Businesses in HCM City have stockpiled sufficient essential goods and necessities for the Tet (Lunar New Year) holiday, according to the municipal Department of Industry and Trade.

The volume of goods stockpiled for Tet increased by 15-30 per cent from previous months to meet the rising demand from a market of 12 million people, said Bui Ta Hoang Vu, director of the department.

The city’s market stabilisation programme, which is aimed at stabilising essential goods with prices always lower than the general market, provides around 34,000 tonnes of goods, Vu said.

The department, in coordination with the State Bank, is offering loans worth a total of VND8 trillion (US$338.8 million) for businesses joining the market stabilisation programme during the Tet holiday, he said.

Prices of food and foodstuffs have risen by 2-4 per cent.

Businesses are encouraged to cut costs in an attempt to stabilise prices, he added.

More than 7,200 tonnes of food and foodstuffs per day are transported to three major wholesale markets in the city.

A MM Mega Market Viet Nam spokesperson said the volume of goods stockpiled for Tet has increased by 40-50 per cent from normal months.

The volume of fresh food, confectionery and essential goods stockpiled for Tet saw a spike of 100 per cent, the spokesperson said.

MM’s stores also ensure an adequate supply of vegetables, fruits, meat, fish, food and foodstuffs for Tet.

Vissan Joint Stock Company prepared more than 2,000 tonnes of fresh meat products and 4,000 tonnes of processed products for the Tet holiday.

Phan Van Dung, its general director, said the material inputs to produce processed products had been stockpiled to maintain production for two to three months.

The volume of fresh products that the company planned to supply to the market for Tet increased by 8 per cent compared to the same period last year, Dung said.

Purchasing during Tet holiday is forecast to surge by at least 20 per cent compared with usual periods. — VNS