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As there are only few days left before the Lunar New Year (Tet) holidays, purchasing power is rising sharply and retailers are ready to serve.

Fruits for sale at a supermarket. (Photo: VNA)

Despite some previous forecasts of modest consumption growth ahead of the biggest traditional festival due to economic difficulties, purchasing power recorded at retail networks, traditional markets, as well as e-marketplaces has been surging, reported Dau tu (Vietnam Investment Review).

Paul Le, Vice Chairman of Central Group – owner of the supermarket chains of GO!, BigC, and Tops Market, said his firm has geared up a wide range of goods with discounted prices and many promotional programmes. In particular, it has prepared more than 3,000 essential goods such as confectionery, candied fruit, tea, coffee, rice, sugar, and cooking oil for Tet. The number of essential products stockpiled to serve Tet consumption demand increased by over 20% from a year earlier.

Many retailers said the number of consumers coming to their outlets has surged three - four times compared to normal days. Sales of confectionery, candied fruit, and fresh food have risen considerably.

Supermarkets have readied abundant supply and launched a wide range of promotions to cater for Tet shopping demand.

The Hanoi Department of Industry and Trade said the value of goods prepared for this year’s Tet in the city is estimated at 40.9 trillion VND (1.7 billion USD), up 10% year on year. Thirty-two units have engaged in a programme on supplying essential goods with stable prices at over 14,530 outlets across the city.

The volume of goods for sale at retail outlets has climbed 15 - 20%, and up to 90% of the supplies are Vietnamese products, it noted.

Le Viet Nga, Deputy Director of the Domestic Market Department under the Ministry of Industry and Trade, said the ministry has coordinated with businesses to increase the goods of the “One Commune, One Product” programme at distribution systems in order to raise the share of domestic items in consumers’ Tet shopping baskets.

To gear up for Tet, WinCommerce – owner of the Winmart retail chain – worked with suppliers three months ago to ensure quality and stable prices.

Besides, Winmart supermarkets will serve consumers until 11pm each day and until the noon of the 30th day of the last month in the Year of the Cat (February 9). They will reopen on the fourth day of the Year of the Dragon (February 13), said Deputy General Director of WinCommerce Nguyen Tien Dung.

Meanwhile, the Hanoi Trade Joint Stock Corporation (Hapro) has stockpiled 1 trillion VND worth of goods for Tet, including essential products with stable prices like rice, pork, chicken, eggs, aquatic products, cooking oil, vegetables, processed food, and confectionery.

Its Deputy General Director Do Tue Tam said Hapro built the 2024 Tet business plan early last year. It also has strict examination process to guarantee product quality.

Though economic difficulties remain, total retail sales of goods and consumer service revenue in January still went up 8.1% year on year to stand at 524.1 trillion VND as consumers have been in the mood to shop for Tet, according to the General Statistics Office./.

VNA