Consumers tighten their belts during Tet holiday

The market often supplies a number of major food items, fresh foods, fruits, alcoholic drinks, cigarettes and confectionery before, during and after Tet.

This year, food prices remained unchanged, except for several essential goods that were sold at a bit higher prices according to the market law of supply and demand, or world price trends.

The purchasing power of this Tet decreased by 40 - 50% compared to last year’s Tet although prices did not fluctuate much, said traders at wet markets that opened the door on February 11, the second day of the lunar New Year.

Meanwhile, supermarkets that had stockpiled large amounts of commodities still offered discounts on select items, but the demand was quite low.

Prices of beer, wine and soft drinks this year saw no fluctuations thanks to a sufficient supply in supermarkets and convenience stores. However, the purchasing power remained low due to people’s increasing awareness of traffic laws. The past few days saw hundreds of drivers get fined due to drink driving.

As many spring festivals are due to take place in the first quarter of 2024, prices of essential commodities are expected to rise slightly before returning to normal after the Tet holiday, according to the Ministry of Finance.

The ministry proposed that relevant ministries, agencies and localities continue to keep a close watch on market developments in the coming days to make prompt interventions if necessary.