Firms stock up on goods ahead of Tet

Wednesday, Jan 27, 2016 08:16

Many supermarkets had committed to opening till New Year's Eve to prevent price hikes before and after the holiday. — VNS Photo Doan Tung
HA NOI (Biz Hub) — More than VND230 trillion (US$10.2 billion) of goods have been reserved by businesses and price stabilisation outlets for the upcoming Tet (Lunar New Year) Holiday. This year's reserves were 10 to 15 per cent higher than the previous year, said Vo Van Quyen, director of the Domestic Market Department under the Ministry of Industry and Trade.

Quyen said several supermarkets had committed to opening till New Year's Eve to prevent price hikes before and after the holiday.

Goods for Tet have been distributed through around 8,600 markets, over 750 supermarkets, 150 commercial centres and thousands of shops and fairs nationwide.

Towards the end of the year, the ministry organised conferences to connect supply and demand in Ha Noi, Da Nang and HCM City with the participation of nearly 1,000 firms. Around 130 MoUs and contracts were signed between producers and big distributors such as Co-opMart, Vinmart, Hapro, Fivimart, Big C, Lotte and AEON.

The ministry's market watch departments have enhanced inspections before and after Tet to tackle smuggling, trade fraud, counterfeit goods and substandard food hygiene.

The Ha Noi Statistics Office said that supermarkets reserves for the holiday in the capital had increased by 10-15 per cent, of which Vietnamese goods accounted for 75 to 80 per cent.

The office said commercial centres and supermarkets such as Metro, Big C, Coopmart, Fivimart, Intimex, Hapro and Citimart had planned carefully for the holiday.

Viet Nam, an attractive retail market

Research conducted by Germany's Statista Market Research Company showed that the scale of Viet Nam's retail market could reach $100 billion in 2016.

With a young population and increasing number of people visiting commercial centres, the country's retail industry holds huge potential.

Big retailers from Japan, Thailand, France and Germany have poured into the retail market, creating fierce competition.

The Economist Intelligence Unit also announced its report on the prospects of various sectors in 2016.

It said the retail sector's revenue could see stable growth of 2.7 per cent this year.

It added that the liberalisation of the retail industry would help Viet Nam become an extremely attractive market, especially in e-commerce. — VNS

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