Ministry to promote competitiveness of local firms
Updated : Monday, January 08, 2018 2:50 PM (GMT+0700)

TheMinistry of Industry and Trade (MoIT) will enhance trade promotion programmesand give more support to businesses to increase their competitiveness in thelocal market in 2018.

Vietnamese agricultural products sold in a Metro Supermarket in H​anoi – Photo: VNA

Nguyen Loc An, deputy headof the ministry’s Domestic Market Department, said the economy saw positivechanges last year.

The prices of energy andagricultural products saw an increase last year while those of metal items reporteda decrease.

The goods market has beenrelatively stable thanks to cooperation among the ministries and localities,bringing down the consumer price index (CPI) to a low growth rate of 3.53percent for 2017, lower than the Government’s target.

The total revenue fromretail sales and services reached 3.93 quadrillion VND (174.85 billion USD) in2017, surging 10.9 percent year on year.

Tran Duy Dong, director ofthe department, said the country’s goods market this year would be affected bythe price increase trend of materials and fuels in the world since the end of2017.

On the other hand, abnormalchanges in the weather will also have an impact on the people, agriculturalproduction and the supply-demand of necessities. The prices of goods which areunder the State management, such as electricity, healthcare and education, willcontinue to be adjusted according to the set roadmaps, Dong said.

He said the ministry hadfocussed on implementing 71 projects to develop the local market, closelylinking with the movement of ‘Vietnamese give priorities to Vietnamese goods by2020’ with the aim of promoting local trade.

It will concentrate on localtrade promotion activities, especially during the holidays and Tet (Lunar NewYear) while launching big events with wider reach rather than small andrepetitive ones.

The ministry has been implementingsupply and demand connection and price stabilisation programmes to createabundant goods supply and stable prices.

The MoIT has also askeddomestic businesses to establish and develop supply chains, especially in theagricultural sector.

In addition to this, it willgive support to small- and medium-sized enterprises to improve their products’quality and competitiveness. It will give solutions on market management,anti-counterfeit goods and protection of consumers’ rights.

“The ministry is collectingopinions for its strategy for local trade development by 2025 with a vision for2035. The strategy targets a domestic trade value of 11 quadrillion VND by 2025and 44 quadrillion VND by 2035”, he said.

However, it suggested thatministries should continue to follow the market changes and remain active toimplement policies to control inflation.

The MoIT will try to limitthe trade deficit and implement market forecasts in a better manner to havetimely solutions. It will also mete out strict punishments for trade fraud andspeculation activities to stabilise the local market.

Exportersturn to home yard

After achieving successes inexporting goods to foreign countries, many exporters decided to return to thelocal market, as they could reap greater advantages in Vietnam’s deep integrationwith the world economy.

Nguyen Quang Vinh, who is incharge of the local retail sale at Duc Viet Company, told Hai Quan (Customs)newspaper that all their interior products for children had been exported toforeign markets such as the United States and the European Union.

However, in 2013, thecompany decided to invest in the local market, as the demand for the productsin Vietnam has been on the rise, and many foreign firms started payingattention to the market.

Duc Viet now dominates theinterior product market for children in Vietnam, thanks to the advantages ofbeing a local firm with attractive designs, Vinh told the newspaper.

Honey and Coffee CompanyLimited has been exporting honey to the US and Japan for 10 years. However,Nguyen Van An, company’s director, said the local firms found it hard to buildtheir own trademarks in the foreign markets. Most of the exported products wereunder foreign brand names.

So, he decided to invest inthe local market four years ago. His company has invested in three plants inHCM City, Binh Duong and Dong Nai provinces.

Pham Thai Binh, director ofTrung An Hi-tech Farming JSC, said that in addition to rice exports to manycountries in the world, the company had started selling rice in the localmarket since 2015.

Binh was quoted by thenewspaper as saying that with a population of more than 90 million people, thelocal market has been a good consumption channel. Many rice producers have paidattention to the local market as people’s awareness about clean and organicrice has improved.


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