Ministry to promote competitiveness of local firms

The Ministry of Industry and Trade (MoIT) will enhance trade promotion programmes and give more support to businesses to increase their competitiveness in the local market in 2018. Nguyen Loc An, deputy head of the ministry’s Domestic Market Department, said the economy saw positive changes last year. The prices of energy and agricultural products saw an increase last year while those of metal items reported a decrease. The goods market has been relatively stable thanks to cooperation among the ministries and localities, bringing down the consumer price index (CPI) to a low growth rate of 3.53 per cent for 2017, lower than the Government’s target. The total revenue from retail sales and services reached VND3.93 quadrillion (US$174.85 billion) in 2017, surging 10.9 per cent year on year. Tran Duy Dong, director of the department, said the country’s goods market this year would be affected by the price increase trend of materials and fuels in the world since the end of 2017. On the other hand, abnormal changes in the weather will also have an impact on the people, agricultural production and the supply-demand of necessities. The prices of goods which are under the State management, such as electricity, healthcare and education, will continue to be adjusted according to the set roadmaps, Dong said. He said the ministry had focussed on implementing 71 projects to develop the local market, closely linking with the movement of ‘Vietnamese give priorities to Vietnamese goods by 2020’ with an aim to promote local trade. It…

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