Businesses prepare for Tet, to ensure sufficient supply
Businesses are increasing production to ensure sufficient supply of goods for Tet early next year and steady prices during the year’s biggest shopping season.
The HCM City Department of Industry and Trade recently announced plans for its annual market stabilisation programme to ensure adequate supply of essential goods for a month each before and after the festival.
Demand for items such as drinks and confectionery is expected to spike by 20 per cent during Tet, while wholesale markets may need to stock 80 per cent more flowers than normal to meet demand.
Besides increasing production, companies are also working on launching new products and business models. For instance, Ba Huan Joint Stock Company will produce more varieties of processed goods for Tet, while Vinamit Joint Stock Company is focusing on working with online distributors and launching new nutritious vegetable and fruit drinks by the end of the year.
According to the department, large retailers are set to stock goods two or three times as in normal months though most are reluctant to announce their exact business plans for Tet.
Due to negative factors like the COVID-19 pandemic and flood in central Viet Nam, demand during next year’s Tet might be lower than normal, many businesses feared.
They need to utilise online channels and spend more on marketing and promotions, they say.
The Ministry of Industry and Trade has called on province and city authorities across the country to monitor local production and business plans, have plans in place to deal with potential market anomalies and keep an eye on the market to ensure a steady supply of essential goods and those covered by price stabilisation programmes. – VNS
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