Vietnam’s buying power to climb 10% in Lunar New Year holiday

A view of Hoan Kiem (Sword) Lake, an iconic landmark of Hanoi. - VNA/VNS

HANOI: Experts expect that purchasing power during the Lunar New Year 2024 (Tet) holiday will increase by over 10% compared to the same period last year.

The supply of essential goods has also been prepared by businesses early, with the amount of inventory increasing by 10% to 25% over the same period.

To stimulate domestic consumption, many businesses have plans to deploy promotion programmes and discounts on essential consumer products, especially in the months leading up to Tet.

The Departments of Industry and Trade in localities such as Hanoi and Ho Chi Minh City have also worked with many businesses to implement market and promotion programmes, connect supply and demand, especially regional programmes, and coordinate with other provinces and cities to create a stable source of goods in quantity.According to the report on the implementation of a government resolution, total retail sales of goods and consumer service revenue in November 2023 was estimated to increase by 1.4% over the previous month and by 10.1% over the same period last year.

Specifically, trade and service activities in November were preparing for the holidays at the end of the year and to celebrate the Lunar New Year 2024.

The demand for food and cultural items, education and accommodation services, food and beverage, and travel continued to maintain an increasing trend compared to the same period last year.

In the first 11 months of 2023, total retail sales of consumer goods and services were estimated to reach 5,667 trillion dong, an increase of 9.6% over the same period last year.Retail sales of goods alone are estimated at 4,420 trillion dong, accounting for 78% of the total and up 8.6% over the same period last year (excluding the price factor, which increased by 6.8%). — Viet Nam News/ANN

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