Retailers in Hanoi are increasing their stocks, focusing on local products and goods ahead of the year-end shopping season.

Locals buying goods at last year's Tet. Photos: Hoai Nam/The Hanoi Times

In anticipation of increased demand from nearly 9 million people in the city for the remainder of the year and the Lunar New Year or Tet holiday, Hanoi's Department of Industry and Trade plans to stockpile essential goods worth VND39.5 trillion ($1.6 billion), up 15% from last year.

Among the commodities, the department would secure the supply of 96,700 tons of rice, 19,300 tons of live pork, 6,400 tons of chickens, 5,350 tons of beef, 129 million eggs, 107,000 tons of vegetables, 5,300 tons of seafood, 5,300 tons of processed foods, and 52,000 tons of fruits.

Acting Director of the Department of Industry and Trade Tran Thi Phuong Lan noted a sudden rise in demand might lead to higher product prices.

“Hanoi is pushing for the implementation of market price stabilization programs for essential goods,” said Lan, who added that 44 companies in Hanoi have committed to keeping stable food prices, mainly for rice, pork, and seafood.

The department also instructed local food suppliers to boost production capacity by at least 30% to avoid potential shortage by the year-end period, while pushing for greater distribution linkage for farm produce with other provinces/cities to better meet local demands.

Customers at MM Mega Market Thang Long.

In Hanoi, the Department expects the city's retail network of 28 shopping malls, 132 supermarket networks, 453 traditional markets, and 2,000 convenience stores, as well as thousands of grocery stores citywide, to be fully operational to serve customers' needs during festive periods.

In addition to traditional sales channels, Hanoi mobilizes online distribution platforms and networks through websites and apps to enhance customer experience.

Active participation of local businesses

Director of the MM Mega Market, Thang Long Nguyen Van Ngoc, anticipated consumption demand during the 2023 New Year period would increase by 10-20% against last year’s Tet, for which the MM Mega Market chain would enhance its stockpile by 20-30% compare to 2022 festive period, and 40-50% against previous months.

“Customers would start shopping for Tet around four weeks in advance, or from December 15, 2022, to January 21, 2023, so the preparation should be completed soon,” Ngoc said.

Locals at Big C Supermarket.

Sharing Ngoc’s view, the Director of Saigon Co.op in the North Le Van Liem said the supermarket chain has been preparing 14,000 tons of goods for its network nationwide, capable of meeting local demand before, during, and after the Tet.

“We have set up 50 retail points under the price stabilization program in Hanoi and northern cities/provinces,” Liem said.

The Hapro Mart has also increased its inventory, focusing on high-quality farm produce and specialties from different regions, while the WinCommcerce chain is planning to open 80-120 new stores during the last month of 2022.