Continue to implement appropriate solutions to increase aggregate demand, stimulate domestic consumption, promote trade and investment, and promptly overcome the consequences of storm No. 3.
To promote domestic market development and stimulate consumption in the last months of the year, Prime Minister Pham Minh Chinh has just signed and issued an official dispatch on continuing to implement appropriate solutions to increase aggregate demand, stimulate domestic consumption, promote trade and investment, promptly overcome the consequences of storm No. 3 , quickly stabilize people’s lives, and restore production and business activities .
Accordingly, the Prime Minister requested the Ministry of Industry and Trade to implement solutions to regulate supply and demand, stabilize the market and encourage consumption to open up the domestic market, promote trade promotion, connect supply and demand to boost the consumption of domestically produced goods in traditional and modern distribution channels. Actively organize promotional programs on a regional and national scale, bring goods to remote areas, industrial parks to stimulate domestic consumption. At the same time, strengthen state management of issues related to trade defense investigations, origin fraud, anti-smuggling, trade fraud and counterfeit goods .
The Prime Minister requested the Ministry of Finance to speed up procedures for disbursing funds to implement trade promotion and consumption stimulus programs of ministries, sectors and localities to boost the consumption of domestically produced goods; coordinate with the Ministry of Industry and Trade to study solutions to strictly control imported goods via e-commerce in accordance with Vietnam’s international commitments.
The State Bank of Vietnam continues to direct credit institutions to research and develop credit products and banking services for the consumer sector to serve people’s lives. Promote lending through electronic and online forms; simplify loan and consumer loan procedures, create favorable conditions for people and businesses to access loans to promote consumption of domestically produced goods; continue to direct commercial banks to save costs, promote the application of digital technology, reduce loan interest rates for businesses and people to promote production and business in the last months of 2024 and early 2025.
The Prime Minister’s telegram also requested the Ministry of Agriculture and Rural Development to coordinate with the Ministry of Industry and Trade and the People’s Committees of provinces and cities to effectively implement trade promotion programs, build and develop brands, and connect to support the consumption of agricultural products in concentrated production areas.
The Ministry of Construction guides localities to have appropriate policies to remove difficulties and obstacles in implementing real estate and social housing projects and promote the safe and sustainable development of the real estate market to stimulate consumption of domestically produced construction materials.
The Ministry of Culture, Sports and Tourism shall implement policies and solutions to stimulate tourism; guide localities to develop attractive, quality and multi-experience destinations with creative , unique and inter-regional tourism products .
For provinces and centrally run cities, continue to direct competent agencies to implement solutions to organize the domestic market well, facilitate the consumption of goods; strengthen regional connectivity, focus on logistics connectivity, facilitate the transportation of goods. Coordinate with relevant ministries, branches and agencies to implement trade promotion programs, stimulate consumption, support the consumption of locally produced goods, especially at the end of the year to maximize the domestic market. Direct the distribution system in the area to ensure the supply of essential goods.
The Prime Minister’s telegram was issued promptly, right at the time when the consumer market and retail industry are entering the peak, busiest period of the year. Because there is about 1 month left until Christmas and New Year 2025, followed by Lunar New Year . This is a time when not only consumers but also businesses are very interested because it can help them increase sales.
In the context of not yet booming purchasing power, from the central to local levels, efforts are being made to stimulate demand. In Ho Chi Minh City, consumers have the opportunity to shop for promotional products because from now until the end of December – which is the month of concentrated promotions, when businesses can reduce prices by up to 100%.
In Hanoi, a series of year-end stimulus programs have also been implemented since mid-November. For example, Hanoi Promotion Month attracted 1,000 points across the city with the goal of creating a breakthrough in stimulating domestic consumption.