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Unleashing the Potential: Bolster Domestic Market Growth and Stimulate Consumer Demand

29 November, 2024

Prime Minister Directs Continued Efforts to Boost Domestic Market Development and Stimulate Consumer Demand

The dispatch states: Since the beginning of 2024, the country’s socio-economic situation has continued to show positive trends, with a clear recovery, macroeconomic stability, promoted growth, controlled inflation, and ensured major balances. The industrial and service sectors have maintained good growth.

From now until the end of the year, the global situation is expected to remain highly complex, with political tensions and military conflicts posing risks of escalation and expansion, supply chain disruptions, production chain issues, volatile oil prices, weak domestic demand, and unresolved obstacles in energy and real estate projects. Agricultural production and business activities are facing challenges due to the impact of Storm No. 3.

To boost the domestic market and stimulate consumer demand in the last months of the year, it is necessary to continue implementing appropriate solutions to increase aggregate demand, encourage domestic consumption, promote trade and investment, promptly overcome the aftermath of Storm No. 3, quickly stabilize people’s lives, restore production and business activities, and accelerate public investment disbursement. The Prime Minister requests:

Minister of Industry and Trade

Continue to direct the effective and synchronous implementation of solutions for supply-demand regulation and market stabilization, along with policies to encourage consumption, to unblock the domestic market, linking production with distribution and consumption of goods; review and propose policies to support domestic enterprises in participating in global and domestic supply chains; promote trade promotion activities, and connect supply and demand to boost the consumption of domestically produced goods in both traditional and modern distribution channels; actively support the provision of market information and legal advice to small and medium-sized enterprises;

Actively organize promotion programs at the regional and national levels, coordinate with localities to strengthen connection and distribution activities for One Commune One Product (OCOP) products, and bring goods to deep and remote areas and industrial zones to stimulate domestic consumption;

Promote the implementation of programs and events to support individuals and enterprises in buying and consuming domestically produced goods on digital platforms and e-commerce; organize activities to promote regional linkages in e-commerce, cross-border e-commerce trade promotion activities with countries in the region and major import markets;

Promote the application of information technology and digital transformation; continue to reform, simplify, and expedite the handling of administrative procedures; and upgrade the level of online public services (if any);

Strengthen the state management of domestic trade, effectively implement market inspection and control measures; support enterprises in handling issues related to trade defense investigations, origin fraud, anti-smuggling, commercial fraud, and counterfeit goods;

Continue to monitor, direct, and urge localities and enterprises to implement approved programs and projects for domestic market development; deploy specific and practical solutions for stimulating consumer demand and promoting domestic trade market development;

Study and establish a mechanism to tightly control imported goods through e-commerce, which is currently putting significant pressure on domestically produced goods and affecting the consumption of domestic enterprises’ products;

Coordinate with the Ministry of Finance to propose solutions for the disbursement of public investment capital to implement tasks related to stimulating consumer demand and promoting the domestic market.

Minister of Finance

Conduct a reasonable, focused, and harmonious expansionary fiscal policy, in coordination with monetary policy and other macroeconomic policies, to promote growth, ensure macroeconomic stability, control inflation, and maintain the economy’s major balances;

Direct the acceleration of procedures for the disbursement of funds for trade promotion and consumer stimulus programs of ministries, sectors, and localities to boost the consumption of domestically produced goods;

Coordinate with the Ministry of Industry and Trade to research solutions for tightly controlling imported goods through e-commerce, in line with Vietnam’s international commitments.

Governor of the State Bank of Vietnam

Conduct a proactive, flexible, timely, and effective monetary policy, in harmony with fiscal policy and other macroeconomic policies;

Continue to direct credit institutions to research and develop credit and banking products for the consumer sector, serving the people’s lives. Promote lending through electronic and online forms; simplify loan procedures, including consumer loans, to facilitate people’s and enterprises’ access to capital, thereby stimulating the consumption of domestically produced goods; continue to direct commercial banks to reduce costs, promote the application of digital technology, and lower interest rates for businesses and people to promote production and business activities in the last months of 2024 and early 2025;

Direct credit institutions to implement credit programs and policies as directed by the Government and the Prime Minister; regularly monitor and urge the implementation of credit institutions to ensure that the State’s policies reach the people and businesses in a timely and accurate manner.

Minister of Agriculture and Rural Development

Continue to direct the promotion of production activities towards green and clean practices, ensuring quality and food hygiene and safety; direct localities to focus on production planning to ensure the supply of agricultural and food products for the last months of 2024 and the 2025 production plan, in line with market demand and trends, minimizing impacts on domestic market prices;

Coordinate with the Ministry of Industry and Trade and provincial People’s Committees to effectively implement trade promotion programs, build and develop brands, and support the consumption of agricultural products in concentrated production areas;

Coordinate with the Ministry of Industry and Trade to promote OCOP products associated with the cultural and spiritual values of each region and locality nationwide.

Minister of Construction

Direct the research and development of mechanisms and policies to encourage the consumption of domestically produced construction materials;

Coordinate with ministries and sectors to continue guiding and supporting localities in developing appropriate policies to remove obstacles in implementing real estate projects, social housing, and ensuring the safe and sustainable development of the real estate market, thereby stimulating consumer demand for domestically produced construction materials.

Minister of Culture, Sports and Tourism

Direct the continued promotion of the implementation of Directive No. 08/CT-TTg dated February 23, 2024, on the comprehensive, rapid, and sustainable development of tourism in the coming time, including policies and solutions to stimulate tourism demand; guide localities to develop attractive, high-quality, and diverse destinations with creative, specific, and inter-regional tourism products;

Proactively coordinate with ministries, sectors, and relevant organizations to propose policies and solutions to perfect the smart tourism ecosystem associated with digital transformation, green transformation, and circular economy.

Minister of Planning and Investment: Continue to direct the promotion of the implementation of solutions to improve the investment and business environment, simplify investment procedures and administrative procedures, and facilitate investment and business activities of people and enterprises.

Chairpersons of the People’s Committees of provinces and centrally-run cities

Continue to direct functional agencies to implement solutions to organize the domestic market well, including traditional and modern distribution channels, facilitate the consumption of goods, and strengthen regional connections to exchange potentials and strengths, focusing on logistics connectivity and facilitating the transportation of goods;

Coordinate with ministries, sectors, and relevant agencies to deploy trade promotion and consumer stimulus programs, support the consumption of locally produced goods, especially during the year-end period, to maximize the exploitation of the domestic market. Direct the distribution system in the area to ensure the supply of essential goods;

Continue to direct agencies to closely monitor market developments in their assigned management areas, direct production planning to ensure the supply of goods to meet domestic consumption needs, regulate supply and demand, and stabilize the market, especially during holidays and Tet; promptly take solutions to remove difficulties and create favorable conditions for enterprises and market participants within their competence.

Chairpersons of Industry Associations, Chairpersons of Corporations, and General Directors of General Companies

Chairpersons of industry associations shall proactively capture market information and the difficulties and obstacles of member enterprises in production and consumption to promptly propose solutions to competent authorities;

Chairpersons of corporations and general directors of general companies shall focus on governance innovation, strengthen research and development, enhance competitiveness, reduce costs, lower product prices, improve operational efficiency, increase the use of domestically produced raw materials and products, and coordinate with ministries, sectors, localities, and industry associations in implementing promotional programs and stimulating consumption of products and goods.

The Prime Minister assigns Deputy Prime Minister Bui Thanh Son to directly direct and urge the implementation of this dispatch and handle difficulties and obstacles arising during the implementation process.

Nhat Quang