Display of prices in markets to help traders improve sales

Ho Chi Minh City Department of Industry and Trade has issued a directive to enhance measures for managing prices and the supply of essential food products and goods. — Bloomberg

HO CHI MINH CITY: Efforts are being intensified in Ho Chi Minh City to support traders at traditional markets to boost sales and capture a larger market share.

This comes at a time when traders at traditional markets face numerous challenges due to changing consumer habits, with more spending shifting towards eCommerce and modern retail.

Addressing this issue, the Ho Chi Minh City Department of Industry and Trade has issued a directive to enhance measures for managing prices and the supply of essential food products and goods.

One significant change is the introduction of price listing at traditional markets, as prices were previously not fixed, requiring consumers to bargain for better deals on each purchase.

Experts believe that price listing is an effective strategy to help small traders regain market share gradually and promote fair competition.

It also plays a crucial role in market stabilisation in preparation for an upcoming period of wage increases, they add.

Currently, nearly all traditional markets in Ho Chi Minh City have responded to this requirement.

For instance, at Nguyen Tri Phuong Market in District 10, 100% of small traders have adopted transparent pricing.

A fruit seller at Ben Thanh Market said his store and others at the market had started to list prices in order to attract more customers.

This transparency has reassured many customers who purchase goods at the market, as they can now buy items at fair prices.

Each stall prominently displays clear and transparent price lists, facilitating informed purchases by customers of all income levels.

One local resident, Dang To Nhu, a resident from District 10, shared her opinion on thoibaotaichinhvietnam.vn that listing prices helps control inflation and lead to more price stability for residents.

By keeping prices under control, the risk of price hikes following wage increases could be minimised.

Experts also point out that, in challenging economic circumstances, price listing can assist governmental agencies in effectively managing prices, safeguarding the rights of consumers’ to purchase goods at fair prices.

It helps balance daily expenses, stimulate consumer demand, and contributes to market stability and social welfare by preventing price gouging by individuals and organisations, they said.

Ho Chi Minh City Industry and Trade Department deputy director Nguyen Nguyen Phuong said that in 2024, the market stabilisation programme would be aligned with various initiatives to support production and development in the city.

The initiatives include stimulating consumer demand, facilitating credit connections, coordinating supply and demand, implementing targeted promotions, encouraging tourism, and fostering collaborations with local governments, according to the department. — Viet Nam News/ANN

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