Vietnamese PM order outlines steps to stimulate domestic consumption

He asked the Ministry of Industry and Trade (MoIT) to take concrete actions, including launching a special communication campaign to promote the ‘Vietnamese people prioritise using Vietnamese goods’ movement, highlighting the quality of indigenous products; and encouraging consumption of Vietnamese goods on e-commerce platforms.

MoIT will organise programmes for trade promotion and demand stimulation within the national trade promotion plan; strengthen supply-demand linkages, bringing Vietnamese goods to rural, mountainous, remote, island and disadvantaged areas through multi-channel models; and partner with Vietnamese agricultural exchanges to distribute local specialties and One Commune One Product (OCOP)-certified products.

It will accelerate closer coordination with business associations and localities to help enterprises diversify supply sources, build flexible distribution networks and improve demand forecasting to ensure stable and continuous supply, the directive said.

It also stresses on more comprehensive and effective use of digital technologies in developing sales channels, domestic news outlets reported.

The directive called for closer coordination among ministries, agencies and localities to monitor prices, especially of essential goods and services, and to promptly implement appropriate and effective measures.

The State Bank of Vietnam was tasked with directing credit institutions to facilitate access to loans for people and businesses to boost domestic consumption, and providing credit packages to support production, business and consumption, with simplified procedures and conditions to ensure effective disbursement.

The directive also called for tighter price controls, greater transparency in declaring product origins and geographical indications, tougher penalties for violations and further cuts in administrative procedures to improve the business environment.

ALCHEMPro News Desk (DS)