Figures by the General Statistics Office show that total retail sales of products and services came to around $131 billion in the first half of this year, up 10.9 per cent on-year.

Several businesses, however, believe that this figure might not truly reflect the real consumption of local people or enterprises' actual production and business outcomes.

Despite higher purchasing power, the goods basket saw an imbalance, concentrating on essential food products while other items like textiles, clothing, and consumer goods saw a sharp decline.

Phan Van Dung, deputy CEO of the southern food producer Vissan JSC, revealed that soaring input costs over the past two years have caused great pressure as the company could not raise its prices.

Furthermore, many businesses have had to scale up promotions and price discounts by 10-20 per cent to lure in buyers.

“Even with many offers, our sales volume shed 10 per cent on-year. This year, difficulties continue to linger and are expected to have an impact on the company’s margins until year-end,” said Dung.

Nguyen Anh Tuan, deputy CEO of Colusa-Miliket Foodstuff JSC, shared that amidst the current tough conditions, many residents have left Ho Chi Minh City to other localities seeking new jobs, resulting in a significant drop in their customers from city-based industrial zones.

For essential food such as eggs, Vinh Thanh Dat Food Corporation (V-Food) saw a 30 per cent drop in its sales revenue in the first months of this year as orders from businesses and retail outlets slid sharply.

Consumer habits are reportedly experiencing marked changes, focusing on essential products with sales promotions to maximise the value.

The market is deemed to render opportunities to those businesses and retailers capable of moderating cost, increasing promotions, and diversifying their retail models.

For instance, Thai-backed supermarket chain MM Mega Market is launching its Greeting Summer with Shocking Prices promotion, covering 250-plus items throughout its stores. There is a buy two, get one offer for customers when buying dried food, beverages, or cosmetics.

Japan-backed retailer AEON Vietnam also promotes sales with programmes such as Cheery Wednesday and Good Prices Every Day.

At Vissan, the company offers a 15-20 per cent discount for products, including sausages, canned items, and frozen food. With certain products, the buyers are even given gifts such as glasses, bowls, and more.

During the first half of this year, V-Food constantly launched buy 10, get two sales promotions at its outlets, and in some periods, even offered 10, get six mega promotions to entice buyers.