Currently, the electronics market is rather sluggish. In numerous stores and supermarkets, there is an abundance of sellers compared to buyers, even though discount programs and promotions are being constantly launched.
Many associations and experts emphasize the importance of continuing the 2-percent reduction in VAT in the present circumstances to boost consumer demand and revitalize production.
As a result of a substantial decline in exports and a surplus of inventory, the prices of raw shrimp in the Mekong Delta have experienced a sharp drop.
On May 1, commercial centers, tourist areas, and other destinations in Ho Chi Minh City were crowded with visitors who came for entertainment and shopping.
HCMC-based enterprises are rushing to launch promotions and offer discounts in the hope of boosting purchasing power and reviving the ailing situation, which has been affected by people tightening their spending.
The 19th HCMC Tourism Festival attracted around 190,000 visitors and saw revenue of more than VND100 billion (US$4.3 million) from participating travel agents by selling tours.
Many of the traditional markets in Ho Chi Minh City are dilapidated due to a lack of investment in upgrades and are facing the issue of small traders withdrawing due to low customer footfall.
Ho Chi Minh City (HCMC) recorded a year-on-year rise of 5.7 percent in total retail sales of goods and consumer service revenue in January, according to its Department of Industry and Trade.
According to the Ministry of Finance, the shopping demand for Tet this year has decreased compared to previous years because many households have tightened spending.
People rushed to go shopping for the Tet holiday at supermarkets and commercial centers in HCMC on the afternoon of January 19 (the 28th day of the last month in the lunar calendar). They had to wait for a long time at the checkout counters.
Currently, besides preparing a sufficient supply, many supermarkets and markets are also committed to reducing and stabilizing the prices of essential items.
It was recorded on December 21 that the purchasing power of Christmas gifts and decorative products in Ho Chi Minh City improved significantly compared to the previous days.
Ms. Phan Thi Thang, Vice Chairwoman of the Ho Chi Minh City People's Committee, on October 21, chaired the seminar on 20 years of practice and solutions to improve the effectiveness of the market stabilization program in HCMC, with the attendance of experts, scientists, the business community, HCMC departments, agencies, and leaders of neighboring localities.
Total import and export turnover in the first eight months of the year reached US$497 billion, of which export turnover hit $250 billion, up 9.1 percent over the same period last year. However, many enterprises are concerned that technical barriers put up by import markets, combined with a sharp decrease in purchasing power, have had a significant impact on export activities.
According to the Ministry of Industry and Trade (MoIT), generally, the total retail sales of consumer goods and services in the first eight months of 2022 have a larger scale and higher growth rate than the same period in recent years and are much higher than the period before the pandemic.
On the afternoon of June 22, some commercial centers, supermarkets, and markets in Ho Chi Minh City informed that the purchasing power had gradually improved after nearly ten days of implementing a large-scale concentrated promotion program. This year, the Department of Industry and Trade of HCMC, in collaboration with the Department of Tourism, the Department of Health, and enterprises, have offered discounts from 10 percent to 90 percent, even up to 100 percent at some places for customers.
On the occasion of the Reunification Day and the International Labor Day and to stimulate consumer demand, the network of trade centers and supermarkets have simultaneously launched attractive promotional programs with high discounts from April 28.
Since the Tet holiday, the prices of some products in Ho Chi Minh City have started to increase, especially after gasoline prices exceeded VND25,000 per liter.
