Hanoi authorities have planned to stock up on goods to ensure supply and demand of food and other commodities to keep prices stable during the traditional Lunar New Year or Tet holiday

Hoang Thi Linh, a 30-year-old woman living in Hanoi's Nam Tu Liem District, told The Hanoi Times that she has been able to buy food and other goods for her family's longest holiday at low prices thanks to many discount programs at supermarkets in the city.

"Promotion programs offer goods at attractive prices. I have to say 'attractive' because the products I bought were at reasonable prices but of good quality. They have been approved by the relevant authorities, so I feel quite safe," Linh said.

A resident shops at Big C Thang Long supermarket in Hanoi. Photo: Thanh Hai/The Hanoi Times

Tran Quang Son, a resident of Dong Da District, said: "I often see from the promotional program brochures some on-sale brands of essential goods for Tet."

"My income has not recovered to the level before the Covid-19 pandemic, so I have to save some of my family expenses by looking for discount programs," Son told The Hanoi Times.

Nguyen Trong Tuan, General Director of WinMart Supermarket System, said the company has offered sales promotions and made efforts to stimulate customer demand.

"To organize promotional programs, my company has been negotiating with suppliers since the beginning of the fourth quarter to reduce prices by 15% to 50%. We plan to offer discounts of up to 70% on many goods, especially Tet products. It will be an attractive shopping experience for Hanoi residents at the end of the year," Tuan told The Hanoi Times.

Tran Thi Phuong Lan, Acting Director of Hanoi's Department of Industry and Trade, said that local businesses have drawn up plans to meet the demand for goods, with the total required goods on offer valued at around VND40 trillion (US$1.65 billion), an increase of 10% compared to the previous holiday.

"In addition, the department has organized 300 mobile sales sessions and  Vietnamese goods fairs to help businesses expand distribution networks in the city, and held supply-demand matching activities with departments of industry and trade nationwide to ensure Hanoi's food supply," Lan said.

"Businesses have rushed to stock up on essential items, with the volume of inventory increasing by 10-25% year-on-year. They have pledged to launch a series of price stabilization and promotion programs in the run-up to Tet," Lan stressed.

A consumer buys discounted goods at Winmart supermarket in Hanoi. Photo: Hoai Nam/The Hanoi Times

She added that as part of efforts to encourage spending, the Hanoi Department of Industry and Trade has carried out trade promotion programs and the "Vietnamese People Buying Vietnamese Goods" campaign.

"With a variety of well-prepared solutions, Hanoi's supply of goods is abundant, basically meeting the demand of consumers," said the deputy director.

In particular, Vissan Joint Stock Company, which processes fresh and frozen meat, has planned to supply the market with nearly 1,100 tons of fresh products and 3,800 tons of processed products. In addition, the company has increased its inventory by 10-20% in anticipation of the shortage, and has introduced 10-20% discount programs, offering up to 30% discount on the days leading up to Tet.

Renowned retailers such as GO!, Big C, and Tops Market have signed agreements with their partners to increase the supply of Tet goods by 20%. They have implemented the "price lock" program on more than 10,000 consumer goods and introduced attractive discounts on more than 50% of their high-quality products.

The Co.opmart supermarket chain has made meticulous preparations for the Tet season, with the amount of food in stock increasing by 30% year-on-year. With top priority given to promoting Vietnamese brands, Co.opmart has arranged shelves to introduce "One Commune, One Product" (OCOP) goods.

Nguyen Ngoc Thang, Director of Co.opmart's supermarket system, said their stocks are increasing by 20-50%. "Especially in Hanoi and the northern market, Co.opmart currently has more than 50 price stabilization stores," he added.

Deputy General Director of BRG Retail Co. Nguyen Thuy Duong said they have worked with major suppliers to stabilize prices of key products, which account for 32% of the total volume of goods for Tet and will be sold in some 69 supermarkets and stores, while CEO of Hanoi Trade Corporation (Hapro) Do Tue Tam told The Hanoi Times that they have done the same.

Tran Thi Phuong Lan said the department has instructed market management authorities in Hanoi District to step up inspections and crack down on speculation in goods during the Tet season.

Inspection team at An Phat Agriculture Cooperative in Hanoi. Photo: VGP

In addition, Hanoi has strengthened communication on the supply and demand situation and market prices, policies, and measures to stabilize the market, especially for agricultural, forestry, and fishery products.

Tran Thi Phuong Lan said the department has instructed market management authorities in Hanoi's district to step up inspections and deal with violations of speculation in goods during the Tet season.