Hanoi stockpiles basic necessities worth US$1.7-billion worth for upcoming Tet

During the festive period, consumption demand for rice, pork, beef, chicken, and vegetable is estimated to increase by 3 – 20%, while local producers could only meet 50 – 60% of the demand.

To ensure sufficient supplies of basic necessities for the upcoming Tet holiday, Vietnam’s largest festive period in a year, Hanoi’s Department of Industry and Trade has been cooperating with retailers in the city to stockpile basic necessities worth VND39.4 trillion (US$1.7 billion), up 5% against the last year.

Hanoi, Vietnam, covid-19, stockpile, basic necessities, consumption demand, food  Customers shopping at a Vinmart super market in Hanoi. Photo: Chien Cong. 

Vice Director of the municipal Department of Industry and Trade Tran Thi Phuong Lan informed the plan at a year-end meeting of the department on January 12.

“During the festive period, consumption demand for rice, pork, beef, chicken, and vegetable is estimated to increase by 3 – 20%, while local producers could only meet 50 – 60% of the demand,” Mrs. Lan noted.

According to Mrs. Lan, super-markets in Hanoi have been building up their inventories with an amount of goods and products 25-30% higher than the previous Tet.

Vice General Director of Hanoi Trade Corporation (Hapro) Do Tue Tam said in addition to traditional products for Tet, all super markets in its network are preparing specialties from other provinces/cities, including Son La, Yen Bai and Ha Giang worth VND1 trillion (US$43.45 million).

While the African Swine Fever caused a severe shortage of pork supply in the local market, retailers are ramping up their own inventories to avoid a surge in pork prices.

General Director of BRG Retail Nguyen Thai Dung said the company is importing a large volume of pork, beef and chicken from the US, in which three containers of pork were imported in last December alone.

“BRG would continue to import pork to meet the growing demand of local customers before, during and after the Tet holiday,” Mr. Dung added.

Promoting non-cash payment

In 2021, Department of Industry and Trade targets added value of industrial production to expand by 9%, 1.8 times higher than last year, while the growth rate of revenue from retail sales and services is expected at 7 – 8%, nearly triple last year’s figure, said the Department’s Vice Director Dam Tien Thang.

“Hanoi’s industry sector aims to assist the development of supporting industries for higher localization rate and ensure greater efficiency in energy saving,” Mr. Thang added.

Vice Director Tran Thi Phuong Lan added as e-commerce has become an inevitable trend for the future, the Department give priority to promoting non-cash payment methods and developing modern distribution networks in the city.

“Hanoi targets trade turnover to grow by 5% in 2021, 2.8 times higher than the previous year,” Mrs. Lan continued.

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