Lunar New Year 2018: plentiful goods, but fluctuating prices are likely

Ministries and sectors will coordinate the price of goods to ensure the implementation of inflation control objectives. Picture: Nguyen Thanh.

Stock up 10-15%

Ms. Le Thi Hong, head of the supply and demand regulatory department of the Domestic Market Department, Ministry of Industry and Trade, said that through the preliminary work of the Domestic Market Department and localities, the results show that for the service of goods during Tet it is well prepared. Many localities have sent reports to the Domestic Market Department, reflecting the preparation of goods as having been well and actively implemented. This year, the source of goods will increase by 10-15% compared to the previous year.

"Basically, the essential goods are fully secured, and will certainly meet the needs of people if no problems arise," Ms. Hong said. With regard to this issue, Deputy Minister of Agriculture and Rural Development Tran Thanh Nam said, “that for the agricultural sector, based on production planning, the production and supply of agricultural products in the first quarter of 2018 was without any large fluctuations, ensuring the needs for Tet. However, certain items may still be subject to local shortage due to the influence of the weather.”

The preparation of goods for the Lunar New Year is clearly expressed in one of the largest localities in the country, the capital Hanoi. According to Ms. Tran Thi Phuong Lan, Deputy Director of Hanoi’s Department of Industry and Trade, estimated value of goods for Tet in the city area is about 26,000 billion VND. To ensure a stable source of goods, the Department of Industry and Trade has directed and coordinated with enterprises to deploy supply-demand management between Hanoi and with many provinces and cities. From now until the Lunar New Year, the Department of Industry and Trade will direct the units to organize spring fairs, 4 Vietnamese markets, about 150 mobile sales in Hanoi’s suburbs, industrial parks, and customer processing zones to meet the people's needs during the Tet holiday. At the same time, the Department of Industry and Trade also asked petroleum companies, trade centers, supermarkets, and enterprises to stabilize prices registration points of sale organizations for people before, during and after Tet. The Department is to encourage sale points to remain open until the end of the 30th day of Tet, and open their doors to sell from the first day of Tet.

Prices have not increased dramatically

Besides abundant commodities, prices of essential commodities for Lunar New Year are forecasted to increase, but no sudden fluctuations will occur. According to Ms. Hong, commodities account for a large proportion of people's daily consumption, prices can increase from 15 to 20%. Other items such as fruit, confectionery, beer etc., are expected to increase, but not by much. Notably, many kinds of goods, in addition to domestic goods have also been sourced from imports, so people will have a variety of choices.

For more information about the price of food items such as vegetables, meat etc., during the Lunar New Year, a representative of MARD said,” In December 1977, hog prices across the country fluctuate in popularity around 27,000 - 35,000 VND/kg. Forecasts to the time of Tet, pork prices tend to increase due to high consumer demand (according to the annual rule). For vegetable products, at present the weather is quite favorable, supply is plentiful, and most vegetables prices tend to be stable. In the immediate future, if there are no big fluctuations in weather, the amount of vegetables produced will still meet the demand of domestic consumption with small price increases. In order to stabilize the market, MARD has been actively instructing functional units to organize good production, strengthen inspection, quality control, food hygiene and safety and veterinary hygiene. To ensure sufficient supply, quality for consumption, and export, especially during Tet.”

From the perspective of the Ministry of Industry and Trade, Ms. Hong added, As the main manager of the domestic market, right from 7th November, 2017, the Ministry of Industry and Commerce has issued Directive No. 14/CT-BCT, to ensure the balance of supply and demand and stabilize the market. In the coming weeks, besides closely monitoring market movements, for prices of essential goods the Domestic Market Department will also coordinate with other ministries and localities in managing prices of goods and services under State management to ensure the implementation of inflation control targets in 2018.

Concerning preparation and storage and supply for Tet, in the recent working session between the Ministry of Industry and Trade and MARD, the two ministries agreed to further strengthen the coordination of monitoring production, supply of food and foodstuffs for Tet. At the same time, take proper measures to prevent a lack of goods and price fever, especially on the peak before, during and after Tet.

Speaking at the meeting, Deputy Minister of Industry and Trade Do Thang Hai noted that MARD should regularly review actual data in accordance with the situation of the level of agricultural products; to pay attention to food safety right from the production stage, and to strengthen coordination with the Ministry of Industry and Commerce in the fight against smuggling, trade and fraud, etc.