New Year.

- Vigorously implement activities of the campaign "Vietnamese People Give Priority to Vietnamese Goods," the program of bringing Vietnamese goods to rural areas, industrial zones combined with fairs, promotions, discounts, and consumer stimulus programs.

- Organize sales trips to rural, remote, and isolated areas, prepare well policy goods, supportive items, and essential consumer goods, including Lunar New Year-related items, to provide promptly and fully to people in rural, mountainous, remote, and island areas with special attention to goods supply in areas affected by natural disasters with sufficient quantity, reasonable prices, and guaranteed quality.

- Urge enterprises to actively implement Directive 29/CT-TTg dated August 27, 2024, of the Prime Minister of the Government of Vietnam on stimulating consumption, supporting production and business, and domestic market development; implement domestic trade promotion activities.

- Provide mechanisms to prioritize and create favorable conditions for enterprises participating in the stabilization program to expand their distribution networks to densely populated areas, industrial parks, suburban districts, remote areas, and island regions to increase access to stabilized goods for citizens with medium and low incomes.

- Direct businesses trading in petroleum on the premises to adequately store fuel according to regulations, devise plans to ensure fuel supply for the market during the end of the year and Lunar New Year; collaborate with relevant agencies to strengthen supervision and inspection of sales maintenance and legal compliance in petroleum trading, quality checks, measurements, and fuel prices in market circulation.

- Inspect, supervise, and direct Power Companies in the area to provide sufficient and stable electricity supply with contingency plans to ensure adequate electricity for production and public consumption, emphasize ensuring electrical safety, preventing electrical and fire hazards from power grids in public places, residential areas, and amusement parks.

- Collaborate with the local Market Management Department to intensify market inspection and supervision activities, focusing on price checks, product quality, food safety regulations, speculative behaviors, hoarding, and unreasonable price hikes on the premises.

- Collaborate with the Department of Culture, Sports and Tourism to organize Spring Fairs and healthy, economical entertainment activities in the area.

- Coordinate with the Department of Information and Communications and local mass media agencies to provide full and prompt information about the market, prices, market stabilization programs, state food safety management, information about estabilized food sale points for local people; widely disseminate the campaign "Vietnamese People Give Priority to Vietnamese Goods"; and control false information that could destabilize the market.

Refer to detailed content at Directive 12/CT-BCT dated November 20, 2024.

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