ID :
37439
Fri, 12/26/2008 - 05:49
Auther :
Shortlink :
http://m.oananews.org//node/37439
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Retail sector gears up for Tet shopping
HCM City (VNA) - Businesses are stockpiling goods ahead of the upcoming Tet (Lunar New Year) holiday, even though experts are predicting lower consumer demand this year due to the economic downturn.
The Ministry of Industry and Trade has directed departments in Ho Chi Minh City
and Hanoi to provide 650 billion VND (38.2 million USD) to help businesses stock
up on essential products to ensure adequate supplies for the holidays and to keep
market prices stable.
The HCM City People's Committee has made interest-free loans totaling 409 billion
VND (24 million USD) available to nine key municipal businesses to help them
stockpile goods, with current inventories now reported at 5-20 percent higher than
those at the same time last year.
Demand for food products during Tet was expected to increase by 30 percent compared
to the rest of the year, said Truong Trung Viet, deputy director of the HCM City
Department of Industry and Trade.
Nguyen Thi Nhu Mai, deputy director of the Hanoi Department of Industry and Trade,
also predicted that consumers would focus their purchasing power mainly on fruits
and vegetables, frozen foods and other food products.
Her department was therefore planning to lend 160 billion VND (9.4 million USD) to
food-related enterprises, including Hanoi General Trading Co and six other
companies, she said.
Southern food processing companies like Vissan, Cau Tre Food Processing, and Sai Gon
Agriculture Food Processing and Animal Breeding Co were also stepping up production
by 10-30 percent.
Major supermarkets like Co. opMart, Big C, Metro and Maximark were also working
with authorities to keep prices stable and promote consumer purchasing power during
Tet.
Many supermarkets in HCM City have already launched sales promotions to boost
flagging sales in the weeks preceding next month's Tet celebration.
Maximark director Nguyen Anh Hong said the Maximark supermarket chain was spending 2
billion VND (120,000 USD) on price cuts and promotion between December 15 and
January 24, with plans for the amount to reach about 3 percent of revenues.
Hong noted that sales have been much slower this year, and that queues at the
stores' gift-wrapping tables were much shorter.
Citimart is also cutting prices and holding lucky draws for customers. Director
Nguyen Anh Hoa said the chain has reduced the prices of essential goods, food and
beverages by 10-30 percent.-Enditem
The Ministry of Industry and Trade has directed departments in Ho Chi Minh City
and Hanoi to provide 650 billion VND (38.2 million USD) to help businesses stock
up on essential products to ensure adequate supplies for the holidays and to keep
market prices stable.
The HCM City People's Committee has made interest-free loans totaling 409 billion
VND (24 million USD) available to nine key municipal businesses to help them
stockpile goods, with current inventories now reported at 5-20 percent higher than
those at the same time last year.
Demand for food products during Tet was expected to increase by 30 percent compared
to the rest of the year, said Truong Trung Viet, deputy director of the HCM City
Department of Industry and Trade.
Nguyen Thi Nhu Mai, deputy director of the Hanoi Department of Industry and Trade,
also predicted that consumers would focus their purchasing power mainly on fruits
and vegetables, frozen foods and other food products.
Her department was therefore planning to lend 160 billion VND (9.4 million USD) to
food-related enterprises, including Hanoi General Trading Co and six other
companies, she said.
Southern food processing companies like Vissan, Cau Tre Food Processing, and Sai Gon
Agriculture Food Processing and Animal Breeding Co were also stepping up production
by 10-30 percent.
Major supermarkets like Co. opMart, Big C, Metro and Maximark were also working
with authorities to keep prices stable and promote consumer purchasing power during
Tet.
Many supermarkets in HCM City have already launched sales promotions to boost
flagging sales in the weeks preceding next month's Tet celebration.
Maximark director Nguyen Anh Hong said the Maximark supermarket chain was spending 2
billion VND (120,000 USD) on price cuts and promotion between December 15 and
January 24, with plans for the amount to reach about 3 percent of revenues.
Hong noted that sales have been much slower this year, and that queues at the
stores' gift-wrapping tables were much shorter.
Citimart is also cutting prices and holding lucky draws for customers. Director
Nguyen Anh Hoa said the chain has reduced the prices of essential goods, food and
beverages by 10-30 percent.-Enditem
