Businesses are increasing production to ensure sufficient supply of goods for the upcoming Lunar New Year Festival (Tet) early next year and steady prices during the year's biggest shopping season.

Businesses are working to ensure there is adequate supply of goods for Tet,
especially of essential goods such as meat and rice. (Photo: nld.com.vn)

Ho Chi Minh City’s Department of Industry and Trade recently announced plans for its annual market stabilisation programme to ensure adequate supply of essential goods for a month each before and after the festival.

Demand for items such as drinks and confectionery is expected to spike by 20% during Tet, while wholesale markets may need to stock 80% more flowers than normal to meet demand.

Besides increasing production, companies are also working on launching new products and business models. For instance, Ba Huan Joint Stock Company will produce more varieties of processed goods for Tet, while Vinamit Joint Stock Company is focusing on working with online distributors and launching new nutritious vegetable and fruit drinks by the end of the year.

According to the department, large retailers are set to stock goods two or three times as in normal months though most are reluctant to announce their exact business plans for Tet.

Due to negative factors like the COVID-19 pandemic and flood in central Vietnam, demand during next year's Tet might be lower than normal, many businesses feared.

They need to utilise online channels and spend more on marketing and promotions, they say.

The Ministry of Industry and Trade has called on province and city authorities across the country to monitor local production and business plans, have plans in place to deal with potential market anomalies and keep an eye on the market to ensure a steady supply of essential goods and those covered by price stabilisation programmes.