Retailers commit to hold line on Tet holiday prices

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Meanwhile, some 14 local City retailers have signed on to a cooperative program ahead of the Lunar New Year holiday aimed at keeping prices of essential commodities stable.

At a meeting with the City’s Department of Industry and Trade the retailers affirmed that collectively they will target both keeping prices stable and ensuring adequate supplies to satisfy overall demand.

The City’s Department of Industry and Trade had asked each retailer to agree to providing monthly supplies of at least 2,000 tons of pork, 200 tons of beef and 900 tons of processed foods such as rice.

A representative of Vissan, said it has committed to provide higher levels than asked of at least 2,100 tons of pork, 360 tons of beef and 3,400 tons of processed foods during the lead up to the country’s biggest national holiday.

Saigon Co.op, the proprietor of the City’s leading retail chain Co.opMart, said it has invested millions of US dollars to insure their stores are adequately supplied for the holiday season.

The increased demand during Tet had oftentimes in past pushed up prices and created a scarcity of product, said Saigon Co.op, so we have gone the extra mile to make sure that doesn’t negatively affect our customers this year.

According to the Department, local consumers will be able to buy frozen and dried seafood from Phu Cuong Group based out of Ca Mau Province at prices 10% below market. 

The Phu Cuong Group has signed on to providing 20% of the projected demand for fish and other seafood for the metropolitan area and has committed to keeping prices unchanged from now through the end of March 2017.

The City kicked off the program aimed at stabilizing prices of eight essential goods this past June. As part of the program the City has offered interest-free loans to the 14 retailers to help defray costs of participating in the program.

Most of the participating businesses have already stocked their reserves for the Tet season, said the Department.

The Department forecasts that because of the high participation of local retailers the prices of essential commodities including sugar, eggs, processed foods, cooking oil and rice along with meat, poultry and seafood will be stable for the holiday.

It is also satisfied there will be sufficient quantities of products available in volumes adequate to meet demand.

At the meeting City departments and agencies also discussed plans to ensure safety of goods for the Tet holiday. 

Tran Vinh Tuyen, deputy Head of Committee, asked businesses to promote sales and offer attractive discounts for suburban residents, workers, and students. 

In addition, he requested they strive to improve the variety and quality by creating incentives for increased participation rates of local businesses and agriculture cooperatives.