On February 16, 2024, the Ministry of Industry and Trade held an online conference to “Evaluate the industrial production situation, ensure Tet goods for the Lunar New Year 2024, and implement upcoming tasks.”
The conference was organized immediately after Prime Minister Pham Minh Chinh issued Directive No. 06/CT-TTg on February 15, 2024, urging the implementation of key tasks after the Lunar New Year holiday in the Year of the Horse 2024.
According to the report from the Local Industry and Trade Department (Ministry of Industry and Trade), in January 2024, industrial production witnessed a strong recovery of 18.3%, with astonishing export growth of 42%. The domestic market had abundant supply of various goods, and service revenue increased significantly.
With the aim of developing plans to serve Tet, proactively reviewing supply and demand of goods, and preparing sources and supply plans, the Ministry of Industry and Trade issued directives, official correspondence, and guidance documents to localities, corporations, companies, business associations, and relevant units to implement programs to stabilize the market, with a focus on ensuring stable supply of essential food with stable prices.
In addition, the Ministry of Industry and Trade also implemented programs to connect supply and demand, bringing Vietnamese goods to rural, mountainous, and island areas; strengthening market inspection, control, and combating smuggling and commercial fraud; ensuring food safety, etc. In particular, the Ministry of Industry and Trade also worked with the Department of Industry and Trade of Hanoi and Ho Chi Minh City on Tet preparations in these localities.
As a result, corporations, companies, and businesses have made plans for production, importation, and purchasing in full, increased reserves, and ensured supply to serve production, business, and consumer demand during Tet. Most corporations and companies have committed to providing sufficient goods to meet the consumer demand of the people, avoiding shortages or disruptions in the supply of goods.
Tet goods focused mainly on essential items such as rice, livestock meat, poultry meat, eggs, sugar, cooking oil, processed food, dried agricultural products, cakes, candies, alcohol, beer, beverages, and petroleum. The supply of various goods was abundant, and prices remained stable. The expected value of the total amount of reservable goods supplied by businesses is estimated to increase by about 10-12% compared to regular months of the year. Forty-six provinces and cities have reported/planned to stock up and stabilize the market during the Lunar New Year of the Year of the Horse 2024.
In terms of prices, in general, compared to the same period in 2023, the prices of various types of rice were higher by 5-15%, but there was no imbalance between supply and demand. Most fresh food items remained stable or experienced slight increases, which were not significant. The prices of processed food items remained stable during the days approaching Tet and were equivalent to the same period last year.
Regarding the supply of fuel for Tet, the Vietnam National Petroleum Group (Petrolimex) stated that under the resolute direction of the Prime Minister, the Ministry of Industry and Trade ensured the supply of fuel for Tet, and there was active cooperation of localities in supplying this commodity.
Regarding the electricity supply situation, according to the Vietnam Electricity Group (EVN), the supply of electricity to the national power system was ensured before and during Tet, and there were no major incidents related to power supply and the electricity grid.
Recognizing the achievements, Minister of Industry and Trade Nguyen Hong Dien also pointed out some remaining issues, such as counterfeits, fake goods, and cases of commercial fraud, especially in the e-commerce environment. There were difficulties and obstacles in industrial production, circulation, and distribution due to overlapping regulations and administrative procedures. Import and export activities were subject to many regulations on low-carbon production, global minimum taxation, systems, and accountability.
Regarding the upcoming tasks, Minister Nguyen Hong Dien requested localities and functional units of the Ministry of Industry and Trade to focus and promptly grasp the difficulties and obstacles faced by businesses, timely report to higher levels any issues that exceed their authority, and implement the national sectoral planning and local planning, especially planning in the energy and mineral sector, in a resolute and efficient manner.
The Minister emphasized that localities should pay attention to ensuring the supply of fuel and electricity for production and daily life with the principle of not allowing any disruption in the supply chain in any situation. It is important to provide guidance and assistance to businesses and producers in closely monitoring market signals, efficiently exploiting trade agreements (FTA), as well as effectively implementing the official export scheme that the Ministry of Industry and Trade has developed and approved by the Prime Minister.
The Minister also requested the units to propose breakthrough policy mechanisms, unleash social resources, liberate resources in localities, promote the formation and development of strong businesses, and lead the growth.
