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Ministry targets price stabilisation
The Ministry of Industry and Trade, in an aim to stabilise the market and prices, has asked for detailed information about the supply and demand of essential goods in the country.
The ministry in an official letter asked all ministries, branches, associations, and units under its supervision to provide the information.
According to the ministry's data, the country's total retail sales and services in September reached VND195.1 billion (US$9.2 million), up 1.08 per cent against August.
In the first nine months of this year, the figure reached VND1.713 trillion ($81 million), a year-on-year rise of 17.3 per cent, compared to the rates of between 20 per cent and 22 per cent in previous years, according to independent market watchdogs.
The Domestic Market Department of the ministry said the domestic commodity market had sufficient supplies but consumer sales had slowed, resulting in an increase in companies' inventory.
In addition, the number of counterfeit goods and cases of fraudulent practices had risen.
This year, according to the Market Management Department, there have been 8,751 cases of smuggling, 7,945 cases of trading of counterfeit goods and 12,859 cases that violated price-related regulations. At least VND275 billion ($13 million) in goods was confiscated, a rise of VND15 billion ($714,200) compared to 2011.
Based on the market this year, the ministry predicts that the domestic commodity market will fluctuate for the rest of the year and the slowdown in consumption will likely continue.
However, the demand for livestock products will increase as Tet (Lunar New Year) approaches. Because breeding activity slows down at this time of year, supply could be affected.
Economic policies of other countries will also affect the prices of many kinds of commodities in Viet Nam.
To stabilise the market, Vo Van Quyen, director of the Domestic Market Department, said it was necessary to fully tap domestic production capacity and seek ways to help producers reduce the number of unsold goods.
Enterprises should also be provided access to bank loans to help them with production needs.
Quyen urged agencies to closely monitor the global market so they could respond in a timely manner to economic changes.
He said the ministry would strictly control imports of luxury and inessential goods in an aim to reduce the trade deficit, helping stabilise the macro-economy.
In addition, agencies and localities would have to work together closely to fight against smuggling and counterfeited goods produced at home or abroad, he added.
The ministry will also carefully watch market supply and demand so it can develop timely measures that would avoid a scarcity of commodities and jump in prices.
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