The Ministry of Industry and Trade (MoIT) will ensure the supply-demand balance of essential commodities for the Tet (Lunar New Year) of 2020 and implement a programme on keeping goods in stock for market stabilisation.

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To stabilise the market and ensure supply in the last months of the year and the month before Tet festival in 2020, Tran Duy Dong, Director of the MoIT’s Department of Domestic Market, said the ministry will coordinate with ministries, sectors and localities in closely monitoring market situations and then send reports to the Prime Minister.

The MoIT and the Ministry of Agriculture and Rural Development will ensure supply and demand of agricultural products, especially dealing with African swine fever and ensuring pork supply in the last months of the year and the period before Lunar New Year.

In addition, it will closely monitor changes in supply and demand of goods, prices and development of domestic market, especially essential commodities. At the same time, it will promote inspection and supervision of implementation of regulations on price registration, price declaration and price management.

Moreover, the ministries must enhance cooperation in managing prices of goods under the State management to contribute to macroeconomic stability and to gain the target in CPI growth rate this year. They will also implement domestic trade promotion programmes to boost consumption in the domestic market.

Of which, the MoIT will promote trade promotion activities in mountainous markets and support businesses to sell goods to rural areas, border areas and islands.

It will actively prevent smuggling, trade frauds, counterfeit goods, fake goods and poor quality goods from the domestic market to protect domestic production and the legitimate interests of consumers.

Goods stock for Tet

Hanoi plans to prepare goods in stock for the coming Lunar New Year with a total value of about 31.2 trillion VND (1.34 billion USD), a year-on-year increase of 10 percent.

As the Lunar New Year of 2020 comes earlier than previous years in late January, the preparation of Tet goods at present is almost competed by enterprises.

The Hanoi Department of Industry and Trade said the goods in stock include 191,400 tonnes of rice; 44,600 tonnes of pork; 14,800 tonnes of poultry meat; and 12,306 tonnes of beef.

They also involve 260 million eggs; 247,400 tonnes of vegetables; 12,800 tonnes of processed foods; 11,364 tonnes of aquatic products; about 3,500 tonnes of dried agro-forestry products; 3,000 tonnes of confectionary; 200 million liters of wine, beer, soft drinks; 200,000cu.m of petroleum; garments and electronics products.

The department prepares a promotion month, fairs, market days to bring Vietnamese goods to the rural and remote areas to ensure sufficient supply of Tet goods for the people.

To ensure the supply and demand of goods, Hanoi coordinates with neighbouring localities to organise fairs and exhibitions diversifying goods supply to the consumers.

Most localities and retail channels across the country have also planned preparation of goods for Tet to stabilise price and market.

According to the Domestic Market Department, total revenue of retail goods and services in the first nine months of this year reached 3.6 quadrillion VND, up 11.6 percent year on year.

With this growth, the nation expects to gain a growth rate at 11.5-12 percent in the revenue of retail goods and services this year.