As of November 21, the Ministry of Industry and Trade informed that in order to prevent the risk of consumer goods and services bubble and sudden price increases for earning profit during the end of 2024 and the 2025 Lunar New Year (Tet) holiday, Minister of Industry and Trade Nguyen Hong Dien required localities and businesses to urgently implement market stabilization measures, ensuring the supply of goods for the Tet holiday and avoiding unusual price increases.
In particular, they must closely monitor the supply of high-demand items such as food, beverages and fuel. Large enterprises like Vietnam Oil and Gas Group (Petrovietnam), Hanoi Beer Alcohol and Beverage Joint Stock Corporation (HABECO) and Vietnam National Tobacco Corporation are instructed to increase stores of raw material and maintain stable production to meet the high consumer demand during the Tet holiday.
According to the Ministry of Industry and Trade, major petroleum trading enterprises are required to strictly comply with the minimum total resource allocation, and maintain circulation reserves and national reserves for market fluctuations if any.
Functional agencies will enhance inspection of fuel quality, prices and measurements to prevent commercial fraud or profiteering during shortages.
The ministry also directed production units, especially in the essential food and consumer goods sectors to avoid production disruptions or creating instability before Tet. Large enterprises like Hanoi Trade Joint Stock Corporation and Cooperatives Union of Ho Chi Minh City (Saigon Co.op) are tasked with expanding distribution networks to remote areas, ensuring convenient and stable access to goods for the people.
Vietnam Electricity and petroleum wholesale enterprises are committed to maintaining a steady supply. The petroleum distribution system will be strictly controlled to prevent speculation and unreasonable price increases and ensure fire safety.
The Ministry of Industry and Trade also announced that the “Bringing Vietnamese goods to rural areas and industrial zones” program will be further strengthened.
The Ministry of Industry and Trade informed that the initiative in combination with major fairs and promotional programs during the Tet holiday aimed at boosting consumer demand. Special regional products and organic agricultural products will be prioritized for wide distribution, contributing to price stabilization and supporting farmers after natural disasters.
