Home Markets Ensuring Stock Availability and Price Stability for the End of 2024 and...

Markets

Ensuring Stock Availability and Price Stability for the End of 2024 and the Lunar New Year in 2025.

26 November, 2024

The Minister of Industry and Trade, Nguyen Hong Dien, has issued Directive No. 12/CT-BCT dated October 20, 2024, on implementing solutions to ensure the balance of supply and demand and stabilize the market for essential goods during the end of 2024 and the Lunar New Year of the Snake in 2025.

PRIORITIZE PROVIDING GOODS TO REGIONS AFFECTED BY FLOODS

Accordingly, the Ministry of Industry and Trade requests the Departments of Industry and Trade of provinces and centrally-run cities to proactively advise the Provincial People’s Committees on preparing sources of goods, stockpiling essential commodities for the Tet Holiday; implementing market stabilization measures in accordance with the law; coordinating with the banking sector to support and connect essential goods production and distribution enterprises with credit institutions in the area to access preferential loans to stockpile goods to stabilize the market before, during, and after the Lunar New Year.

Coordinate with the Departments of Agriculture and Rural Development and functional units to closely monitor the production situation, weather conditions, epidemics, and post-storm and flood damage; assess production capacity and the ability to restore production after natural disasters to supply essential agricultural and food products to the market during the end of the year and the Lunar New Year; proactively develop plans or propose plans to ensure the supply and stabilize the market of essential agricultural and food products during the end of the year and the Lunar New Year of the Snake in 2025.

The Departments of Industry and Trade need to take the initiative in coordinating with related Departments, Branches, and sectors to organize activities that connect distribution enterprises and essential commodity suppliers to stabilize the market for Tet; coordinate with localities to deploy trade promotion activities, connect supply and demand to support the consumption of safe agricultural products, regional specialties, and combine to create a source of goods for Tet.

Promote the implementation of the Campaign “Vietnamese People Give Priority to Using Vietnamese Goods”, the Programs of Bringing Vietnamese Goods to Rural, Remote, Mountainous, and Island Areas, Industrial Parks, and Clusters in combination with trade promotion programs, promotions, discounts, and stimulus consumption. Special attention should be paid to the supply of goods to flood-affected areas in sufficient quantities, reasonable prices, and quality assurance.

The Ministry also requests the Departments of Industry and Trade to build a local priority mechanism to facilitate enterprises participating in the Price Stabilization Program to expand their distribution networks to populous areas, industrial parks, outer districts, remote and mountainous areas, and island areas… to increase access to stabilized goods for middle and low-income earners.

The Departments of Industry and Trade focus on inspecting prices, product quality, food safety regulations, and speculative, hoarding, and unreasonable price increase behaviors in the area.

Direct gasoline and oil businesses in the area to stockpile gasoline and oil adequately, have a plan to ensure the supply of gasoline and oil to the market during the end of the year and the Lunar New Year; coordinate with competent agencies to strengthen the supervision and inspection of maintaining the sale and compliance with the law on gasoline and oil business, and inspect the quality, measurement, and selling price of gasoline and oil circulating in the market.

The Departments also have the responsibility to coordinate with the local Market Management Departments, strengthen market inspection and supervision activities, focusing on inspecting prices, product quality, food safety regulations, and speculative, hoarding, and unreasonable price increase behaviors in the area.

ENSURE UNINTERRUPTED SUPPLY OF GOODS AND SERVICES

For production units (Vietnam National Oil and Gas Group, Hanoi Beer, Alcohol and Beverage Joint Stock Corporation, Saigon Beer, Alcohol and Beverage Corporation, Vietnam National Tobacco Corporation, Vietnam National Textile and Garment Group,…), the Ministry of Industry and Trade requires proactive production plans, providing goods for Tet, and reasonably stockpiling materials and fuel. Maintain stable production to ensure the supply of goods to the market; strictly implement the regulations on circulation reserves and national reserves to provide sufficient and timely supply of goods to the market when necessary; closely monitor the sale of goods in the distribution system to prevent shortages and artificial price increases caused by distributors and agents speculating and raising prices.

Electricity enterprises proactively establish direct power operation modes, coordinate the mobilization of power sources in the national power system to ensure a sufficient supply of electricity for production and consumption during Tet. At the same time, develop backup plans to prevent power supply interruptions during Tet.

The Ministry of Industry and Trade also emphasizes the responsibility of units with commercial operations, including Saigon Trading Corporation, Hanoi Trading Corporation, and the Ho Chi Minh City Union of Trading Cooperatives, in participating in market stabilization programs, stimulating consumption, connecting supply and demand, and supporting the consumption of safe agricultural and food products in the locality; promote the expansion of distribution networks, especially in rural and island areas, to provide stabilized goods, in general, and Vietnamese goods, in particular, to the people, especially policy beneficiaries and people in areas affected by natural disasters.

Enterprises producing and trading in gasoline and oil must ensure stable production and supply of gasoline and oil to the market according to plans; have a plan for circulation reserves in accordance with regulations to ensure a stable supply of gasoline and oil for production and consumption of the people and enterprises at the end of the year and before, during, and after the Lunar New Year, without interruption in the supply of gasoline and oil.

ENHANCE INSPECTION AND CONTROL

For its part, the Ministry of Industry and Trade will closely monitor the market situation and prices of essential commodities while coordinating with ministries, sectors, and localities to assess the supply and demand of commodities, especially essential food commodities, agricultural materials, and energy in the last months of 2024 and 2025, to proactively develop plans or propose to the Government measures to ensure the supply of goods and stabilize the market.

Perform price management tasks for commodities under state management in accordance with regulations, coordinate with ministries, sectors, and localities in the Price Steering Committee to ensure that the goal of curbing inflation in 2024 and initially implementing the goal of controlling inflation in 2025 is achieved.

Connect supply and demand and cooperate among regions in supplying goods for Tet.

The Ministry will coordinate with the Ministry of Agriculture and Rural Development, the State Bank, and the Ministry of Finance to urge and facilitate localities and enterprises to implement the Market Stabilization Program, carry out supply and demand connection activities, inter-regional trade cooperation, and deploy solutions to stimulate consumption for the market during the end of the year and the Lunar New Year.

Focus on directing enterprises in the managed sectors to maintain the production of essential commodities (processed food, liquor, beer, beverages, cigarettes, candy, gasoline, electricity, fertilizer…) to ensure sufficient and stable supply for production and people’s lives.

In particular, develop a plan to combat smuggling, commercial fraud, and counterfeit goods in the last months of 2024 and before, during, and after the Lunar New Year of the Snake in 2025.

Direct the Market Management force nationwide to focus on strengthening inspection and control of the market and strictly handling violations related to speculation, hoarding, price listing, e-commerce, business, transportation, storage of prohibited goods, smuggled goods, goods of unknown origin, counterfeit goods, goods infringing intellectual property rights, and substandard goods,… Priority is given to monitoring essential commodities with high consumption demand during the end of the year and the Lunar New Year, such as electronics, refrigeration, clothing, footwear, candy, sugar, fruits, cigarettes, liquor, beverages, livestock, poultry, and fresh food commodities…

Coordinate with functional forces such as Public Security, Border Guard, and Customs to effectively organize the fight against smuggling and commercial fraud in border areas, airports, warehouses, and goods collection points…

The Ministry will also strengthen supervision activities and focus on protecting consumers’ rights in accordance with the law; proactively detect and promptly handle unfair competition behaviors.

At the same time, to ensure food safety during Tet, the Ministry will strengthen the direction and inspection of compliance with regulations on quality and food safety at production and business units of food commodities under the management of the Ministry of Industry and Trade, focusing on commodities for Tet such as liquor, beer, beverages, and candy.

This Directive affirms that ensuring the supply and circulation of goods during the end of the year is not only to stabilize the market and maintain production but also to create a premise for implementing the Government’s macroeconomic objectives for 2025.