As Tet approaches, customers in mood to spend

Purchasing power for the traditional Lunar New Year (Tet holiday) will increase by 10 per cent from the same time last year, according to the Ministry of Industry and Trade.

Businesses have been stockpiling essential goods to ensure supply during the Tet season, with the volume of inventory rising 10-25 per cent year-on-year.

As Tet approaches, customers in mood to spend | Business | Vietnam+ (VietnamPlus)
Purchasing power for the traditional Lunar New Year will increase by 10 per cent from the same time last year. (Photo: VNA)

A latest report from the ministry showed that total retail sales of goods and services in December 2023 expanded 2.6 per cent from the previous month and 9.3 per cent as compared to the same time in 2022.

Demand for food, accommodation, catering services and travel was on an upward trend at the end of the year 2023.

Deputy Minister of Industry and Trade Phan Thi Thang said that localities nationwide have issued plans to roll out market stabilisation programmes during the year-end and Tet holiday.

Accordingly, they assigned tasks to businesses to proactively prepare goods and arrange fixed and mobile sales points to bring Tet products to all people at stable prices.

In the context of economic difficulties, many enterprises are planning to run promotional programmes and discounts on many essential consumer products, especially in the month leading up to Tet, she said.

The Departments of Industry and Trade in big cities like Hanoi and HCM City have also worked with competent sides to implement market stabilisation and promotion programmes and coordinate with other provinces and cities to ensure a stable supply of quality goods to serve the cities' great needs.

A representative from Lotte Mart said purchasing power for the Tet holiday may surge by around 20 per cent, adding the supermarket will focus on Tet essential goods such as confectionary, gift sets and beverages.

Wincommerce, the retail arm of Masan Group, which operates more than 3,600 Walmart supermarkets and convenience stores nationwide, said it is planning to increase the supply of MeatDeli products and run a discount of 20 per cent for its 7 million members.

Meanwhile, Vissan Joint Stock Company, which processes and sells fresh and frozen meat and processed foods, said it will carry out 10-20 per cent discount programmes on weekends to stabilise the market, given that economic challenges may affect the purchasing power.

Total retail sales of consumer goods and services in 2023 were estimated at more than 6.23 quadrillion VND (over 254 billion USD), up 9.6 per cent year-on-year. Retail sales of goods alone were 4.85 quadrillion VND, increasing 8.6 per cent from the previous year (6.9 per cent if excluding the price factor).

Localities with higher retail sales of goods as compared to 2022 included Quang Ninh (12.2 per cent), Binh Duong (11.4 per cent), Hai Phong (10.4 per cent) and Dong Nai (9.1 per cent).

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(Source: VNA)