Local products dominate holiday shopping season

Made-in-Viet Nam products accounted for 85-90 per cent of the market share in the local market during the recent Tet (lunar new year) festival, according to the Ministry of Finance’s Price Management Department.

Essentials goods covered by the Government’s price stabilisation programme were on sale in many supermarkets, 5-10 per cent cheaper than at street markets.

The stable costs of essential goods during the year’s largest festival were attributed to the Government’s business support policies. According to the Finance Ministry, subsidised loans were made available for businesses in 42 provinces and cities that implemented the price stabilisation programme with a total investment of over VND2.5 trillion (US$218 million).

With purchases falling significantly in HCM City’s street markets after Tet, the prices of many essential foods, including fruits, vegetables, chicken and pork, have also dropped correspondingly compared to the pre-Tet highs.

Pork prices fell by VND5,000-10,000 per kilo to VND85,000 ($4.3) for a kilo of half fat and half lean meat while the price of fruit and vegetables dropped by VND2,000-5,000 to VND7,000-8,000 for a kilo of cabbage and VND8,000-10,000 per kilo of bitter gourd.

Prices of other essential items such as rice and sugar also decreased slightly at street markets.

In contrast to those markets, post-Tet supermarket sales have remained high thanks to promotional campaigns designed to stimulate consumption after the festival.

The Finance Ministry plans to keep the cost of electricity, coal, clean water and bus fares unchanged to maintain market stab.

It will also spend around VND3.5 trillion ($179 million) from the price stabilisation fund and reduce import taxes to stabilise petrol prices. — VNS

Tags: Vietnam products