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Sunday, June 16, 2024

Businesses stock up on goods for Lunar New Year buying spree

The Saigon Times

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HCMC – Many businesses in HCMC are stockpiling goods in preparation for the Lunar New Year buying spree, according to the city’s Department of Industry and Trade.

The demand for foodstuffs usually soars in the lead up to the Lunar New Year (Tet), which begins at the end of the third week of January next year, said Nguyen Nguyen Phuong, deputy director of the department.

Firms are drawing up business plans for the Tet holiday, with food and foodstuffs stocked up to 40,000 tons, he added. The volume includes over 5,200 tons of food, 2,000 tons of sugar, 2,300 tons of cooking oil, 14,000 tons of meat, 9,300 tons of vegetables, nearly 1,500 tons of processed food and 54.4 million eggs.

Retailers and manufacturers are also preparing for the upcoming holiday.

Vissan Joint Stock Company has set aside VND710 billion for goods production for Tet, up 20% over the same period last year. It has stocked up on 2,000 tons of fresh food, up 30% year-on-year, and 4,200 tons of processed food, increasing 10% over 2021.

Leading retailers such as the Saigon Union of Trading Cooperatives (Saigon Co.op), Central, MM Mega Market, Aeon, and Lotte Mart said they would increase their output by around 20-30% over the 2022 Tet holiday.

Saigon Co.op has raised its goods storage by 30-50%, depending on types of products, said the director of Co.opmart’s operation division under Saigon Co.op, Nguyen Ngoc Thang. 

Gross retail sales of consumer goods and services in the year to September had grown 21% over the same period last year, the General Statistics Office reported.

Compared to the same period last year, gross retail sales of consumer goods and services skyrocketed 41.7% in the third quarter and 36.1% in September alone, at over VND493 trillion.

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