Hanoi (VNA) – The Ministryof Industry and Trade will focus on developing the domestic market in 2019 withthe view to creating a fulcrum for sustainable economic growth besides export,according to an official of the ministry.

In an interview granted to theVietnam News Agency on January 8, Director of the MoIT’s Domestic MarketDepartment Tran Duy Dong said 2018 was the first year when total revenue of retailgoods and services reached nearly 4,395.7 trillion VND (189.44 billion USD), up11.7 percent year on year.

The domestic market was stablelast year with no sudden changes in prices thanks to drastic efforts incontrolling inflation and market management measures.  

The ministry also worked hard inhandling unhealthy competition, managing multi-level marketing and utilisedtrade remedies to assist with the development of the domestic market.

However, the official admittedthat the demand-supply balance was not sustainable due to the absence of connectionsamong different links in supply chains (producers, distributors, transportersand consumers), resulting in the market’s vulnerability to fluctuations.  

Moreover, competent agencies haddifficulties in using tools to stabilize the market in case of sudden changesin supply or demand.

The domestic market was also affectedgreatly by abnormal changes in the world market last year.

To fulfil the goal of anincrease of 10.5 – 11 percent in retail growth, Dong said the ministry willsoon finalise a strategy on developing the domestic market to 2025 with avision to 2030, while continuing to review and refine policies and the legalsystem on commercial infrastructure.

The ministry plans to boostinternational cooperation and attract investment from all economic sectors inthe development of wholesale markets, and seek ways to bolster trade in ruralareas.

The ministry will coordinatewith relevant ministries and agencies in managing the prices of commoditiessubject to State control and effectively implementing market stabilization programmes,contributing to keeping inflation under 4 percent.

Special attention will be paidto enhancing linkages between production and distribution as well as withinvalue chains.

Dong added that the ministrywill push ahead with the plan of actions to carry out the campaign “Vietnameseuse Vietnamese goods” in 2019.–VNA