HCMC to spend VND19t+ preparing goods for Tet holiday
HCMC to spend VND19t+ preparing goods for Tet holiday
The Department of Industry and Trade in HCMC has issued a plan to prepare stocks of foods and essential products to meet the rising demand from consumers in the city for the upcoming Lunar New Year, or Tet, holiday.
The total value of products stockpiled for the Tet season exceeds VND19 trillion, up by VND602 billion compared with last year. Of these, the value of goods prepared for the city’s price stabilization program accounts for over VND7.2 trillion.
During the shopping spree between December 26 this year and January 24, 2020, companies will stock up on products worth more than VND10.2 trillion, including over VND4 trillion for goods under the price stabilization program.
The volume of products being prepared this year has risen by 14%-17% versus the city’s assigned figures and is up by 21%-28% compared with the previous Tet holiday. Many product groups are being stocked in large volumes, such as eggs and poultry, processed food, red meat, rice and edible oils.
Most of the products in the city come from three main sources: companies joining the price stabilization program, making up some 30% of the market share; wholesale markets that provide fruits and vegetables, seafood items and red meat, with a 60% market share; and other businesses.
According to the Industry and Trade department, the city continues to tap private funding for the price stabilization program. This year’s program recorded the first participation of C.P. Vietnam Livestock Company, poultry meat supplier Binh Minh and dried fruit and fresh vegetable supplier Vinamit.
Regarding product prices during the holiday season, businesses joining the price stabilization program have pledged to keep prices stable during the two months before and after Tet, adding that they will offer large discounts to customers who buy essential items such as pork, chicken and eggs two days prior to Tet.
Also, they will offer special deals for drinks, cakes, jams and clothing. Further, retail chains, including Saigon Co.op, Satra and Aeon-Citimart, are set to offer discounts of up to 49% for thousands of product lines during the Tet season.
