According to producers and retailers, purchasing power will not be as high as expected due to economic headwinds, particularly the impacts of Typhoon Yagi that has dampened consumer confidence and made shoppers across the country tighten their belts.
The Department of Industry and Trade of Ho Chi Minh City is taking a multifaceted approach to market stabilisation, actively negotiating discount policies with distribution networks to ease price pressures, especially for essential goods during the peak Tet season. Besides, it is calling for proactive participation from businesses through promotional programmes, trade incentives, and organisation of spring trade fairs to boost consumer spending.
Chairman of Vissan Joint Stock Company Nguyen Phuc Khoa said the firm prepared raw materials early and has intensified production to supply 930 tonnes of fresh food and nearly 3,700 tonnes of processed products for more than 120,000 sales points nationwide. Vissan is stockpiling additional 10-20% of its inventory, creating a buffer against unexpected market shortages during the Tet holiday.
Meanwhile, Saigon Co.op has outlined its year-end supply since mid-2024 and established long-term partnerships with distributors, enabling more predictable production planning. Beyond inventory management, the business is providing financial support to smaller suppliers by connecting them with banking partners and arranging various promotion campaigns to stimulate spending and support market development for the firms.
Having registered to join the market stabilisation scheme, 23 key businesses in Kien Giang province have stocked up more than VND4.56 trillion (US$179.38 million) worth of products for the shopping season. Meanwhile, Tay Ninh province also issued a plan to stabilise the market for essential goods for the Tet holiday, with the total value of goods reserved to meet market demand for one month of around VND260 billion.
In Hanoi, the local administration has carried out measures to ensure a balanced supply of goods in anticipation of the heightened consumer needs for the Tet celebration. Those include arranging regional linkage events and promotional activities with other provinces and cities.
The Ministry of Industry and Trade will continue strengthening domestic trade, and coordinating with local departments and sectors to keep close tabs on the market developments and ensure an adequate supply of essential goods for consumers, especially during peak holiday periods.
Due attention will be given to e-commerce development to capitalise on the rapid digitalisation of the economy while efforts will be intensified to prevent smuggling, trade fraud and unfair competition.
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