Amid a surge in demand in the year-end period, the Hoa Binh Department of Industry and Trade and relevant agencies as well as distributors and retailers are working hard to encourage consumption in parallel with stabilising the market.

 Members of Market Management Team No.1 inspects quality of goods to prevent fake, counterfeit and poor-quality commodities in Luong Son town, Luong Son district.

In the year-end period, local supermarkets and trade centres as well as retailers in Hoa Binh has launched many promotion programmes. Hoang Son supermarket, which owns a large market share in Hoa Binh, reported that it has enjoyed a rise in revenue and expects a rapid growth in late January and early February. Along with traditional shopping, online shopping has become increasingly popular among residents of Hoa Binh.

According to the provincial Department of Industry and Trade, trade and services activities in late 2023 and the whole year of 2023 showed good growth, while the supply was ensured with stable prices. Total retail sales of goods and service in 2023 reached over 63 trillion VND (2.57 billion USD), reaching 101.6% of the yearly plan, up 17.8% over the same period.

The department predicted that the purchasing power at the end of the lunar year and the Lunar New Year Festival 2024 will increase about 5 - 10% compared to the same period last year and 20 - 25% compared to normal days. In order to ensure the supply in the period, distributors and retailers have prepared commodities with high demand, preventing supply disruption and price hikes.

Recently, the provincial People’s Committee has issued a plan to ensure the balance of supply and demand sources during Tet festival. Pham Thi Nhuan, leader of Dinh Nhuan company, one of the businesses joining the market stabilisation scheme during the festival, said that the firm has worked with manufacturers to prepare commodities to provide to the market during Tet, with total goods value of about 10 billion VND.

Director of the provincial Department of Industry and Trade Phan Tien Dung said that the office has coordinated with relevant agencies to keep a close eye on market developments, ensuring the supply of commodities. Alongside, it has strengthened the campaign of encouraging Vietnamese people to use Vietnamese products and bringing Vietnamese to rural areas.

Comprehensive measures have also been rolled out by all relevant agencies such as the provincial Departments of Agriculture and Rural Department, Health, Finance, and Market Management to ensure sufficient commodities supply and strengthen the management over the market and food safety, said Dung. He also advised online shoppers to carefully choose providers and check products before processing payment to avoid receiving low-quality products.

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