Prices of consumer goods about to climb

consumer goods, essential goods, promotional program, supermarkets, price increase, purchasing power, fresh foods, fast-moving consumer goods Customers go shopping at a supermarket in HCMC on April 30. (Photo: SGGP)
Purchasing power increased fairly high

Although there have not any official statistics from the authorities yet, according to some retailers and enterprises, the purchasing power in the last holidays increased by two times compared to normal days. Many retailers reduced prices sharply on thousands of products. Particularly, fresh food discounted 10-20 percent, kitchen utensils dropped 21-47 percent, and health care products offered a discount of 50 percent for the second item.

According to the representative of Co.opmart supermarkets, because the holiday of the Reunification Day and the International Workers’ Day this year lasted for four days, the purchasing power at Co.opmart supermarket network, on average, rose two to four times higher compared to normal days. The highest increase in the purchasing power focused on fresh foods, some types of processed foods, frozen goods, beer, and soft drinks. Other products, such as household appliances and garments, were being strongly discounted, so the purchasing power also doubled compared to before.

Similarly, at Lotte Mart, Emart, and MM Mega Market An Phu, in recent days, the purchasing power has also increased significantly and increased drastically in the afternoons and evenings of the holiday, focusing on fresh food products, including meat, fish, seafood, fruits, and vegetables. Items, such as confectionery, canned food, and garments, were also interested by consumers. Ms. Nguyen An Nhien, a resident in Thu Duc City said that the holiday is a "golden" opportunity for her family to buy many items at the best prices. For instance, Emart currently offers promotions for hundreds of essential items with attractive combo gift packages applicable to food, beverages, cosmetics, clothing, and household appliances. To meet the increasing shopping demand on the occasion of the holiday, supermarkets have also enhanced their staff of all stages, at the same time, increased the source of goods to best ensure the demand of customers.

Shopping centers in Ho Chi Minh City, especially Vincom Center, Takashimaya, and Giga Mall, were always highly patronized. Besides the need for window shopping, entertainment, shopping, and dining, a large number of visitors go to the shopping centers to escape the heat, contributing to making the atmosphere of these places bustling during the holiday.

In terms of prices during the holiday, retailers had worked closely with suppliers to reduce prices by up to 50 percent for various products to stimulate consumer demand, so they have created a stable common ground of selling prices. The supply of goods for the market is plentiful and diverse. At traditional wet markets, many small traders said that the selling prices of all kinds of goods were fairly stable. The groups of items that were bought heavily at the markets included fresh food, fruits, and ready-made clothes.

Many products will adjust prices

According to forecasts of the domestic market management unit, in May and the coming time, the market of essential goods will not have any major fluctuation in supply and demand. However, the impacts of the global prices or the increase in import duties on some input materials in the first months of the year will affect the prices of some commodities, such as agricultural products, milk, and processed foods.

It is recorded that the prices of some items retailed at grocery stores, such as instant noodles, seasoning powder, spice powder, cooking oil, and cake flour, increased by 7-10 percent compared to those at the end of last year. Some cake flour producers explained that the prices of many input materials increased by up to 20 percent. Currently, the purchasing power in the market remains weak, if they increase the selling prices of finished products based on the prices of raw materials, it will be difficult to convince consumers. Therefore, for these manufacturing enterprises, increasing the selling prices at this time is a necessary evil.

The group of fresh food products, such as poultry meat and eggs, also increased by 10-15 percent compared to the beginning of 2021. This situation is because the price of animal feed surged by more than 20 percent and that of packaging went up by about 15 percent. Besides, the pressure to increase the selling prices of many fresh foods also comes from the increasing gasoline prices, which affected freight rates from provinces to HCMC.

A representative of the purchasing department of one of the major distribution network in HCMC said that although suppliers sent requests to increase the selling prices, mainly the group of fast-moving consumer goods, from May, to harmonize the interests of all parties, the supermarket will carefully consider the possibility of increasing the selling price of each item, as well as the group of goods, avoiding causing a disturbance in the general price level of commodities, affecting consumer psychology. Besides the increase in the prices of input materials, the prices of many product groups are higher than before because the promotional program has ended.

The selling prices of some products may increase slightly, but essential goods will certainly be plentiful and diverse. Even the group of items serving the prevention of the Covid-19 pandemic, such as hand sanitizers and masks, are also fully prepared.

To continue stabilizing the goods and services market, the domestic market management unit recommended ministries, industries, and localities to continue to closely coordinate in the management of market and prices of goods and propaganda to create consensus in public opinion with the State's administration, and stabilize the commodity market.

By Thuy Hai – Translated by Gia Bao

News Related


Reference exchange rate up 8 VND

Illustrative image (Photo: VNA) Hanoi (VNA) – The State Bank of Vietnam set the daily reference exchange rate at 23,176 VND per USD on May 14, up 8 VND from the previous day.… Read more »

TECNO reveals how the highly anticipated TECNO CAMON 17 Pro measure against its competitors

HONG KONG SAR – Media OutReach – 14 May 2021 – Consumers nowadays are more than spoilt for choice, in fact, many people are affected by ‘information paralysis’, that is, having too much information to effectively… Read more »

Marco Polo Marine 1HFY2021 EBITDA More Than Triples to S$3.9 Million

First Half EBITDA surges 255% YoY to S$3.9m on the back of higher revenue and margin expansion Positive signs have emerged recently, indicating the sector downturn may be bottoming-out SINGAPORE – Media OutReach – 14… Read more »

Companies diversify to survive Covid-19 storm

Hanoi-based tourism company AZA Travel is planning to import beer from Europe to Vietnam in the coming months to earn revenues and pay staff salaries. The company’s CEO, Nguyen Tien Dat, said that… Read more »

Credit institutions struggle to sell high-priced collateral

The state-owned BIDV has been trying to sell the Crystal Palace wedding center in District 7, Ho Chi Minh City since 2019. The 2,675-quare-meter complex, including land and an eight-storied building, is being… Read more »

German firms maintain positive view over economic expectations in Vietnam

Employees at work at a factory. Many German firms are still upbeat and have high expectations over the Vietnamese economy – PHOTO: VNA HCMC – Many German firms are still upbeat and have… Read more »

Sword GRC Has Been Named a 2021 'Technology Leader' in Quadrant Knowledge Solutions' SPARK Matrix for GRC Platforms

Sword GRC’s positioning is based upon technology excellence and customer impact. Maidenhead, England – Newsfile Corp. – May 13, 2021 – Enterprise risk management software specialist, Sword GRC has been positioned as a… Read more »

Japan permits Vietnamese agency to supervise lychee exports

Japan has officially authorised the nation’s plant quarantine agency to supervise lychee exports to the Japanese market this year, according to details released by the Plant Protection Department. This move will see the… Read more »

First integrated green building cloud data platform launched in Hong Kong

iBEAM to assess 450,000 building and sustainable development project data every year HONG KONG SAR – Media OutReach – 13 May 2021 – BEAM Society Limited (“BSL”) announces today the launch of iBEAM – the first-ever locally… Read more »

Contract signed for another North-South expressway section

A view of the signing ceremony of the contract for the Dien Chau-Bai Vot subproject of the North-South Expressway project – PHOTO: TNO HCMC – The Ministry of Transport and a consortium of… Read more »

Sell-off sinks VN-Index

A man monitors stock prices. The VN-Index falls while the HNX-Index gains today, May 13 – PHOTO: VNA HCMC – Selling pressure hit many blue-chip stocks at the end of the day, sending… Read more »

US firm proposes two LNG projects in Van Phong EZ

(Illustrative photo: VNA) Khanh Hoa (VNA) – Authorities of the south central coastal province of Khanh Hoa have sought the Prime Minister’s backing of two major projects with total investment of more than… Read more »

Over 1,300 autos sold each day in April

Vehicles travel on a street. April alone saw over 1,300 cars find buyers each day – PHOTO: LE HOANG HCMC – April alone saw over 1,300 automobiles sold each day, with members of… Read more »

Hang Lung Publishes Sustainability Reports 2020

Furthering our Commitment to Sustainability with Demonstrated Resilience under the Pandemic HONG KONG SAR – Media OutReach – 13 May 2021 – Hang Lung Group Limited (Stock Code: 00010) and Hang Lung Properties Limited (Stock Code:… Read more »

PM supports HCMC’s proposal to raise budget retention rate

Prime Minister Pham Minh Chinh (2nd, R) talks with HCMC Party Secretary Nguyen Van Nen (C) on the sidelines of a meeting between the PM and HCMC leaders on May 13. The PM… Read more »

Doppelmayr, Sun Group scale new heights in Vietnam

Two Queen cable cars in Halong Bay in Quang Ninh Province – PHOTO: SUN GROUP When faced with what many believed was an insurmountable engineering challenge, in 2007, Sun Group turned to Doppelmayr… Read more »

Proposal of reducing registration fee for domestically-produced cars rejected

Illustrative image (Photo: VNA) Hanoi (VNS/VNA) – The Ministry of Finance has rejected the Vietnam Automobile Manufacturers’ Association (VAMA) proposal to continue reducing the registration fees for new domestically-produced cars by 50 percent. The… Read more »

Daklak proposes developing expy to Khanh Hoa

Vehicles travel on an expressway in Vietnam. The government of the Central Highlands province of Daklak has proposed developing the Buon Ma Thuot-Nha Trang expressway project – PHOTO: VNA HCMC – The government… Read more »

Conference to promote Hai Duong's lychee set for May 18

Barcodes and stamps showing geographical indication granted to lychee grown in Hai Duong’s Thanh Ha district for exports (Photo: VNA) Hanoi (VNA) – The People’s Committee of the northern province of Hai Duong… Read more »

HCMC backs elevated road project worth VND15.5 trillion

A street in HCMC is packed with vehicles. The HCMC Department of Transport strongly backed a proposal to develop the Elevated Road No.5 project – PHOTO: NLDO HCMC – The HCMC Department of… Read more »

Fami soymilk of Vinasoy has successfully conquered the Chinese and Japanese markets

The new packaging and new formula of Fami soymilk products that suit the tastes of consumers in the Chinese market. Fami soymilk at Hema supermarket. Hema supermarket chain currently has more than 150… Read more »

Startup raises $7.5 million for blockchain game

A total of 19 institutions and 21 individual investors took part in the Series A funding, including venture capitalists Libertus Capital from the U.K. and Vietnam’s 500 Startups Vietnam, co-founder of social news… Read more »

HCM City: Retail market benefitting from many growth drivers

Consumers shop at Finelife Supermarket Urban Hill in District 7, HCM City (Photo: VNA) Hanoi (VNA) – An influx of foreign investment, the rise of e-commerce, and the sound containment of COVID-19 are… Read more »

HCM City budget collections bounce back

Stevedoring at Cat Lai port, Ho Chi Minh City (Photo: VNA) HCM City (VNA) – Ho Chi Minh City brought in more than 140.3 trillion VND (6.06 billion USD) in budget collections during… Read more »

VN-Index slips from historic peak

The index started off with a drop to the 1,263 range and fluctuated at around 1,269 points for most of the session, before plunging into the red in the last trading hour. Trading… Read more »

PPP contract signed for Dien Chau-Bai Vot Expressway

The signing ceremony for the Dien Chau-Bai Vot expressway (Photo: VGP) NDO – The Ministry of Transport has signed a contract with a consortium of five companies to build the Dien Chau-Bai Vot… Read more »

Promoting initiative and creativity in implementing OCOP programme

A booth displaying the OCOP products of Thai Nguyen province (Photo: NDO – According to the Ministry of Agriculture and Rural Development, after three years of implementation, the “One Commune, One Product”… Read more »

Vietnamese Vingroup’s Vsmart phones sought after following manufacturing shutdown announcement

Local consumers have paid more attention to Vsmart phones produced by VinSmart, the smartphone business of Vingroup, after the Vietnamese conglomerate announced that several days ago. Over the past few days, the number… Read more »

Ford stops assembling Tourneo cars in Vietnam due to poor market demand

Ford Vietnam Limited, a joint venture between Ford Motor Co. and Song Cong Diesel Company, has announced it will cease assembling Tourneo cars in the Southeast Asian country from the middle of this year… Read more »

Ford to cease production of Tourneo minivan in Vietnam

Rising manufacturing costs and lower demand in the tourism transport segment are the main reasons for terminating production, a company spokesperson said. A mere 44 units were sold in the first quarter even… Read more »

Free trade deals facilitate fruit and vegetable exports: insiders

Processing dragon fruits for export (Photo: VNA) Hanoi (VNA) – Free trade agreements are opening the doors for Vietnamese fruit and vegetable firms to increase export revenue this year, according to the Vietnam Fruit… Read more »

Soy milk chain withdraws from HCMC

The store in District 1 was its flagship and 50th store, and had opened in July 2019. The chain has also closed all its stores in Hai Phong, Da Nang and Nha Trang.… Read more »

Vietnam textile firms struggle to collect dues from US buyers

May Song Hong saw its dues outstanding from American companies rise by 19.5 percent in the first quarter to VND654 billion ($24.2 million). It has had to increase its provision for bad debt… Read more »

US plans to launch anti-dumping probe into Vietnamese honey

United States authorities are likely to commence an anti-dumping investigation into Vietnam’s honey products, an undertaking which could lead to a 207 percent tarrif being placed on Vietnamese honey exports, Dinh Quyet Tam, president… Read more »

Five localities propose VND135 trillion elevated belt road

The elevated Belt Road No. 4 – Hanoi Capital Area (red line) will connect Hanoi with the surrounding provinces – PHOTO: MINISTRY OF TRANSPORT HCMC – The chairpersons of Hanoi City and the… Read more »

Trend Micro Placed in 2021 Magic Quadrant for Endpoint Protection Platforms

Recognized for Completeness of Vision and Ability to Execute HONG KONG SAR – Media OutReach – 13 May 2021 – Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecurity leader, today announced that it has… Read more »

Vietnam’s freeze dried sugarcane juice patented in US

Five spoon of dried sugarcane juice, 0.1 litre of water and ice are what needed to enjoy a glass of fresh sugarcane juice outside Vietnam. (Photo: Hanoi (VNA) – Freeze dried sugarcane… Read more »

Speedier privatization process of state firms - a key for social advancement

A speedier privatization process of state-owned enterprises (SOEs) would be key to boost their efficiency, in turn contributing to economic development, social advancement and equality.  Production of animal feed at Masan Group’s subsidiary.… Read more »

Better business performance helps swell budget

Rising production and business activities have contributed to enriching the state budget. NDO – Despite the numerous difficulties caused by the health crisis, the state budget has seen impressive results, with the national… Read more »

Vietnam’s rubber export value sees surge in four months

A worker is harvesting rubber latex (Photo: VNA) Hanoi (VNA) – Vietnam exported 486,000 tonnes of rubbers worth 817 million USD in the first four months of 2021, up 79.6 percent in volume… Read more »

Vietnam mobile e-commerce to value $10.2 billion by 2023

Vietnam’s mobile e-commerce is rapidly growing with an estimated value of US$10.2 billion by 2023, according to 2021 Vietnam Mobile Application Report, conducted by the market research company Appota.  Vietnamese shoppers are familiar with… Read more »

German businesses expect Vietnam economic recovery by 2022: DIHK

German businesses show optimism about Vietnam’s economy in the medium term and look forward to its recovery by 2022.  Inside Vinfast’s factory. Photo: Pham Hung The Association of German Chambers of Commerce and… Read more »

Thai conglomerate reports surge in Vietnam revenues

SCG has over 20 subsidiaries in Vietnam, including in the cement and building materials sectors. In the first quarter of last year, revenues fell by 4 percent to VND6 trillion as the first… Read more »

C.T Group makes the attractiveness with the party "appreciation of good seeds"

Recently, at Léman Luxury building, C.T Group held an appreciation party called “Good Seeds” with the participation of Leaders of Prestigious Universities such as University of Economics Ho Chi Minh City, Ho Chi… Read more »

Seafood exporters request HCMC to delay port fees collection

VASEP has asked the city’s authorities to postpone the collection of fees for using infrastructure facilities and public services at seaport terminals in the city until Covid-19 is brought under control, or at… Read more »

Reference exchange rate up 19 VND on May 13

(Photo: VNA) Hanoi (VNA) – The State Bank of Vietnam set the daily reference exchange rate at 23,168 VND per USD on May 13, up 19 VND from the previous day. With the… Read more »

DHL Global Forwarding opens new direct China-United Kingdom multimodal link

New rail-sea freight service will connect businesses in China with customers in the UK, and vice versa, in 18 to 20 days Goods departing from Xi’an, China will be transported by rail to… Read more »

Five localities seek PM approval for giant highway project

Hanoi and the four northern provinces of Hung Yen, Bac Ninh, Bac Giang and Vinh Phuc have proposed a major highway project to the prime minister. The Ring Road 4 project will pass… Read more »

Remittances to HCMC expected to hit record high

Nguyen Hoang Minh, deputy head of the State Bank of Vietnam in HCMC, told Bloomberg that increased remittance inflows would significantly help Vietnam keep the dong stable. “Increases in foreign direct investment and… Read more »

Auto sales signal recovery with 58 pct surge

This sales figure marked an increase of over 3,600 units from the same period last year when the first wave of Covid-19 had hit the country, according to the Vietnam Automobile Manufacturers Association… Read more »