Trade ministry makes domestic market a focus in 2019

Hanoi (VNA) – The Ministry of Industry and Trade will focus on developing the domestic market in 2019 with the view to creating a fulcrum for sustainable economic growth besides export, according to an official of the ministry.

In an interview granted to the Vietnam News Agency on January 8, Director of the MoIT’s Domestic Market Department Tran Duy Dong said 2018 was the first year when total revenue of retail goods and services reached nearly 4,395.7 trillion VND (189.44 billion USD), up 11.7 percent year on year.

The domestic market was stable last year with no sudden changes in prices thanks to drastic efforts in controlling inflation and market management measures.  

The ministry also worked hard in handling unhealthy competition, managing multi-level marketing and utilised trade remedies to assist with the development of the domestic market.

However, the official admitted that the demand-supply balance was not sustainable due to the absence of connections among different links in supply chains (producers, distributors, transporters and consumers), resulting in the market’s vulnerability to fluctuations.  

Moreover, competent agencies had difficulties in using tools to stabilize the market in case of sudden changes in supply or demand.

The domestic market was also affected greatly by abnormal changes in the world market last year.

To fulfil the goal of an increase of 10.5 – 11 percent in retail growth, Dong said the ministry will soon finalise a strategy on developing the domestic market to 2025 with a vision to 2030, while continuing to review and refine policies and the legal system on commercial infrastructure.

The ministry plans to boost international cooperation and attract investment from all economic sectors in the development of wholesale markets, and seek ways to bolster trade in rural areas.

The ministry will coordinate with relevant ministries and agencies in managing the prices of commodities subject to State control and effectively implementing market stabilization programmes, contributing to keeping inflation under 4 percent.

Special attention will be paid to enhancing linkages between production and distribution as well as within value chains.

Dong added that the ministry will push ahead with the plan of actions to carry out the campaign “Vietnamese use Vietnamese goods” in 2019.–VNA