Patching the gap in the gasoline market; Tet goods flood supermarkets

24-Hour Economy News: Patching the gap in the gasoline market; Tet holiday goods flood supermarkets. — Graphics: Khuong Duy

Supermarkets in Hanoi are overflowing with Tet holiday goods.

With less than a month until the 2024 Lunar New Year, many families are starting to plan their holiday shopping early. As a result, consumer demand is increasing.

According to observations by Lao Dong newspaper on the afternoon of January 12th, at a large supermarket on Tran Duy Hung street (Cau Giay district), essential goods and typical Tet holiday items were displayed in bright, eye-catching colors.

A wide variety of Tet (Lunar New Year) goods are available on the shelves. Photo: Thu Thuy

These Tet gift baskets are beautifully presented and affordably priced, ranging from 500,000 to 1,000,000 VND per basket, depending on the product range and design.

The stalls selling candies, jams, preserved fruits, nuts, etc., are sold by weight, attracting many shoppers with prices ranging from tens of thousands to hundreds of thousands of dong depending on the item.

Green pomelos, cantaloupes, oranges, and dragon fruit fill the stalls, guaranteeing freshness and good quality.

In addition, it was noted that alcoholic beverages, soft drinks, and other beverages are readily available for consumers, and supermarket staff regularly check and replenish them. See more...

Foreign investors' trading activity was vibrant, following market trends.

Experts predict that foreign investors will strongly inject capital into the Vietnamese stock market, after net selling approximately $1 billion in 2023.

Foreign investors are showing a lot of activity at the beginning of 2024. Photo: Le Toan

Last week, foreign investors continued to target banking stocks, with many leading stocks in the sector being heavily accumulated by foreign investors.

Notably, VCB shares saw the strongest net buying activity, with a value of VND 324.26 billion, equivalent to a net buying volume of 3.7 million units. Last week, VCB also led the pack with net buying exceeding VND 278 billion.

In addition, many other bank stocks also saw strong net buying, such asOCB with over 8.98 million units, VPB with over 6.78 million units, and STB with 6.44 million units.

As can be seen over the past week, foreign investors continued to maintain strong net buying in many stocks across the sector; however, they still net sold over 610 billion VND during this active trading week. See more...

Patching the gaps in the petroleum market.

Nearly two months after the issuance of Decree 80 on petroleum management, the Ministry of Industry and Trade has sent a document requesting feedback from local Departments of Industry and Trade to develop a new decree. According to Dr. Vu Dinh Anh, former Deputy Director of the Institute for Price and Market Research, Ministry of Finance , the root of the problem is that the State must create a genuine petroleum market, allowing the market to operate and regulate itself according to the principle of competition.

Businesses propose abolishing the Fuel Price Stabilization Fund. Photo: Phan Anh

Commenting on the proposed amendments to the new decree, in an interview with Lao Dong newspaper, Mr. Nguyen Xuan Thang - Director of Hai Au Phat Petroleum Company - suggested that the drafting agency should stipulate a minimum of 1,000 VND/liter for the standard cost and standard profit margin in the retail price. Trade discounts would be implemented according to regulations on discounts and agreements between the parties involved (primary, distribution, and retail businesses).

According to Mr. Thang, the new decree on petroleum business needs to establish a model with separate, independent, and transparent components for the petroleum business. Specifically, petroleum distribution companies and distribution companies must be clearly separated, avoiding circular buying, selling, and price manipulation that erodes profits at each stage and leads to market instability.

It also clearly defines the responsibilities, obligations, and rights of each stage in the petroleum market. See more...

3 major wholesale markets in Ho Chi Minh City - Price stabilization, increased purchasing power.

Currently, preparations for goods to serve the 2024 Lunar New Year at the three major wholesale markets in Ho Chi Minh City are underway, ensuring sufficient supply to meet people's needs. Increased purchasing power is expected during the peak days leading up to Tet.

The bustling atmosphere at Binh Dien wholesale market (Ho Chi Minh City). Photo: Ngoc Le

Observations at Binh Dien Market (District 8), the largest multi-sector wholesale market in the country, show a bustling atmosphere at this time, with large quantities of food being transported from neighboring provinces and cities.

According to Mr. Nguyen Dang Phu, Deputy Director of Binh Dien Market Company, the stockpiling of goods for this year's Tet holiday is being carried out urgently, with the volume of goods predicted to increase 4 to 5 times compared to normal days. Normally, the amount of meat traded at Binh Dien wholesale market reaches 250 tons/day, and vegetables around 700 tons… Notably, seafood, a strong product of Binh Dien wholesale agricultural and food market, is also experiencing a significant increase.

At the Hoc Mon wholesale market, the unit also affirmed that it will ensure sufficient quantity and quality to supply people during the Lunar New Year. According to some traders, this year's purchasing power is expected to decrease, but not too drastically, due to people tightening their spending. See more...

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