Hanoi (VNA)🍰 – Prime Minister Pham Minh Chinh has required accelerating the development of the domestic market and the stimulation of consumption on the occasion of the Lunar New Year (Tet) 2025.

In an official dispatch sent to ministers of several relevant ministries, the Governor of the State Bank of Vietnam, and chairpersons of the People’s Committees of centrally-run cities and provinces, the Government leader called for the drastic and effective implementation of the tasks and solutions assigned by the Government and the Prime Minister in the Decisions, Directives, and official dispatches regarding the promotion of economic growth, the development of the domestic market, the stimulation of consumer demand, and the organisation of the Tet festival. It is necessary to accelerate the disbursement of public investment funds right from the beginning of 2025, use public investment to lead and stimulate social investment, and promote public-private partnership, timely review and remove obstacles for each project, especially important national projects and National Target Programmes, stressed Chinh. The Prime Minister requested strengthening solutions to connect supply and demand, boost production and business to meet domestic consumption needs; develop e-commerce and new effective business models; integrate production, distribution, and consumption; focus on the concerted and effective implementation of the programme to eradicate temporary and dilapidated houses nationwide in 2025. The Minister of Industry and Trade was asked to step up solutions to stimulate domestic consumption; promote production, ensure adequate supply to meet demand, and prevent shortages or disruptions in supply, especially for essential goods; support businesses in trade promotion; boost the development of logistics services; and diversify distribution channels for goods and services. The Minister of Finance was tasked with implementing a reasonably expanded fiscal policy, in a concerted, harmonious, and flexible manner alongside monetary policy and other macroeconomic policies to promote growth, stabilise the macroeconomy, control inflation, and ensure the major balances of the economy. He was urged to research policies on tax, fee, and charge reductions for citizens and businesses, and submit them to the competent authorities by February 2025. The central bank’s Governor was ordered to proactively and flexibly manage monetary policy, in close coordination with fiscal policy and other macroeconomic policies; and direct credit institutions to continue reducing costs, simplifying administrative procedures, enhancing the application of information technology, and promoting digital transformation. Efforts will be made to reduce lending interest rates to support business production, job creation, and livelihoods for the people, particularly by lowering interest rates on consumer loans, and those for investment and export in emerging sectors. The Minister of Culture, Sports, and Tourism was tasked with directing the implementation of Directive No. 08/CT-TTg dated February 23, 2024, on the comprehensive, rapid, and sustainable development of tourism; and pushing forward the cultural and entertainment industries, especially during festivals. The Minister of Agriculture and Rural Development was requested to direct the promotion of green, clean production activities that ensure quality and food safety standards; and instruct localities to focus on production plans to ensure a stable supply of agricultural products and food to meet the needs of the people during the Lunar New Year and build production plans for 2025 that align with market demand and trends, minimising any impact on domestic market prices. The Government leader required the Minister of Planning and Investment to continue directing the implementation of solutions to improve the investment and business environment, simplify investment processes and administrative procedures to facilitate investment and business activities for individuals and enterprises, and promptly amend regulations that hinder production and business operations. Meanwhile, the Minister of Labour, War Invalids, and Social Affairs was ordered to preside over and coordinate with relevant ministries, agencies, and localities to oversee, monitor, inspect, and guide localities and agencies in carrying out tasks related to ensuring the well-being and social security for the people and workers. The chairpersons of the People's Committees of centrally-run cities and provinces will coordinate with relevant ministries, agencies, and organisations to implement trade promotion programmes, stimulate consumer demand, increase the consumption of domestic products, and boost both domestic consumption and production./.