The Ministry of Industry and Trade recently announced that on February 5th and 6th, it conducted inspections of goods and activities for the Lunar New Year 2024 in Hanoi and Ho Chi Minh City.
Deputy Minister Phan Thi Thang (second from left, top row) inspecting the preparation of goods for the Lunar New Year in Hanoi
In Hanoi on February 5th, Deputy Minister of Industry and Trade Phan Thi Thang led a delegation to inspect the preparation of goods for the Lunar New Year at Co.op Mart Ha Dong Supermarket and Aeon Mall Ha Dong.
In Hanoi, a total of 32 businesses participated in the market stabilization program for essential food items during the Lunar New Year, supplying goods to over 14,535 sale points. The total value of goods for the Lunar New Year in the city is estimated at around 40,900 billion VND (a 10% increase compared to the 2023 Lunar New Year).
On February 6th, in Ho Chi Minh City, Deputy Minister Phan Thi Thang and the delegation inspected the preparation of goods for the Lunar New Year at Co.op Mart Ly Thuong Kiet and Ben Thanh Market. This year, Ho Chi Minh City implemented the market stabilization program with a focus on socialization and without using state budget.
The Ministry of Industry and Trade delegation inspecting some supermarkets in Hanoi
A total of 45 businesses participated in the market stabilization program for essential food items during the Lunar New Year. The total capital prepared for the two months of the Year of the Horse was over 22,000 billion VND, of which over 8,500 billion VND was used to stabilize the market.
In terms of quantity, the market stabilization program accounted for 25% to 43% of the market share for essential food items. In terms of price, participating businesses committed to keeping prices stable and not increasing prices for one month before and one month after the Lunar New Year. They also implemented deep discounts for essential items two days before the Lunar New Year.
Preventing smuggling and trade fraud during the Lunar New Year
The Ministry of Industry and Trade stated that it has implemented measures to balance supply and demand and stabilize the market at the end of 2023 and during the Lunar New Year 2024. The ministry has directed localities, businesses, and relevant units to develop plans for Lunar New Year preparations, proactively review supply and demand of goods, and prepare sources of goods and supply plans.
In addition, the ministry has implemented the market stabilization program, focusing on ensuring the supply of essential food items at stable prices, and connecting supply and demand, bringing Vietnamese products to rural, mountainous, and island areas. It has also strengthened market inspections and controls, anti-smuggling, and trade fraud measures to ensure food safety…
According to reports from localities (to date, 46 out of 63 provinces and cities have reported on implementing plans to stabilize the market in the last months of the year and the 2024 Lunar New Year), the guidance from departments, businesses, and units involved in Lunar New Year preparations has been implemented early and properly.
Deputy Minister of Industry and Trade and the delegation inspecting the preparation of goods for the Lunar New Year in Ho Chi Minh City, on February 6th
The products participating in the market stabilization program mainly focus on essential items for the Tet holiday such as food, fresh produce, processed food, candies, and gasoline…
According to the Ministry of Industry and Trade, most localities are implementing the market stabilization program based on the socialized capital of businesses and through connecting with financial institutions to borrow at preferential interest rates during the program. Some localities, such as Tay Ninh, Ninh Thuan, and Dong Nai, have plans to support capital for businesses participating in the market stabilization program.
In the localities, the work of ensuring supply and demand, and market stabilization for the Lunar New Year 2024 has been implemented very early. According to reports from localities, the supply of goods is abundant and diverse in terms of models and types, meeting the shopping needs of the people, and prices are stable without any unusual fluctuations.