Adequate supply, stable price

The preparations for sourcing goods and managing the market for the Lunar New Year of the Year of the Snake were considered successful, with sufficient supplies and stable prices.

Prepare early, and in advance.

Commending the preparations for goods to serve the Lunar New Year of the Year of the Snake, economist Vu Vinh Phu said that in recent years, the Government has directed the preparation of goods early on, and ministries, localities, businesses, associations, etc., have prepared thoroughly. Therefore, generally, there is no longer a shortage of goods or price spikes.

However, looking back nearly 10 years, it's clear that every year leading up to Tet (Lunar New Year), price surges occurred frequently for many goods, especially essential items for the holiday. At that time, market management forces had to work extremely hard to combat these price hikes. Furthermore, many businesses deliberately hoarded goods, creating artificial shortages and price spikes in the market.

"Therefore, I highly appreciate the early and thorough preparation of goods supply, thanks to the close guidance of the Government, the strong involvement of the Ministry of Industry and Trade , and the determined efforts of associations and businesses, not only during the Lunar New Year of the Year of the Snake but also in recent years," shared expert Vu Vinh Phu.

The goods were prepared by businesses well in advance.

Accordingly, preparations for the Lunar New Year (Year of the Snake) were discussed right from the meeting of the Domestic Market Steering Committee for the third quarter of 2024, held at the end of September 2024.

Subsequently, the Ministry of Industry and Trade issued Circular No. 12/CT-BCT dated November 20, 2024, on implementing solutions to ensure supply-demand balance and stabilize the market at the end of 2024 and during the Lunar New Year of the Year of the Snake 2025. In this circular, the Ministry of Industry and Trade focused on directing localities, businesses, and relevant units to develop plans to serve the Tet holiday, proactively review the supply and demand of goods, prepare sufficient goods, and develop supply plans. It also implemented a market stabilization program, emphasizing ensuring the supply of essential food items at stable prices; implemented a supply-demand connection program, bringing Vietnamese goods to rural, mountainous, and island areas; and strengthened market inspection and control, combating smuggling and trade fraud, and ensuring food safety.

According to the report on the market situation and preparations for the Lunar New Year 2025 (Year of the Snake) by the Domestic Market Department of the Ministry of Industry and Trade, in addition to issuing directives, the Ministry of Industry and Trade has worked with the Departments of Industry and Trade of Hanoi and Ho Chi Minh City on Tet preparations in these localities, and has also conducted on-site inspections of the supply of goods at several distribution systems in the two cities.

In localities implementing Directive No. 12/CT-BCT of the Ministry of Industry and Trade, the Departments of Industry and Trade have proactively advised the People's Committees of provinces/cities to develop plans and strategies for preparing goods; urged and supported businesses; and closely coordinated with relevant departments and agencies in implementing the Tet holiday plan in their localities. 52 provinces/cities have reported on the implementation of plans for stockpiling goods to stabilize the market in the last months of the year and the 2025 Lunar New Year. Most localities implement the market stabilization program based on socialized capital from businesses and through programs connecting with credit institutions to obtain loans at preferential interest rates during the program period.

Market stabilization is a key activity.

Alongside preparing the supply of goods, many localities are implementing market stabilization programs with the participation of numerous manufacturing and distribution businesses that hold large market shares and have a dominant market influence, such as Saigon Co.op, Central Retail, MM Mega Market, Lotte, BRG Mart, AEON, etc.

According to Mr. Nguyen The Hiep, Deputy Director of the Hanoi Department of Industry and Trade, the amount of essential goods provided to stabilize the market in the capital city meets 35% of market demand for one month.

In Ho Chi Minh City, the amount of price-stabilized goods accounts for 21% - 32% of the market share during normal months and increases to 24% - 43% during the Tet holiday period, ensuring sufficient influence and regulation of the market.

Besides planning to source and stockpile goods early, manufacturing and trading businesses have also prepared contingency plans to increase supply when necessary, and organized mobile sales to handle unusual fluctuations and localized shortages, preventing scarcity, shortages, and imbalances in supply and demand under any circumstances. The goods included in the market stabilization program are mainly essential consumer goods for the Tet holiday such as food (pork, poultry, eggs, processed foods...), spices (cooking oil, sugar...), cakes, jams, candies...

Many promotional programs have been implemented.

In recent years, although the market stabilization program has been implemented primarily based on socialized resources from the self-funded capital of businesses, due to the program's reputation over the years with the motto of quality goods and stable prices, and the trust it has built with consumers, many businesses are willing to participate in and implement the program and commit to stabilizing prices without or with minimal use of state loan support.

Regarding prices, businesses participating in the market stabilization program are committed to supplying sufficient goods to the market at prices 5-10% lower than market prices at any given time. Some businesses have committed to maintaining stable prices for one month before, during, and after Tet (Lunar New Year). Simultaneously, businesses are implementing numerous promotional and discount programs, especially in the days leading up to Tet, to boost purchasing power and share the burden with consumers. In Ho Chi Minh City, the "Connecting Consumers - Spreading Love" program has received the support of many businesses, with many preferential policies applied to over 500 items, with discounts up to 80%.

Efforts to ensure fuel supply

Besides essential goods, gasoline and diesel fuel are also items that have been prepared in advance to serve the Tet holiday of the Year of the Snake.

In order to ensure the supply and demand of petroleum products in the country, especially during the Lunar New Year of the Year of the Snake 2025, the Ministry of Industry and Trade organized a meeting with the Vietnam National Petroleum Group (Petrolimex) to discuss ensuring the supply of petroleum products for the Lunar New Year of the Year of the Snake 2025 within the Group's nationwide system.

Mr. Nguyen Xuan Hung, Deputy General Director of Vietnam National Petroleum Group (Petrolimex), said that to meet the demand during the Lunar New Year of the Year of the Snake 2025, the Group has imported 1,022,000 cubic meters/tons of petroleum products.

By January 2025 (the Lunar New Year month), to ensure sufficient supply for the Tet holiday, the Group had purchased approximately 1,020,000 cubic meters of petroleum products, including about 650,000 cubic meters from domestic refineries and about 370,000 cubic meters of various petroleum products. In addition, to proactively secure supply, in early January 2025, the Group sourcing and delivering approximately 280,000 cubic meters of various gasoline and 400,000 cubic meters of diesel fuel to its affiliated warehouses and ports, equivalent to 70-80% of the month's orders.

It is expected that by February 2025, the Group will import approximately 830,000 cubic meters/tons. This will fully ensure the demand for petroleum products in the distribution system is met, while also increasing the circulating inventory to a level sufficient for 23 days.

Regarding the management of gasoline and diesel prices, at the price adjustment meeting on the 4th day of the Lunar New Year (February 1, 2025), the Ministry of Industry and Trade and the Ministry of Finance decided on a plan to manage gasoline and diesel prices to ensure that domestic gasoline and diesel price fluctuations are basically consistent with world gasoline and diesel price fluctuations; to ensure a balance of interests among market participants; to support gasoline and diesel businesses in maintaining and supplying gasoline and diesel to the domestic market before, during, and after the Lunar New Year; and to comply with the regulations in Decree No. 80/2023/ND-CP, Decree No. 95/2021/ND-CP, and Decree No. 83/2014/ND-CP.

With the above solutions, this year's Tet market is considered stable, with abundant supply and stable prices.

According to the Ministry of Finance's quick report on the market price situation during the Lunar New Year of the Year of the Snake 2025, this year's Tet market has truly entered a new phase: a phase of saving, buying only what is needed, selling enough goods, and significantly reducing shortages and price spikes. Furthermore, in major cities, supermarkets and shopping malls continue to be the preferred choices for consumers due to the assurance of product origin, brand, food safety and hygiene standards, and stable prices.

According to the Domestic Market Department of the Ministry of Industry and Trade, supermarkets and shopping malls have increased their Tet holiday supplies by 20-30% compared to normal days. Overall, the country's purchasing power during the Tet holiday of 2025 is estimated to increase by about 10% compared to a normal month and also compared to the previous Tet holiday.

Source: https://congthuong.vn/thi-truong-tet-at-ty-nguon-hang-day-du-gia-on-dinh-371866.html