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Localities stock glut of goods heading into year-end shopping season. |
According to the Ministry of Industry and Trade, in order to ensure enough supply of essential goods to serve people’s shopping and consumption needs of people at the end of the year, the Ministry of Industry and Trade has directed the departments of industry and trade of provinces and cities to have solutions for supply and demand balance, stabilizing the market at the end of the year and during the Lunar New Year.
Accordingly, the Ministry of Industry and Trade will continue to require localities, businesses and related agencies to develop plans to review the supply and demand of goods, prepare good sources of goods and supply plans in addition to a market stabilization program, the supply of essential foods at stable prices and transportation of Vietnamese goods to rural, mountainous and island areas.
Local departments of industry and trade have been planning to prepare supplies for the end of the year and the Lunar New Year. According to Deputy Director of the HCMC Department of Industry and Trade Nguyen Nguyen Phuong, the Department of Industry and Trade will mobilize distribution systems to participate in the subsidized goods program while coordinating with distribution businesses to develop plans to stabilize essential goods ahead of the 2024 Lunar New Year.
In addition, the Department of Industry and Trade will organize a conference to connect supply and demand between Ho Chi Minh City and provinces and cities in 2023 from December 21 to 24 at Phu Tho Sports Stadium to find quality goods for city residents.
Ho Chi Minh City announced the implementation of the Market Stabilization Program in 2023 - Giap Thin Tet 2024 associated with the campaign ‘Vietnamese people prioritize using Vietnamese goods’ in April 2023. The program applies to 11 groups of essential food and food products, with about 44 production and business units participating in a stable product volume accounting for 23 percent – 31 percent of market demand.
Meanwhile, in Hanoi, to prepare goods sources for the last months of the year, Hanoi city organized a business delegation to work in the Southern Province of Tay Ninh to connect and bring Tay Ninh products to the Hanoi market. Furthermore, Hanoi also opened retail shops to sell the OCOP (One Commune One Product) products.
Along with stockpiling goods for the special season, according to the Ministry of Industry and Trade, organizing promotional activities to stimulate demand is also one of the key tasks at the end of the year to increase purchasing power. Therefore, the Ministry of Industry and Trade continues to organize the program ‘Vietnam Grand Sale 2023’ from December 4, 2023 to January 10, 2024. Notably, the Ministry of Industry and Trade will coordinate with provinces, cities and local departments of industry and trade to promote the stimulus program associated with market stabilization for the 2024 Lunar New Year.
In the third quarter of 2023, Ho Chi Minh City will launch a focused promotion month, attracting 3,000 businesses to participate following the Department of Industry and Trade’s opinion. Thanks to long-term discount activities, goods consumption in Ho Chi Minh City has increased significantly, contributing to increased retail sales of goods and revenue in the first 9 months of the year.
Specifically, the city's total retail sales of goods and consumer service revenue in the first 9 months of 2023 is estimated to reach VND 871,198 billion (US$35,851,160,467), an increase of 8.6 percent over the same period. Of which, retail sales of goods increased by 10.6 percent, accommodation and food revenue soared by 31.8 percent and travel revenue hiked by 68.9 percent.
As a result, Ho Chi Minh City planned to organize the second phase of the focused promotion program next November. During this period, Ho Chi Minh City encourages and calls for businesses to participate to stimulate shopping and consumption with a maximum limit of 100 percent, equivalent to buy 1 get 1 free.
