Continuously reducing prices
On the morning of January 31, Ms. Pham Thi Huan, Chairwoman of the Board of Directors of Ba Huan Joint Stock Company, informed Thanh Nien reporters about a special program: Reducing egg prices right during Tet. "Traditionally, every family celebrating Tet has a familiar dish of braised pork and eggs. That is the reason why egg and meat prices always increase at the end of the year. But this year, purchasing power is very weak, and businesses participating in the price stabilization program to reserve goods must find ways to stimulate demand. From tomorrow (February 1, 2024 - PV ), Ba Huan will reduce the price of chicken eggs by another 10% and reduce up to 20% of other processed products. This is a move to both stimulate purchasing power and support households to be able to shop for Tet after a year of economic fluctuations," Ms. Huan said.
Retail channels strive to promote and stimulate shopping
Similarly, Mr. Truong Chi Thien, Director of Vinh Thanh Dat Food Company, also called directly to Thanh Nien reporter to inform: "The situation of egg consumption during Tet this year is too tense. Today is already the 20th, there are still a few days left until the end of the year and Tet comes, but purchasing power is slow. Compared to the same period last year, demand is decreasing by about 10%, while businesses participating in the price stabilization program must commit to preparing and fully stocking goods, even 20% higher than demand. Therefore, Vinh Thanh Dat decided to reduce prices for a longer period, 10% lower than the price committed to stabilize with the city. Specifically, from February 1, we will reduce the price of chicken eggs from 3,350 VND/egg to about 3,000 VND/egg or even lower depending on the location. Duck eggs have a separate discount program on the 2 days before Tet. In particular, the egg discount program will last until January 15. (ie February 24), to stimulate demand".
Not only eggs are worried about sluggish sales, meats that are consumed a lot during the traditional Tet holiday are also facing the risk of "flooding the market". Mr. Dang Thanh Phong, media representative of the Bach Hoa Xanh food store chain, said: "The purchasing power of food items for Tet such as meat, eggs... is quite slow. In previous years, these were necessities that almost every household used, even bought and stored for a long time, but now strangely, consumers are very indifferent. Bach Hoa Xanh is having a promotion program with discounts from 10 - 49% on lean pork products, ground pork, pork legs, imported pork bones... and will last until Tet for consumers to shop".
Similarly, a representative of Saigon Co.op also said that the discount program will be applied not only to pork but also to many other types of food. Specifically, from January 25 to February 9, at the Co.opmart system, braised red tilapia with soy sauce will be reduced by 15%; boneless pork leg and lean pork leg will be reduced by 20%; marinated pork leg will be reduced by 20%; pork leg and pork shoulder will be reduced by 20%; Finefood frozen Australian beef belly 250gr will be reduced by 15%; boneless chicken feet will be reduced by 15%...
Why so weak?
Standing and watching the sparse stream of vehicles leaving Bien Hoa 2 Industrial Park ( Dong Nai ), Mr. Le Xuan Huy, Deputy General Director in charge of the market of CP Vietnam Livestock Company, sighed and said: "Every day I go to work through this area. Before, at rush hour, workers would rush out and get stuck in traffic for hours, but now the roads are deserted, and there is no traffic jam all day long. Collective kitchens are the biggest consumers of pork and white chicken. A lot of workers go to work, which means a lot of meat and eggs are consumed, but with such a sparse population, of course consumption has decreased."
For the first time, meat and eggs have to be heavily discounted during Tet.
According to Mr. Le Xuan Huy, the sharp decrease in meat and egg consumption right before Tet is something that has never happened before. "Currently, CP is cooperating with the Bach Hoa Xanh store chain to supply pork, chicken, eggs and other processed products, but today (January 31), preliminary statistics show that the Bach Hoa Xanh chain has reduced consumption by nearly 100 animals despite applying promotional programs. The main reason, in my opinion, is that people are tightening their belts due to reduced income. In addition, strict control of alcohol concentration also makes popular restaurants and pubs less crowded, consuming less meat products," Mr. Huy commented.
Mr. Truong Chi Thien agreed: "The collective kitchens are a huge source of egg consumption, losing this number of customers, the fresh egg consumption in markets and supermarkets cannot handle it. In addition, cake manufacturing companies also use a huge amount of eggs, but this year's Tet season suddenly... disappeared. Maybe this is an item that is considered non-essential, so it is not prioritized by consumers during this difficult period. Losing two such large sources of consumption, it can be said that the poultry egg market is in a situation of oversupply. It is not that people do not eat braised meat and eggs this Tet, but they eat less, saving while the supply is very abundant."
Regarding the question of whether the market will increase in the days before Tet, Mr. Le Xuan Huy commented: "The week before Tet is the peak shopping season for people. In the same period last year, everywhere was bustling with New Year's Eve celebrations, with roast pork, roast chicken, roast duck... being consumed rapidly. But this year, everywhere is sluggish and gloomy. So even if demand increases in the last days before Tet, it cannot make up for the decline in the past time. Currently, food products are flooded, even having to be promoted until after Tet, but the most important issue is whether people have money to shop or not?".
The economy has been difficult in the past year, the income of workers and manual laborers has been severely reduced, affecting the food consumption market in general. In addition, the tourism, restaurant, and food stall industries have also been heavily affected by the decrease in both tourists and diners. We hope that with businesses proactively offering deep discounts and long-term discounts like now, purchasing power during Tet will gradually recover, so that Tet will be more complete, prosperous, and meaningful.
Ms. Pham Thi Huan , Chairwoman of Board of Directors of Ba Huan Joint Stock Company
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