Purchasing power for Lunar New Year forecast to increase by 10%

The MoIT issued dispatch in late November requiring measures to stabilise the market for the upcoming Tet holiday. It asked provincial/municipal industry and trade departments to closely watch market developments and consult with local authorities to stockpile essential items for local consumption.

Departments were also required to organise activities to connect distributors and suppliers of essential items, as well as to coordinate with localities to implement trade promotion programmes and link supply and demand to boost the consumption of quality products.

Businesses have stockpiled large amounts of goods, especially essential items such as rice, meat, vegetables, fruits, candies, and soft drinks for the Tet holiday that often sees high demand for consumption. They have been running promotion programmes, while committing to stable prices to stimulate sales.

In Hanoi alone, the municipal Department of Industry and Trade has implemented a price stabilisation programme for essential goods to ensure a well-functioning market for Tet.

Its businesses have prepared hundreds of tonnes of rice, pork, poultry, beef, seafood, vegetables, processed foods, fruit, and confectionery for supply to the market.

As scheduled, there will be about 30 shopping malls, 131 supermarkets, 455 traditional markets, 2,000 convenience stores, 110 points for promoting and selling OCOP (One Commune One Product) products, and tens of thousands of grocery stores throughout the city which will participate in supplying goods for Tet.

Additionally, the department will make use of multi-channel sales strategies, featuring 268 e-commerce websites and online sales platforms via phones, websites, and shopping apps in conjunction with traditional distribution systems.

Meanwhile, the Ho Chi Minh City Department of Industry and Trade shared that businesses participating in the Market Stabilization Programme have also stockpiled large volumes of essential items for Tet..

To ensure the supply of goods during the days leading up to Tet, supermarket and convenience store chains will increase their staff number and extend their operating hours. Most of the distribution chains will be open throughout Tet, except from the first day of the Lunar New Year, while some stores such as Family Mart, GS25, and Kingfood Mart will operate throughout the holiday.

The city’s industry and trade department stressed that market stabilisation products always maintain prices at least 5% lower than the average market price of products of the same specifications, type, and quality. At the same time, the prices of goods will not be adjusted before and after Tet.