Following the growth of the market
According to the Ministry of Industry and Trade (MoIT), although the Covid-19 pandemic continues to have unpredictable developments, the revenue of the domestic market is still considered as one of the bright spots of the macro-economy. Typically, the total retail sales of consumer goods and services in November this year is estimated at VND397 trillion, up 6.2 percent over the previous month.
In Ho Chi Minh City alone, the total retail sales rose from VND43 trillion in October to more than VND55 trillion in November. Keeping pace with the market growth, businesses across the country in general, and HCMC in particular, have been actively increasing their sources of goods, as well as operating at maximum capacity to keep up with the progress of bringing goods to the market.
It was recorded at Tuong An Vegetable Oil Joint Stock Company that the production lines were operating at maximum capacity to supply cooking oil products promptly for the Lunar New Year.
Mr. Bui Thanh Tung, General Director of Tuong An Vegetable Oil Joint Stock Company, said that the company actively produced and coordinated the source of raw materials to ensure the supply of goods to consumers. It prioritized developing equally all three popular, medium, and high-end segments, depending on the preferences and usage needs of consumers, and set a target of increasing 30 percent of output compared to last Lunar New Year.
Bibica Company also announced a plan to launch about 2,500 tons of confectionery during the Tet holiday. According to this business, having just gone through a prolonged pandemic, it does not have as much time to prepare goods as every year. However, sweetmeat is an indispensable item in every Tet holiday, so Bibica has urgently embarked on making Tet goods, with a product structure of about 70 kinds, from popular to high-end, to compete with imported goods.
As for processed foods, such as canned pork and fish, large enterprises, namely Vissan, C.P Vietnam, and Ba Huan, have imported raw materials and recruited more workers to produce goods promptly for the festive season.
“We plan to invest more than VND754 billion to prepare more than 2,800 tons of fresh food, up 8 percent, and more than 4,200 tons of processed food, up about 6 percent over the same period. The company is recruiting more workers and works overtime to produce enough food to serve the Tet market, especially items, such as Chinese sausages, spring rolls, sausages, and some new products,” Mr. Nguyen Ngoc An, General Director of Vissan Company, shared.
Balancing to keep prices stable
In previous years, the Tet market was always forecasted to be vibrant, with the purchasing power doubling or tripling compared to other months. This year, after a prolonged Covid-19 pandemic, many manufacturers and distributors assessed that the purchasing power might decrease. On the other hand, the preparation of goods for Tet also encounters some difficulties because the circulation of goods has not been fully restored. Besides, the price of input materials has climbed, potentially causing the product costs to increase by 20-30 percent more than before.