Businesses have committed to launching an array of price stabilisation and promotion programmes in the runup to Tet. (Photo: VNA) Businesses have rushed to stockpileessential items, with the volume of inventory rising 10-25% year-on-year. Theyhave committed to launching an array of price stabilisation and promotionprogrammes in the runup to Tet.
Affordable goods available
Vissan Joint Stock Company,which processes and sells fresh and frozen meat and other foods, plans toprovide the market with nearly 1,100 tonnes of fresh products and 3,800 tonnesof processed ones. Besides, it has increased stockpiling by 10-20% inanticipation of the scarcity of goods and rolled out 10-20% discount programmes onweekends, and will even offer an up to 30% discount on thedays leading up to Tet.
Right in September 2023, renowned retailers such asGO!, Big C and Tops Market signed deals with their partners to increase thesupply of Tet commodities by 20%. They have carried out the “price lock” programmeon more than 10,000 consumer goods, and launched attractivediscounts on over 50% of their high-quality products. Additionally, over 3billion VND (122,500 USD) worth of awards is up for grabs in the supermarkets’lucky draws.
Meanwhile, the Co.opmart supermarket chain has made meticulous preparation for theTet season, with the amount of foods stocked up rising 30% year-on-year. As toppriority is given to promote Vietnamese brands, Co.opmart has arranged shelvesto introduce “One Commune, One Product” goods.
Experts said Tet is a golden time for food businessesas customers are in good mood to splurge on items like confectionary.Currently, domestic producers are making concerted efforts to improve productquality and brand with competitive prices so as to meet the market demand and win the lion share in the domestic playground.
Orion Food Vina Company Limited will supply themarket with 32,000 tonnes of confectionery at rational prices, up 5-10% fromthe previous Tet season. Meanwhile, the Hanoi Confectionery Joint Stock Companyplans to sell 350 tonnes of goods stable prices although inputcosts pick up 5-12%.
Highexpectation for purchasing power
An array of products at stable prices are available atlarge supermarkets like Co.opmart, Big C, and Aeon, who are “holding theirbreath” for the increases in the purchasing power.
They have been concerned about the marketfluctuation after seeing shopping demand for the year-end season expand only 10-15%as compared to the normal days, which forced them to accelerate promotion andreduce profit on several product lines to ensure the set consumption plans.
As part of the efforts to encourage locals’ spending,competent ministries, sectors, and authorities have carried out trade promotion programmes,and the “Vietnamese people prioritise Vietnamese goods” campaign.
The MoIT has directed market management authorities in localities to enhanceinspection and handle violations of speculation of goods during Tet season.
According to Acting Deputy Director of the Hanoi Department of Industry and TradeTran Thi Phuong Lan, local enterprises have outlined plans to serve the demandfor Tet commodities, with total necessary goods on supply valued some 40.9trillion VND, up 10% from the previous season.
In Ho Chi Minh City, credit institutions have setaside around 9 trillion VND in loans with short-term interest rates of 4-6% forenterprises to carry out the market stabilisation programme for the Tet holiday./.
VNA
