Domestic consumption is flourishing
Commenting on the retail market, Mr. Nguyen Anh Duc - General Director of the Ho Chi Minh City Union of Trading Cooperatives (Saigon Co.op), Chairman of the Vietnam Retailers Association - said that since July 2023, domestic consumption has returned to the level before the COVID-19 pandemic.
This shows that consumer demand has recovered to a certain extent. In the period 2019-2020, modern retail contributed 24% of the retail market share, during the pandemic it was 16-18% and now it has returned to 24%.
According to the Department of Industry and Trade of Ho Chi Minh City, the city's retail revenue in the first 10 months of 2023 reached VND577,764 billion, an increase of 11.6%. From now until the end of 2023 and 2024, the Department of Industry and Trade of Ho Chi Minh City has consulted the City People's Committee on a number of solutions. Specifically, the city will focus on the contents of commodity prices, stimulating consumption, increasing the amount of goods to stabilize the market, especially for Tet 2024.
Ms. Nguyen Thi Kim Ngoc - Deputy Director of the Department of Industry and Trade of Ho Chi Minh City - said: "From now until the end of the year is also the peak shopping season for consumers. We will organize promotional programs, implement supply - demand connection programs, in which we pay special attention to regional linkages. At the same time, we will coordinate with provinces and cities to have a source of goods at the end of the year to ensure the best quality and the most stable prices for consumers".
Enterprises proactively supply Tet goods
Talking to Lao Dong, Mr. Pham Duy Phuong - Head of Business Department of Saigon Livestock and Food Processing Company - informed that in preparation for Tet 2024, Saigon Agricultural Corporation (Sargi) is inviting more partners to participate in the slaughtering process to increase the supply of pork to the market.
“Our company provides products with many preferential policies from 10-20%. Currently, Sargi has affiliated farms and factories, so the unit can proactively source sufficient goods. In addition, we also participate in the Ho Chi Minh City Price Stabilization Program, goods and prices are always at a guaranteed level, stabilizing the market” - Mr. Pham Duy Phuong shared.
At this time, cooperatives and farming households in Ho Chi Minh City are also stepping up production to increase the supply of agricultural products and food for Tet.
According to Mr. Mai Van Khanh - representative of the GAP Clean Vegetable Production and Trading Cooperative, the consumption of goods in Ho Chi Minh City is very large, to meet the supply demand, the unit must proactively deploy planting areas. In particular, the cooperative has expanded the garden to meet the output at the end of the year.
“According to our overall assessment, the volume of goods for Tet 2024 may increase by 5%, the price may increase by 5-10% compared to 2023 and 2022,” said Mr. Khanh.
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