Prices fluctuate locally
Up to now, all three wholesale markets, namely Binh Dien, Hoc Mon, and Thu Duc, have officially resumed operations in the new normal state to ensure the supply of goods to serve people during the upcoming Lunar New Year. Around 11,000 tons of all kinds of goods enter and exit these markets each night.
According to the Binh Dien Wholesale Market Management Company, prices of some products may fluctuate and increase during Tet, especially near the Lunar New Year. Products consumed a lot during the Tet holiday, such as mackerel, tuna, live black tiger shrimp, fresh squid, pork, mandarin orange, and Napa cabbage, often climb by 10-50 percent; flowers, such as lily, tuberose, and carnation, surge 2-3 times higher compared to normal days; most of the rest merely fluctuate slightly, and a few drops in price due to high output.
Expectedly, the time when prices escalate sharply falls on the days from the 26th to the 28th of the twelfth month in the lunar calendar, with an increase of 20-35 percent compared to normal days. Consumption will also jump by 50 percent, reaching about 2,500-3,500 tons per night. After that, prices and the volume of goods arrived at the market will begin to decrease gradually, and the consumption will also be half of the normal days.
“Currently, the company has actively contacted and worked with large traders at the market to supply and meet the sufficient quantity at each time of Tet holiday, ensuring enough goods for the market demand. Besides, the company has also encouraged and mobilized traders to stabilize prices, not taking advantage of Tet to raise prices for profits. At the same time, it has strengthened inspection and ensured that all points of sale at the market list prices and sell goods at the listed prices," said a representative of Binh Dien Wholesale Market Management Company.
Enterprises in the Market Stabilization Program also informed that they had planned to stockpile goods to ensure supply and pledged to keep prices stable before, during, and after Tet. For example, Vissan Company prepared 2,800 tons of fresh food products, an increase of about 4 percent over the same period, and 4,200 tons of processed food products, up about 6 percent over the same period. Moreover, Vissan prepared about 1,000 tons of frozen pork, packed in two-kilogram and one-kilogram bags. In case there is a change in the source of meat, the company will put this amount of meat on the market to make up for a shortage.
The purchasing power will increase slightly
Ba Huan Joint Stock Company said that its egg reserves had reached about 90 percent so far. “The company never allows a shortage of goods. The demand for eggs is essential, so the company is determined not to increase prices or even reduce prices for workers and poor laborers to enjoy a warm Tet holiday," said Mrs. Pham Thi Huan, Chairwoman of the Board of Directors of Ba Huan JSC.
According to the HCMC Department of Industry and Trade, the market movement has shown many positive signals. Statistics show that consumption in the last months of 2021 has increased gradually. Total revenue of wholesale and retail trade was at VND43 trillion in October, VND55 trillion in November, and is estimated at more than VND66 trillion in December.
According to the Director of HCMC Department of Industry and Trade Bui Ta Hoang Vu, the department has continuously sent many delegations to work directly with provinces, such as Dong Thap, Dong Nai, Lam Dong, and Ben Tre, and enterprises participated in the Market Stabilization Program, key manufacturers in the production and preparation of Tet goods, on the supply and storage of goods for the Tet market. The Market Stabilization Program has also attracted 80 businesses, with an amount of VND7 trillion.
According to the Department of Industry and Trade's forecast, this year, the purchasing power is not as high as previous years. However, there is a possibility of a surge because more people, especially workers, will stay in the city to celebrate the Tet holiday than in previous years due to the impact of the Covid-19 pandemic. Therefore, the preparation of goods during Tet must be at high intensity and proactive in situations to meet the shopping demand of all consumers.