Businesses earmark $314 million to stock up for Tet

Businesses earmark $314 million to stock up for Tet

HCM City businesses have earmarked more than VND6.6 trillion (US$314.4 million) to stock up for Tet (Lunar New Year) in early February, the Department of Industry and Trade has said.

This was nearly VND1.3 trillion (61.9 million) higher than last year.

It included around VND3.5 trillion for goods to be sold under the city's annual price-stabilisation programme, or more than 20 per cent higher than last year.

Though there are four months to go for the Lunar New Year, businesses have been exhorted to ensure stable supply during the festive season, Nguyen Thi Hong, deputy chairwoman of the city People's Committee, said.

The administration has told them to strengthen their direct retail channels, eliminating intermediaries, to prevent prices from rising.

According to the department, despite the continuing economic slowdown and low demand, businesses are committed to ensuring sufficient supply during Tet.

Many companies plan to achieve double the supply target set by the city for the New Year. These include products that make up more than 50 per cent of market demand – like cooking oil, sugar, poultry meat and eggs, and processed foods.

The city has an extensive distribution network, but the important thing is to create a close link between businesses and customers, Hong said.

Distribution of goods was a major focus this year, she said. To do that, the city has sought close co-ordination among relevant departments, sectors, districts and market management boards.

She called on relevant agencies to continue to monitor the market and step in when needed to ensure stable supply as well as prices

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