Ha Noi (VNA) – As Tet (Lunar New Year) approaches, consumers will have access to abundance of goods, but at a higher cost.
Trade companies and distributors across the country have invested heavily in storage and in preparation for Tet.
Ha Noi Trade Corporation (Hapro) invested 350 billion VND (22 million USD) in storing food, drinks and tobacco, Ha Noi Import and Export Co spent 100 billion VND ( 6.25 million USD) on rice and wheat, and Saigon Trade Corporation (Satra) has invested 500 billion VND (31.25 million USD) in preparation for this year’s Tet.
Domestic confectionery producers are busting to reach demand as Kinh Do Confectionary Co plans to produce more than 3,000 tonnes of sweets and Hai Chau Confectionary JSC will produce more than 2,000 tonnes.
Imported goods are also flourishing, particularly sweets, which account for nearly 40 percent of the market share in the country.
Though shoppers need not worry about access, according to experts, it’s difficult for the enterprises to keep prices stable as Tet nears, given rising prices in oil and transport.
“Prices are estimated to increase 10 to 15 percent during Tet this year,” said chairman of the Ha Noi Supermarket Association Vu Vinh Phu.
According to recent statistics from the Domestic Market Management Team, some prices have already surged. For example, the price of rice increased by 200 to 500 VND per kilo; pork from 1,000 to 2,000 VND per kiko; beef and poultry from 3,000 to 5,000 VND per kilo. Confectionery prices have risen 5-7 percent.
Some domestic producers have announced their price increases, including Ha Noi Beer Corporation, which will raise the price of beer from 10 to 37 percent and Viet Nam Tobacco Corporation which will raise tobacco between 6 and 8 percent.
In HCM City , food processing enterprises have announced average prise increases of around 5 to 15 percent.
Due to short supplies in feeding farms, the Vissan Co would raise prices between 5-7 percent for their processed products, said Vissan general director Bui Duy Duc.
In an effort to curb the price hike, municipal authorities have allocated 400 billion VND (25 million USD) to provide preferential loans for big businesses and HCM City ’s Commercial Cooperatives Union over a 6-9 month term. Ha Noi enterprises will have 50 billion VND (3.12 million USD) in support with a zero percent interest rate over a 3 month term.-Enditem
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