Ensuring supply and stabilizing the market at the end of 2024 and Lunar New Year 2025

Minister of Industry and Trade Nguyen Hong Dien has just signed and issued Directive No. 12/CT-BCT on implementing solutions to ensure supply-demand balance and market stabilization at the end of 2024 and the Lunar New Year 2025.

Accordingly, to ensure the balance of supply and demand of essential goods, stabilize the commodity market at the end of 2024 and the Lunar New Year 2025, and at the same time create a premise for implementing the Government's macroeconomic targets for 2025, the Ministry of Industry and Trade requests the Departments of Industry and Trade of provinces and centrally run cities, units under the ministry, corporations, general companies, companies, and industry associations to soon have production and business plans, plans for goods supply and handling of unusual market fluctuations.

Units must closely monitor market developments, supply and demand of essential goods, especially those with high demand or high price fluctuations in the area in recent times, to proactively develop plans or propose to competent authorities measures to ensure balance of supply and demand, stabilize the market, and avoid shortages or disruptions in supply that cause sudden price increases during the end of the year and Lunar New Year.

The Minister also requested the Department of Industry and Trade of provinces and cities to proactively advise the People's Committees of provinces and cities on plans to prepare goods sources and reserve essential goods for Tet; implement market stabilization measures according to the provisions of law; coordinate with the banking sector to support and connect businesses producing and distributing essential goods for Tet, with credit institutions in the area to access loans with preferential interest rates, reserve goods to stabilize the market before, during and after Tet.

Coordinate with the Department of Agriculture and Rural Development and relevant units to closely monitor the production situation, weather developments, epidemics, damage after storms and floods, assess production capacity, and the ability to restore production after natural disasters to supply essential agricultural and food products to the market at the end of the year and during the Lunar New Year; proactively develop plans or propose plans to ensure supply and stabilize the market for essential agricultural and food products at the end of the year and during the Lunar New Year 2025...

The local industry and trade sector shall coordinate with relevant departments, agencies and sectors to organize activities to connect distribution enterprises and suppliers of essential goods, creating a source of goods to stabilize the market for Tet; coordinate with localities to implement trade promotion activities, connecting supply and demand to support the consumption of safe agricultural products, regional specialties and create a source of goods for Tet.

Promote the implementation of activities to carry out the Campaign "Vietnamese people prioritize using Vietnamese goods", the Program to bring Vietnamese goods to rural areas, industrial zones and clusters combined with fairs, promotions, discounts, and consumer stimulus programs.

Minister Nguyen Hong Dien requested that production units serving Tet consumption have appropriate plans to minimize production stoppages near Tet, causing market instability; closely monitor sales in the distribution system to prevent shortages and artificial price hikes caused by distributors and agents speculating on goods and raising prices.

Vietnam Electricity Group proactively established a direct power supply operation method and coordinated with the National Power System and Electricity Market Operation One Member Co., Ltd. to mobilize power sources in the national power system to ensure sufficient power supply for production and consumption during Tet.

The Minister requested units with commercial business activities (Saigon Trading Corporation, Hanoi Trading Corporation, Ho Chi Minh City Union of Commercial Cooperatives...) to actively participate in local market stabilization programs, activities in the consumer stimulus program according to Directive No. 29/CT-TTg of the Prime Minister, programs connecting supply and demand, supporting the consumption of safe agricultural and food products...

“Vietnam National Petroleum Group, Vietnam Oil and Gas Group and key petroleum trading enterprises shall reserve for circulation according to regulations, strictly implement the total minimum petroleum source that has been allocated, have a plan to ensure a stable petroleum supply to serve production and consumption of people and businesses at the end of the year and before, during and after the Lunar New Year, and not to interrupt the petroleum supply in the business system,” the directive clearly stated.