According to the Ministry of Industry and Trade, the demands for food, confectionery, and clothes surge as the Lunar New Year Day is approaching. However, due to the generally gloomy economy, this increase is not as strong as those of previous years.
Meanwhile, the supply of essential commodities is still abundant, and thus there is not much change in retail prices. Several fairs and exhibitions have been organized to stimulate consumption during the Tet holiday.
In Hanoi, it is estimated that the total merchandise value just for Tet is about VND40.9 trillion (US$1.67 billion), a rise of 10 percent compared to the last Tet. In HCMC, businesses participating in the price stabilization program are preparing their goods, worth VND22 trillion ($900 million), to serve the community. This accounts for 25 – 43 percent of the market share.
During the two months before and after the Lunar New Year, in HCMC, the monthly supply is 7,000 tonnes of rice, 70 million of eggs, 2,000 tonnes of sugar, 1,000 tonnes of processed food, 2,000 tonnes of cooking oil, 10,000 tonnes of fruits and vegetables, 14,000 tonnes of meat, 200 tonnes of seafood.
Businesses are ready with backup plans for even more supply, while mobile stores are available to serve those in need in order to eliminate goods scarcity or imbalance between supply and demand.
Deputy Minister of Industry and Trade Phan Thi Thang informed that the total retail sales and service provision in January 2024 were worth VND524.1 trillion ($21.46 billion). This is a rise of 1.6 percent compared to December 2023 and 8.1 percent as opposed to this time last year.
The increase rates of food, educational and cultural items, home appliances are 6.2 percent, 22.5 percent, and 13.4 percent respectively. The revenue rise rates of catering service and tourism are 10.2 percent and 18.5 percent correspondingly. Excluding the price factor, the total retail sales and service revenues in January 2024 grew by 5.8 percent compared to January 2023.
WinCommerce General Commercial Services JSC. reported that right before the beginning of the Wood Dragon Year 2024, the purchasing power in its WinMart supermarket chain and Winmart+ convenience store chain develops by 15-20 percent compared to other months. The most popular merchandise is meat, dried food, fruits, Tet confectionery, sugar-coated fruits, and gift baskets.
Remarkably, the percentages of online orders rise by 30 percent and 25 percent as opposed to regular months and this time last year, leading to a predicted growth of 21 percent of revenues.
The two chains open until 12:00 p.m. February 9 (the 30th of the last lunar month) and will close for Tet holiday until February 13 (the 4th of the first month of the new Lunar Year).
