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Vietnam capitalises on domestic market amid disrupted global supply chains

Vietnam has worked to develop the domestic market with a population of nearly 100 million people in the context that the COVID-19 pandemic has disrupted the global supply chains, said Minister of Industry and Trade Tran Tuan Anh.

Vietnam capitalises on domestic market amid disrupted global supply chains hinh anh 1

Minister of Industry and Trade Tran Tuan Anh 

 

In an interview with the Vietnam News Agency’s reporter, Anh said the ministryhas capitalized on the domestic market with a view to responding to the “newnormal” situation to develop the national economy.

A wide range of stimulus programmes have been carried out in throughout theyear to encourage demands for domestic products and services, he said,describing them as an effective measure since they have boosted the circulationof goods, and revenue gained from services across the nation.

This is a positive move to help local firms step up production and businessactivities, contributing to recover the nation’s economy, the ministerstressed.

As compared to other countries in the region and the world as a whole, Vietnamstands out in its swift and effective response to the pandemic, he added.

The industry and trade sector has also paid due attention to developinginfrastructure as well as outlining rational policies to facilitate thedistribution of rural products in urban areas.

Ten years ago, the country had some 8,500 markets, over 500 supermarkets andnearly 100 shopping malls, and the figures rose to 1,085 supermarkets and 240malls in 2019 while convenience stores mushroomed the markets with thousandsset up in big cities.

Vietnam capitalises on domestic market amid disrupted global supply chains hinh anh 2

Vinmart staff is doing the stocktaking 

 


The ministry is submitting to the Prime Minister a project on renewing thebusiness of agricultural products, which is envisaged to develop the market forrural farm produce with origin traceability, he said, adding this is animportant step to reduce risks for producers while enhancing the value ofagricultural production.

Anh stressed a slew of cooperation agreements and Memoranda of Understandingwere signed between farmers and distributers at business matching conferencesheld by the ministry, therefore, consumers have chances to get access tohigh-quality products at good prices while local production is promoted.

Besides popularising Vietnamese agricultural products through the “Vietnamesepeople prioritises Vietnamese products” campaign, the ministry has joined handswith distributers and businesses to carry out various programmes to supporttrade in ethnic minority-inhabited areas like Son Ha district (Quang Ngaiprovince), Van Ho (Son La province), A Luoi district (Thua Thien-Hue province),and Sa Pa town and Muong Khuong district (Lao Cai province).

More than 400 tonnes of agricultural products were consumed, creating stablelivelihoods for over 500 ethnic households.

Regarding measures to support businesses amidst complicated developments of theCOVID-19 pandmeic, Anh said that since it is necessary to maintain growth ofthe domestic market, and stabilise business activities, the ministry willcontinue assistance to local firms, with focus placed on helping them graspopportunities of e-commerce to better capitalise on the domestic market until2030.

Vietnam capitalises on domestic market amid disrupted global supply chains hinh anh 3

Rice packaged for domestic consumption and export 

 

The ministry will work with the State Bank of Vietnam to make it easier for enterprises,cooperatives and business households to access preferential loans.

Further stimulus programmes will be launched, while competent mechanisms andpolicies are expected to be completed to facilitate conditions for enterprisesto develop various kinds of trade infrastructure.

Notably, the ministry will recommend the Government to direct localities toimplement the storage and price stabilization programme, in which involvedbusinesses will get preferential loans to stock up goods to stabilise themarket during peak season like Lunar New Year, he said./.VNA

MoIT carries out solutions to boost domestic market growth

MoIT carries out solutions to boost domestic market growth

The Ministry of Industry and Trade (MoIT) will promote domestic market consumption to contribute partly to enhancing socio-economic development.

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