The total budget for Hanoi's essential goods for the upcoming Lunar New Year (Tet) is estimated at VND40 trillion (US$1.65 billion), an increase of 10% compared to the previous holiday, according to the Hanoi Department of Industry and Trade.

"The increase is estimated based on the shopping demand of residents at the end of 2023 and the Lunar New Year in 2024. Therefore, we have actively put in place many solutions to ensure the supply of essential goods. In addition, we have recommended businesses to proactively cooperate with provinces and cities to expand supply sources and boost consumption of Vietnamese goods during the national holiday," said Tran Thi Phuong Lan, Acting Director of the Hanoi Department of Industry and Trade. 

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

To meet the year-end and Tet consumption demand, the department has asked production facilities to increase their output by at least 30%. All essential goods and items during Tet are being hastily prepared by enterprises and delivered to distribution systems.

Lan said Hanoi's 28 commercial centers, 132 supermarkets, 453 traditional markets, 2,000 convenience stores, and tens of thousands of food shops in districts and towns represent a diverse distribution network. She pointed out the need to coordinate with relevant units to control food safety, smuggling, commercial fraud, counterfeit goods, goods infringing intellectual property rights, and price management.

In the coming period, the Hanoi Department of Industry and Trade will coordinate with departments and enterprises to roll out demand stimulation programs, including spring flower markets and Tet sales in industrial parks, processing zones, and rural areas.

In addition, local businesses are urged to stick to their plans to secure essential goods. At the end of October, businesses in Hanoi and other provinces pledged to work to ensure the supply of essential goods to Hanoi to avoid price hikes during the Tet holiday, Lan said.

The city also pledged to continue promoting the "Vietnamese buy Vietnamese products" campaign to support enterprises in production and sales. In recent years, domestic manufacturing enterprises, especially those in Hanoi, have captured the preferences of the public through the "Vietnamese Goods Loved by Consumers" program.

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

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

General Director of Hanoi Trade Corporation (Hapro) Do Tue Tam 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 their network of 42 supermarkets and stores.